The last few weeks have been a bit boring on the debt pay down front as I am still just tracking expenses before I create a budget. However, a couple things have already been revealed to me through just the tracking process.
1- We need to increase our income. This is a really tricky one with my vision situation and not being able to drive. Realistically,our debt payoff will be really slow if I don’t come up with a solution, because there is not a lot of excess to roll over.
2-We need to decrease our expenses. While this goes hand in hand with #1, I think this is actually going to be the easier one to tackle. Grocery and entertainment spending seem to be the easiest way to do this as far as what the numbers say so far. The key to getting those expenses down is definitely going to be planning, from meal planning to planning on the go snacks and meals while we are out and about in order to decrease eating out expenses.
3-In order to jump start our emergency fund, we need to utilize our tax refund well!
4-We need to reconsider needs vs need right nows vs wants more thoroughly, While we are not particularly frivolous spenders, we don’t always think twice when it comes to certain purchases, and we should! For example, we had a heat register cover in our home that was beat out of shape and really did need replaced…..but I gave no thought to whether or not it needed replaced right now. It wasn’t a planned for expense, and even though it was a minor cost, I feel I should have waited until there was a specific budget for it.
5- The hubby and I are not as much on the same page as I though we were!….More to come in another post!