“Saving Money” Archive
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Before the first of this year I was totally out of control on eating out for lunch. I had every reason for doing so…in my head at least. I don’t have time to pack a lunch, I don’t know where I will even be around the lunch hour, what’s $7 or $8 for a quick bite…on and on and on. I’m happy to report that this too is an area where I have made dramatic changes. In January and February I cut back to lunch out once a week. As of March and April, I’ve managed to cut that to once every other week…and always with a coupon! By May, I’m shooting for once a month. I’ve done this by taking lunch items up to the office at the beginning of the week–enough to make a variety of things. This way everything I need is there and it isn’t adding something to an already busy night or morning routine. I’m also eating better of course—that’s a very real added benefit. The funny thing too is that people at the office are “getting” it and the invites aren’t as frequent. We still talk and visit of course…but now we just do so over our bag lunches! The young lady that works in the cafe on the first floor said she missed me. I bet she does! I was dropping about $40 a week there at one point!
With summer approaching, I’m once again moved to think about the costs of summer childcare. This is such an issue for us and while I certainly do not want to rush the kids aging…I will be happy when childcare is something of the past.
For the first time, we are comfortable with the boys staying alone BUT we still aren’t willing to leave them alone for more than 30 minutes at a time–and never with the youngest child at home with them. We’ve done a couple of 30 minute runs to the store and all has gone well….but longer than that just isn’t in our comfort zone yet. They’ve done nothing to worry us mind you–this is more our adjustment to the concept I think. As for the 7-year-old–we definitely need all day care for her throughout the summer.
I’ve done just about every arrangment you can think of and am fortunate to have help from family for at least part of each summer. For the last three summers I have created an online calendar for my ex and I to access. We then fill in the weeks with various options–his parents always take one week for Vacation Bible School and my parents take another week…sometimes a sibling of his or a sibling of mine takes another week…we each take a week of vacation…and then the rest is usually filled by summer day camps but those do not come cheap! So, this year we are trying something new. We are going to have someone come to the house on the weeks we need care and my ex and I will be splitting the fees. My friend is actually semi-retired and is not looking to make a lot of money. We will each pay $100 per week. I know this sounds like a lot but summer camps are running $150 to $250 per week and the lower end is only 9 am to 3 pm–it is about $30-$40 additional per week if we need morning or afternoon care. By having someone at home, this will allow some indirect supervision of the boys–they’re allowed to ride bikes in our neighborhood and go to the neighborhood pool (lifeguard all summer and over age 12 can go without an adult) and I like the idea of someone being at “home base” for them to check in with throughout the day. My son also has boy scout camp and will be volunteering at least half days at the nursing home my Aunt resides at. The youngest one will have various low cost (girl scouts) and free events to attend that the sitter will take her to and from. That is a HUGE help that I am willing to pay for—to have someone run the kids here and there all summer b/c the time I lose at the office really adds up by mid-June! I will supply the vehicle and the gas but everything is nearby and the sitter is fully aware of our budget constraints–so I’m hoping that works. Looking at 12 weeks of summer–we hope to arrange free childcare for 5, possibly 6, weeks of that timeframe. It is a logistical challenge but the kids are at least not stuck in one place in front of a television for the entire summer. The other aspect that ALWAYS impacts is the amount of food that is consumed when they are home…something to think about and start planning for NOW.
We pay $200/month right now for afterschool care for the youngest. While I am sick of paying even that, I am glad the diaper/preschool days are over…that was running $600/month for just one. I don’t know how young families are doing that these days. If there are 2 kids in day care that’s easily $1000 a month in Texas…I’m sure it is more in other parts of the country. That’s just crazy!
The end of April will mark a full 4 months that we have been following our spending and putting limits on ourselves. We took some time to look back over those 4 months and are pretty pleased with the results. January was ugly–no two ways about it. We knew it was going to be but to look back and see that we paid “insufficient fund fees” is not only alarming…in many ways it is like looking at people we do not know. Now we are ending April in a much better place. As some of you read in a comment I made recently, we rent out the house my husband owned before we married. Before March 2012, we were in hot water if that rent check did not come in. Now, not only do we have breathing room that eliminates the panic around the first of the month—but we also learned that USAA offers “Rent Replacement” coverage on the homeowners’ policy if the renters skip town. Adding this to the policy was such a minimal amount (less than $90 a year) we figured it was worth it given our current financial situation. Our renters have been great but you never know what might happen. In addition to not desperately needing that rent check, we have an emergency fund that will just about cover the monthly mortgage (and that is our goal–to reach $1600 in the emergency savings so that we have that payment if needed). Additionally, we have erased a couple of petty debts and were able to consolidate obscene interest rate debt into a lower rate loan.
