July Progress Report – 2nd Quarter Results

Every couple of months I check up on my 2014 financial goals to see how I’m doing.  My main goals where to reduce expenses, save to fund our 2015 emergency fund and pay down our debt.  I’ve decided from now that I will complete my progress report on a quarterly basis.  It’s just easier to remember this way and it gives me a decent amount of months to compare my progress.   Reduce Expenses Groceries – My average grocery bill from April to June was $508.29.  This includes household items as well such as cleaning products so it’s not just … Continue reading

May Progress Report and $883 in Monthly Savings

Every couple of months I check up on my 2014 Goals to see how I’m doing.  My main goals where to reduce expenses and save to fund our 2015 emergency fund. Reduce Expenses So far we’ve been able to reduce our cell phone bill, car insurance, landscaping and groceries for a total reduction of $363/month. Groceries The grocery bill was one of the goals I listed in January and so far it’s going well.  We’re getting closer to reducing the monthly bill by $150/month.  In March and April we saved a total of $221 which is a higher savings than the January and … Continue reading

Three Practical Ways we Saved $520 a Month Last Year

Last week I wrote about how we’re saving for our home emergency fund and I mentioned that last year we were able to reduce our expenses by $400 a month.  After doing a year-end review of our finances I realized that the number is actually closer to $520 a month.  So I decided to outline how we did this. Last year we started on a mission to cut back our expenses and use that extra money to pay down our debt.  We have had a nice balance on spending and saving through out the years.  We saved to put 20% … Continue reading

Lessons Learned in 2013

As the sun sets on 2013 it’s time to look back on the year and reflect on the lessons learned. This was our first full year as homeowners and we had a huge learning curve ahead of us.  The year brought some surprises as they usually do but nothing that we could not handle. Looking back I can see when some things started to become clear and were we had some lessons learned.       Lessons Learned in Personal Finance Our first lesson learned was that we really needed to restructure our budget and track our spending.  We started … Continue reading

5 ways we trimmed our budget to pay down debt

As I wrote about recently, my home remodeling project was over budget by $33k.  As you can imagine our savings took a big hit due to this and we are a bit house poor at the moment. So this year we had to make some adjustments to our budget in order to pay down the remaining debt quickly. Initial debt pay off strategy At the beginning of 2013 our plan was to use all the extra income from any overtime worked to pay down the extra $18k that we ended up transferring to two 0% credit cards. However, the overtime hours … Continue reading