It’s stunning that Independence Day is coming up in a couple of weeks. It doesn’t seem that long ago that we were getting 12-18 inches of snow every weekend and I was house-bound for the entire month of February. I hate to say it, because it makes me sound so old; but man, does time fly!!!
It also seems like it was just yesterday that I started this blog as a way to keep myself focused on my financial goals. It’s time for a check-in and some adjustments.
I started out the year with a spending freeze…remember that?? It went really well and I was encouraged at my ability to face the challenge and astounded at how much money I could actually save if I really focused. Definitely an important lesson learned.
In February, I decided on some financial goals and I took steps to get started on those. I opened up TWO different Roth IRA accounts and started contributing to them. I read some personal finance books and took notes to see what other things I could do to get myself in a better position. I dumped that entire tax refund right into my retirement account. I created a budget for myself and with just a few tweaks, stayed within my limits. I had savings goals and was achieving them. It all felt good.
In March, I kept reading about personal finance. I contributed more to my Roth. I upped my 401k contribution at work to a higher percentage. I was making real headway and seeing results. I was EXCITED!!
And then, in April, the bottom fell out of everything. I got notice that I needed to move. I am *so fortunate* that I had my emergency fund in place. Just a few years ago, I would have been completely effed and it would have been entirely my fault for being so ill-prepared. I can’t stress the importance of having an emergency fund.
Since the move, I feel like I’ve been struggling. I haven’t been saving as much, I haven’t made the contributions to the Roth accounts that I was expecting to do and the budget has been completely whacked. Things have settled down enough that I know I need to re-assess the ol’ budget. I’m buying food for both me and the fella now, so, I’ve decide that instead of a $120/week allowance, I’m going to give myself $160. The old allowance included food shopping, but $120 just was not cutting it and giving myself my own spending money for the week. I want to be able to pick up something fun for my niece that I know she will like. I want to meet my girlfriends for breakfast. I want to be able to do something fun yet frugal with my fella during the summer. So….I’m expecting to spend about $60/week for food and the other $100 is everything else. The ‘everything else’ includes toiletries, new clothes, haircuts, dinners out and ‘treat food.’ The cheese that I love from the Italian market is *not* in the food budget at $14/lb. That is treat food, and it’s wonderful.
The last two weeks, I’ve spent $60 or less at the grocery store. That includes one week with lobsters, another week I bought grass-fed steak. I love coupons, meal planning and sales flyers. I think $60 should do it for two people. This obviously means I won’t be saving as much as I hoped I would, but it’s the right move for now.
New budget starts Friday! Next up…planning another spending freeze! Let the games begin!
Saver Samantha 