Now, before you think I’m throwing my shoulder out patting myself on the back–please know that I am painfully aware of just how far we have to go. I anticipate speedbumps along the way and pray that we have the fortitude to dust ourselves off and start again. I haven’t faced too many moments of discouragement because the adjustments to our lifestyle are yielding tangible results. While we are sometimes forced to deny ourselves in ways we have not denied ourselves before—with momentary discomfort—the rewards of finding breathing room and seeing a savings account grow are definitely worth it.
There is a long road ahead but comparing how we are living life now with how we were living life then is a good exercise. I do not ever want to have to worry about there being enough money in my checking account. I’ve lived life too long like that and the energy and time the worry of that has taken from me is already too, too much. Financial freedom is critical for our overall well-being. I can’t get over how long it took me to get that! I guess many people never do…and I’m thankful for seeing that reality while I still have time to do something about it.
SUPER busy weekend and then the week hasn’t let up–so pardon my brief absence! I was so excited and proud about the planning I did for our daughter’s First Communion and things only got better! As I shared, we had made the reservation and had the budget under control. On Saturday when all 14 of us arrived at the restaurant, there was a mishap of some sort. They were aware of our reservation but did not have a table ready. It seems that someone broke up the large table arranged for us into 4 smaller tables and those 4 small groups of people were still dining when we arrived. This is a family owned local restaurant that we really like so even as we had to wait I couldn’t really be angry at them. As hunger REALLY set in and I was dealing with a tired 7-year-old and my poor diabetic 82-year-old Dad…I started to move toward anger. It was over an hour before the large table could be reassembled and as soon as we all sat down and a waitress was passing out water glasses…she spilled one down the back of our poor First Communion Kid! 
The back of her pretty dress was all wet and the pretty curls we did went flat. She had an ice cube in her dress and made me so proud by holding it together when I knew an all out fit was just milliseconds away! The waitress was also near tears and my sister made a well timed joke saying that now this was a First Communion celebration…AND a baptism of sorts. We moved along and enjoyed the rest of our meal. As two bottles of wine arrived at the table and then a spread of delicious desserts I kept eyeing my ex-husband to see if he was adding things to the bill! I was getting nervous thinking the budget was being blown just about the time I got my half of the bill. Dinner for 14 with wine AND dessert? WITH the tip came to $196.00!! OR $98.00 each! I still can’t believe it! The restaurant didn’t charge us for the wine or the desserts!
Our daughter received several gifts and a total of $40 cash. I haven’t yet but will work with her on splitting that up b/w giving, spending and saving. I sometimes forget to do that with her b/c she is young and that is dumb—she’s at a great age to learn skills about money.
We are trucking along on the savings and paying debt. I’m excited to share new numbers on May 1.
I forgot to look at my 401K while I was at work today so these numbers are just some random investments I have from rollover accounts from a prior employer. I’m very comfortable with the growth and management of the amount in mutual funds. The $8,812.43 is sitting in cash for the moment with an investment group that I have moved my money out of. I had a good contact there but he left the industry for health reasons I believe and the person my accounts passed to just didn’t impress me. So I transferred the bulk (the $18K) and then hit some road bumps on the remainder. I have such limited knowledge on this stuff but I’m doing research and trying to learn. I’ve got to call and move that money sitting in cash this week! The other moves were made at the beginning of this year. I moved my money to USAA which has a great reputation and performance history.
The 529 College Fund is for my two children. They each have 75 hours of an undergraduate degree paid for due to their father’s military service (a perk of being a Texas veteran that served during wartime) but we aren’t putting all of our eggs in that basket. My ex and I were on a pretty regular deposit schedule until the divorce. It isn’t that we agreed to stop investing…we just didn’t cover it like we should have when we divorced. The oldest (12 years old) knows how to log on and check the balance AND has made a few deposits of birthday money and such. I want to get on some sort of schedule again. Oh and their paternal grandparents are very generous (read: too generous) with birthday and holiday dollar amounts and I’ve asked that they consider depositing a portion of that directly into the 529 but…since it was my idea, apparently it was a bad one! LOL! So, I’ve recently put my energy into teaching the kids about how to split up that $ and put some away. That’s better anyway.
Tomorrow I will provide our current 401K balances. If I am not mistaken…we figured out a few months back that together we have $80,000 total (that is the below AND the 401K accounts). I am not currently adding to the below accounts but I am putting 8% (4% with a match) in my 401K.
