by Hope
With summer winding down, at least we think, and school starting within the month, we all hope. I have decided to do a no spend month for August. And by that, I mean, not spend anything not already planned for.
Here is my August plan, my forecast, taken from my spreadsheet where I track and plan all spending.
| Netflix | 1-Aug-20 | -15 |
| Rent | 3-Aug-20 | -650 |
| Dental Insurance | 6-Aug-20 | -41 |
| Nelnet | 7-Aug-20 | -600 |
| Water/Gas bill | 7-Aug-20 | -151 |
| Allowance/Savings Trsfr | 7-Aug-20 | -70 |
| USAA Auto Ins | 10-Aug-20 | -477 |
| Allowance/Savings Trsfr | 14-Aug-20 | -70 |
| HRV | 15-Aug-20 | -250 |
| Groceries | 15-Aug-20 | -50 |
| Nelnet | 21-Aug-20 | -350 |
| Allowance/Savings Trsfr | 21-Aug-20 | -70 |
| Spotify | 24-Aug-20 | -15 |
| Nelnet | 27-Aug-20 | -650 |
| Allowance/Savings Trsfr | 28-Aug-20 | -70 |
| Auto – Gas | guesstimate | -100 |
| Total Spend | $3,629 | |
| Debt Payment | $1,850 |
I’ve got a minimal grocery spend in the middle of the month for fresh produce. Guesstimated a low gas month since school has not started yet and the girls both work less than a mile from the house. And included all bills that have yet been paid for the month. (I’ve already paid the electric and internet bills for the month.)
Almost 50% Goes to Debt
Because we live off of last month’s income, I am very comfortable I can reach this goal. I’ve already received all bills so I know these numbers are accurate as far as utilities and fluctuating costs. And I have scheduled most of these payments. I haven’t scheduled the last student loan (Nelnet payment) because I’m still waiting on customer payments to come through and it wouldn’t let me schedule out that far. But I should have the final payment pre-scheduled by the end of next week.
If we stick to this, our monthly spend will still be high, right at $3,629; however, over HALF of that is going to debt. I’m planning for $1,600 to go toward student loans next month.
Do you know what this means? When all is said and done and I get out from under this debt, my living expenses will be almost nothing. I mean, not nothing, but very manageable. Now that is a thought to keep me motivated!
So here we go to a No Spend August…or at least no unplanned spending!
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
Good luck, Hope! I’m working on cutting my takeout coffee budget this month. I picked up some concentrated latte mix from Costco as an assist, but ultimately, I’d like to reduced my overall coffee consumption to just a cup or two in the morning and then an occasional weekend treat.
Thankfully, since my Coke addiction (Coca Cola, that is), my food issues have greatly subsided. Now I am fasting 42 hours, 3 times a week. So although I keep plenty of food in the house for the 5 kids here, my food intake is greatly reduced. However, when I do eat, I generally crave real food. Fresh produce is important around here. (One of the kids is a vegan too.)
You mentioned in your last student loan update that your forecast was $8000 by the end of July. Did that happen? It’s good to see projections but nothing beats actual outcomes in your updates.
I did…update on that coming later this week.
Any chance you can afford to pay your auto insurance in one lump payment for the 6 month policy? Mine is almost a full month cheaper if I pay in advance. Honestly I thought everyone did…If you can’t just yet, that would be a good goal for when your policy renewal comes up.
I do not believe that is an option, but I will certainly check into it.
With USAA, the amount is the same regardless of whether payment is made upfront or monthly.