Friday, February 2, 2018

Financial Preparedness: Week #5

Here we are on the 2nd day of February and it’s time to take a look back at January’s financial preparedness goals.  Here’s a portion of the first post in this series to remind you what our big to us financial goal was …

Setting the goal is not enough though; we need to put action behind the words, so we’re breaking that goal down into baby steps.  The first baby step, which I alluded to in our goals for January post, is to fund 10% of our emergency fund. 

Sooooooooo … did we reach our first baby step of funding 10% of our emergency fund?  Drum roll please … YES, we did!!!

Here’s how we did it …

We had a low spend grocery shopping month in January and used what was left of our grocery budget and added it to savings …

We were given a monetary gift and we added half of it to savings …

We saved our change and added that to savings …

We said ‘no’ to some things we would have otherwise done so we would have money to add to our savings …

And … we asked God to bless our efforts!

It was the everyday decisions, the daily stuff of being frugal and watching where our monies went that added up to the big things that helped us reach our goal for January.  These goals were reached through self-sacrifice and by taking one day at a time and by making one decision at a time … that’s where the savings started for us … with intentional thinking followed by intentional action.

For February our financial preparedness goal is to …

Build our emergency fund another 10%

How did you do on your January financial goal?

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  1. Dear Patsy,
    You did such a good job with saving so much. You are right about it being the little things daily that make such a big difference. We did many of the same things you did.
    Our goal for February is the same as January. We don't have a specific amount to save but we are sticking to necessities only and staying within our low budget for groceries. We are also continuing with our allowances. I have $1.84 to roll over onto this month, haha!
    I'll keep saving up rewards points from various places to put towards our new mattress. (I ended up using the Wal-Mart gift cards we were given to buy sheets found on sale. I'll be adding to the linen stash here and there out of my allowance so everything will be new and fresh!)
    I also started using cloth diapers this week, so that is another way I am saving 12 cents at a time, but it all adds up.
    I'll be monitoring the grocery budget more carefully too, as even though we came in under in January, towards the end of the month I kept wishing we had bought "this" instead of "that". So I will just be more intentional there.
    I need to get Colton to show me how to sell on eBay. This is just a matter of getting him to sit down with me and walk me through it so I think I will take the first step and take detailed pictures and measurements of all my items. That way I'll just have to enter it all in later.
    February, here we come!
    With love, Kelsey

    1. Kelsey, In my opinion, each having their own allowances to spend however they wish is the key to staying on track long term. In my opinion it keeps us from feeling deprived. It also teaches us to evaulate our purchases more when we have a set amount to work with for our personal wants! I need to learn how to sell on Ebay too, which is one of the secondary streams of income we're hoping to develop. Such an inspiring comment to me Kelsey, thank you!

    2. Thank you, Patsy! We do the personal allowances for the same reasons you just mentioned. It was a big breakthrough for us, finance wise, when we did it a few years ago and it is working just as well now. I am finding a lot of things on my 'want' list are things I really don't want that badly. Then when I really do want something, I shop for the absolute best price possible. There are NO impulse purchases!
      Love, Kelsey

    3. Kelsey, you are so right!!!

  2. WooHoo! Good for you!

    I managed to save the $700 needed for my husband to get new glasses over the last couple of months and told him this week that he can get them whenever he wants to go now. We used all our credit card rewards to pay my parents maintenance fees at the lake house we own in partnership which gives us two extra weeks this year. (We go this weekend for two glorious weeks!) When I paid the credit card bill this week I noted that we already have $29 in rewards banked there.

    We do what we call pocket money, too. We are both savers and end up not spending it for months and then making a big purchase but it is nice to have money that is our own. I am thankful that we never started on things like Starbucks!

    1. Lana, you sound like me ... I don't even want to try Starbucks, I might like it and then it would just be another thing I would have to fight myself over!!! You did exceptionally well to save $700 over the last couple of months ... you make me proud and set such an encouraging example!!!

  3. I was pleased to find that I'd done far more than I'd thought I had. For some reason towards the end of January, I started feeling 'poor'. Ugh. And it seemed like every where I turned something went wrong. I forgot a major entry in the checking account, the toaster burned up, unexpected expenses crept in through a higher than normal electric and propane bill etc. However, when I finally stopped listening to my head talk and sat down to actually LOOK at the check register another story entirely proved true. I'd done very well indeed in replenishing what I call our sub accounts for annual fees. Some I've filled for 2019! I had enough extra in checking to cover the forgotten entry simply because I've been rounding up our debits and rounding down our credits to the nearest dollar. While I don't like to obsessively go over our accounts, I'd been so busy that I hadn't had time to really focus on what we had or where it was going and it seemed it was being frittered away. Thankfully, I'd become so entrenched in the habit of setting money aside that I'd automatically saved but just not paid attention to that fact. And I'm slowly but surely adding to savings accounts. So we are on target despite how I felt.

    1. Terri, what a pleasant surprise to be able to cover your oversight through some of your other frugal measures. Good for you!!!


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