Spending Update: June 3 – June 9
This week was a big one for spending in some ways: I signed up for Chris Guillebeau’s Empire Building Kit and Taynia’s Fiscal Flamingo financial program like I mentioned in an earlier post. These expenses showed up in this week’s spending since Paypal can take a couple days show up in my account.
On the down side, I bought a lot of books this week. I bought $80 worth of escapist-type novels that will entertain me when I’m feeling restless or stressed out but it wasn’t planned out – so not ideal.
I also spent more than I should have on eating out since I really wasn’t thinking about things and just wanted to forget about cooking. So between fast food purchases (before writing about my monthly challenge, in my defence) and buying coffee, I spent about $40.
The rest of the expenses were business as usual.
Life Under Construction & Financial Journey: June 3 – June 9
I have done a bit of an audit on my expenses like the cell phone bill. I spent the better part of yesterday afternoon researching different cell phone plans and add-ons to bring down my bill. After speaking with my cell phone company, I managed to bring down my monthly cell phone bill by $45.00.
I’ve also been reading a lot of Mr. Money Mustache lately and I really like his “take no prisoners” writing style about fighting consumerism and living simply. I am going to start doing our laundry using cold water only and rethinking the way I rely on my car to get everywhere (more on the car thing later).
I was also noticing that my husband was having a hard time with making his money last until next pay check. Now husband is not the kind of guy to go on big spending sprees these days so something was up. We sat down and talked about the way we split our bills and discovered that some of our monthly bill estimates were way out of whack and needed to be adjusted. After our 15 minute chat, we moved things around and now husband can continue with not living in poverty two days after he gets paid. We have decided to sit down and review our finances once a week to make sure we’re still on track with everything.
In previous posts, I discussed that we were looking for a tenant for our basement suite downstairs so we can bring in some extra money. We have found a wonderful girl that we believe will be a great fit for our home and family and will move in August 1st. She has signed a year lease and will pay $800 a month – all expenses and utilities included.
We discussed in our financial chat what we would do with our $800.00 rent. Our plan for now is to:
- Spend the first two months building an emergency fund of about $2000, we chose this amount to cover most immediate expenses without having to rely on credit. We have already started building our emergency fund and currently have $200 in it.
- After that, we will use the money to pay off our store department card balance of $1000 (will take 1.2 months)
- Once this is complete, we will work on paying down our second car loan of $12,000. We anticipate we should be able to pay $7000 of this loan by next August 2013.
I am going to take a page out of the Generation X Finance and start putting away something each paycheque with the $1 first week, $2 second week, $3 third week and so on until I have $1378 after a year in a savings account. This will be our vacation fund for something fun and reasonably priced here in Canada or the U.S.
What are you guys doing this summer?