Friday, February 22, 2013

Financial Stuff Update

So remember back in January when I wrote up this post about budgeting and using cash for groceries? Remember how I told you to stay tuned for more posts on our financial goals and how the cash system is going?

Well here it is! Let's start with some of our financial goals. And when I say financial goals, it's more like where we would like to see our money going over the next couple of months. Also keep in mind that we made up these goals back at the end of January so some of them are already done, hence the reason why some things are crossed off.

It's divided up into a couple different categories: short-term, long-term and things we want to buy/save for.

Short-term Goals
  1. Pay off Mastercard balance
  2. Use cash/envelope system for groceries
  3. Pay off Mastercard regularly (this is an ongoing thing so it can't exactly be crossed off)
  4. Top up emergency fund
  5. Start to tithe more
Long-term Goals
  1. Transition to one income (we are in the process of doing this. February was our first month living off Dan's income and using mine for savings/expenses)
  2. Put extra money towards paying down the mortgage
  3. Put money into savings account to go towards yearly expenses
To Buy/Save For
  1. Furnace installation costs (in garage)
  2. Freezer (scored for $100 cheaper than we originally thought!)
  3. Quarter cow from local farmer (we are in the process of getting this ordered)
  4. Hedge
  5. Split rail fence
  6. Surround sound system
So that is where were are at with our financial goals. I will try and continue to do updates on how we are doing.

As for cash for groceries, I've kind of stopped doing that. It's too much hassle for me to withdraw the cash and make sure I keep all the right amounts all the time. But, I have been doing REALLY well with sticking to my budget each week.

I've been sitting down Friday night or Saturday morning and making up my meal plan and grocery list for the next week. Then I bring a calculator to the store with me and keep track of the prices as I shop. Which definitely helps me from impulse buying.

I'm doing my last grocery shop for the month of February tonight and according to my calculations, I should be under budget! I'm so proud of myself! I will try and do a post focused more on my grocery budgeting next week so that I can let you know how I stuck to it and what works for me.

3 comments:

  1. This is awesome, Jenn! I actually love doing finances and accounting--there's such a sense of accomplishment when you save (which is our big goal right now, in case the next step in our journey ends up being IVF). Congratulations!!!

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  2. Yay, congratulations on achieving your goals! And I can't wait to read your grocery post, I can always use new ideas on how to save money :)

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  3. Tory - I'm with you on the love of numbers! It makes me feel like I'm in control and gives me something to be proud of. We're always trying to save and cut back on expenses. Good luck with your saving, it's great to be prepared.

    Erin - Thanks! I will try and do a detailed post on how I stayed within budget this month. Although I'm not sure if it will be new ways to save money, more like just putting my mind to it.

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