Fired up, ready to go!
Hello, all, I have never done this before, but always admire those who do. Honestly, I am TERRIFIED of this challenge, but I am telling myself no excuses this time!
a. Who you are
I'm a mama to three kids and one due in September. DH works f/t and I stay home and run our business which used to provide us both with ample income but, for the last 9 months, has been a giant hole we throw money into and only in the last 30 days has started to show signs of recovery. This economy has left us broke and reeling. I'm ready to recover myself!!
b. Where you are going (your financial goals)
My main concern right now is debt control. June is going to be the month that we (a) stop accumulating new debt and (b) start making baby steps to paying off the debt we have.
c. How you plan to get there.
The only way out is through, right? I have not been tracking our finances AT ALL. I have been holding on for dear life for the last 6 months while DH looked for work and I tried to figure out how to keep our business from going bankrupt. The good news is that he has a job and we still have the business. Now I need to watch our spending closely!!
Today's goal: I plan to finally sit down with the box full of bills and papers and reconcile all of our accounts and figure out where we stand. I might need some help from you mamas on a budget UPDATED TO ADD
: We did it! We made a budget and a debt elimination plan!
This month's goals (updated 6/5
- Cut up the credit cards (except for our original emergencies-only card).
- Not take on any new debt.
- No non-essential spending.
- Eat from the garden, pantry and freezer.
- Make a household budget.
- Make a business budget.
- Make a debt elimination plan.
- Discuss and commit with DH.
- Discuss and commit with the family.
Here we go!
**2- $45 babysitting, $54 clothes, $29 personal care, $35 toiletries
3- $22 food
5- $146 home repair
6- $23 food
7- $84 food
8- $19 food
**9- $42 food
11- $80 food, $1 entertainment
12- $33 education, $6 recreation, $43 food
13- $25 food
14- $28 dog care, $17 food
15- $105 bike repair
not in budget at all, DS1's bike was totaled
**16- $48 food (i can't believe how much fresh produce the kids are going through so far this summer!!!)
17- $17 food, $30 household, $25 gifts
19- $2 entertainment
20- $60 food
**23- $80 food (garden)
Food 560/500 -- realizing this is due to fast food at the beginning of the month, now eliminated, and garden supplies which we are still accumulating as new gardeners -- need to re-evaluate for next month
* Contact Sprint PCS to change to lower minute plan
* Cancel DH gym membership and old email
* Contact bank about mortgage
* Dispute property taxes
* Cancel lawn service
* Switch to no-fee credit union
** Tuesdays are spending daysUpdate 6/9
: This month is a learning experience. So far, all is within our budget, but I'm nervous as so many "unexpected" expenses keep creeping up. I suppose they are only unexpected because we haven't been tracking anything until now!!!