Our first month on a budget has come to a close. As expected we have went over budget on a few categories. We went over budget on spending by $225. But the good thing is we worked more, and brought in an extra $1600. And all the extra money goes on the debt snowball.
Categories went over on.
Phone Bills - Not over by much, long distance charges got us.
Groceries - We forget about paying for school lunches. So we decided to use the Groceries money for this. We will budget more for this next month.
Car Service - This category builds up over time, and we didn't have any money in it before the month started. We had to pay for auto license plate registration. And we use this category for this expense. This fee was the only expense we had in this category and it put us over budget.
Auto Fuel - We went over by about 1 to 2 tank fulls. We go through a lot of gas since we both have 30+ mile drives to work. This is over probably due to the added work and is acceptable.
Medical bills - We had more bills come than we expected. Medical bills seem to be for visits a month or two ago, and are hard to remember. Plus we all had our teeth cleaned.
Gas & Electric utilities - We have had some very cold spells this winter. We will need to budget more next month.
Saving for yearly expenses
Using our budget we were able to save for vacation, property taxes, house insurance, and Pet care. But no auto service was saved since we went over budget.
1st Debt snowball Payment is......Payments + $1500 extra! we had budgeted for $125, so the extra work is paying off.
Overall the Budget was very close, we will make adjustments for next month. Hopefully we'll get to work as much extra was we did this month.
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My families journey down the road of becoming debt free and finanicially sound.
Baby Step 3 Status
$10,000 emergency fund goal
Paused Baby Step 3 at $2500.00
Paused Baby Step 3 at $2500.00
Baby Step 2 Status
Started Total our Total Money Makeover on January 1st, 2010 with $49,705.46 in debt, not including our mortgage.
April 13th, 2012 we paid off the last of these debts. It took us 28 months and 13 days.
April 13th, 2012 we paid off the last of these debts. It took us 28 months and 13 days.
The Road to financial peace.
This is a record of our journey in finding financial peace. We are using the baby steps in Dave Ramsey's - Total money makeover, book. We will be trying to follow his plan as close as we can. We hope to have an end result where we have no debt, have a large emergency fund, are saving for buy everything, are saving for our kids college, and are building wealth for retirement.
When we started this plan on January 1, 2010. I was 32 years old and my wife was 31. We had been married for 4 years. We knew this plan would take a few years before we were on the last step in the baby step process. But we are dedicated not to give up.
This blog is to help us keep on track, and keep us focused on our goal.
When we started this plan on January 1, 2010. I was 32 years old and my wife was 31. We had been married for 4 years. We knew this plan would take a few years before we were on the last step in the baby step process. But we are dedicated not to give up.
This blog is to help us keep on track, and keep us focused on our goal.
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