$18,818.55 in Mutual Funds
$8,812.43 that I need to move from its current location.
$10,481.22 529 College Fund
$1,000.00 in an IRA
In the coming days I plan on sharing the details of what we have in savings via investments/401K/529 plan/etc. in an attempt to continuing expanding your view of my world. I know there will be much for me to learn about this part of things and I don’t see the investments as directly relating to the debt reduction–but a complete picture is helpful for all of us I think.
It was a good weekend for spending. I cut the grocery budget yet again and spent $80 on what should cover us for TWO weeks! I really worked the ads and coupons today and it took entirely too long (that has to improve with time I am guessing…) but I saved so much money the time is worth it! Actually, I took a little quiet time in the process too by sitting at a local coffeeshop with my cup of coffee and clipping coupons. And I’m a cheap coffee date—Americano please…nothing fancy. It was nice me time actually. Thankfully the little one is happy to help with cutting coupons still—a HUGE help.
I have also made a dent in the gas budget–even with the climbing prices. This is just taking a little extra time to think things out but so far I’ve shaved off about $20 a week.
I caught myself at the store tonight having a moment like I’m sure many of you had when you first read my blog. A man in front of me at Walgreens was using a small handheld basket and only had one…although it was full. As I watched the cashier ring up his purchases there were several items that I KNEW there were easily accessible, good coupons for and had to bite my tongue when the cashier gave him his total….and no mention of coupons was made! His total was $41.73! For a handheld basket full of just grocery itmes! My how times have changed! I used to be that person–using Walgreens as a regular grocery store thinking nothing of the extra I was paying for the convenience! I am pretty outspoken but I did not feel comfortable gently telling this older fellow how much he could have saved—just didn’t feel right at the time–but all the way home I was laughing at the irony! Maybe I am optimistic but I already cannot imagine going back to such reckless spending.
I overheard the kids talking tonight and 7 year old girl explained to her big brothers that the library is the “way to go” because you just borrow the books and DVD’s and you don’t have to give them money. :-) This on top of the 13 year old revisiting the 25 cent boxes of Rice Krispies and marveleing aloud. The 12 year old was on the phone with his Dad yesterday sharing what a deal these antennas are because “tv is FREE Dad.” There have been some unrelated challenges with the 17-year-old so we definitely don’t have any positive or negative commentary from him. Oh to be as smart as all of the 17-year-olds out there! Another day where I find a whole new respect for my parents surviving FIVE teenagers!
I know that some readers will assume our kids are overindulged…but I beg to differ. They saved money from chores (more on that in a post to come), birthdays, holidays, little “jobs” and have bought ALL of the gadgets they have. One bought an iTouch after over a year of saving. Honestly I didn’t think he’d be so determined but I’m proud he was! We supply the bottom of the barrel cell phones b/c my husband has a stash of old phones at his disposal and I’m the only one in this house with an iPhone! And that was only after it was reduced to an employee discount price. The middle schoolers just got their phones this school year and friends don’t believe them when they learn their Dad works for a cell company…b/c they definitely don’t have the cutting edge phones. Three of the four kids seem to be naturally thrifty and the one that isn’t…is learning from the others. We provide basics and even the PS3 that is now serving as our television supply was split–we paid 50%, they paid the other 50%. So, all this is to say that I’m not surprised by the lack of drama or pushback from them…but I am surprised at each of them articulating it in the manner they do. As a new blended family we’ve needed a common goal. It hit me today that saving money and paying off debt is the perfect common goal! In some bizarre way (truly bizarre thinking here) I wish I COULD point to a bunch of crap for the kids to explain this debt! But that’s CRAZY talk! I am sure the days ahead will see unhappiness and disappointment as the novelty of this battle wears off and we all realize it is a long war ahead.
Anyway, this is just a random share to celebrate the entire family’s progress. I like the idea someone put in a comment about recruiting them for my ebay sales. I know they would love that!
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My Debt
- Original Debt: $97,293.06
- Paid: $1,927.89
- Remaining: $95,365.17
- Emergency Fund: $1100
- Broken Down
- Line of Credit 2: $0.00
- Line of Credit 1: $0.00
- Credit Card 1: $0.00
- Credit Card 2: $245.00
- Credit Card 3: $405.00
- Credit Card 6: $1,785.00
- Credit Card 7: $2,381.17
- Consolidation Loan: $11,000.00
- Credit Card 10: $14,519.00
- Auto Loan 1: $16,093.00
- Credit Card 11: $23,873.00
- Auto Loan 2: $25,064.00
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- Josephsangl.com
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