Honest Budgeteering

It seems like a long haul, and it has been. About this time last year, we were formulating our budget to put into action for 2010. We started our extreme plan of debt reduction in high hopes that we’d easily stick to our tight budget and knock out all of our debt in 2 years or less, then we’d be able to let loose…a bit. So far, so good. We’ve stuck to our budget without incurring any new debt and even handled a few curveballs while doing so. Part of our debt reduction plan was to simplify; get rid of unneeded “stuff” including payments! An important part of that was to focus on quality when purchasing anything new.

The progress we’ve made so far feels great, but we also feel like we could be doing better. Sometimes it is a struggle balancing our desire for high quality and budget friendly! After our meeting with Mike last week, we posted our savings increase and debt reduction balances on the fridge to remind ourselves of our goal and how far we’ve come. Brian has been lingering longingly over the home improvement store circulars, and I’ve been dreaming of new paint on our bedroom walls – one of which was done before we started Project Money, the others patched and waiting. We’re proud of what we’ve done so far, but it seems we’re in a vulnerable spot right now; thankfully being a part of Project Money is keeping us honest! Any “surprise money” is being squirreled away instead of used on a “free” splurge. Project Money winners or not, we are looking forward to a late 2011 Disneyworld Celebration – debt free of course!

 

Comments

[Rachel]

It is amazing how much “stuff” or unneeded payments can add up quickly and reducing these expenses is a lot of fun and a great way to generate more income to pay off debt faster! Sticking to a budget now for fulfillment of your future goals is tricky but it will pay off as you are seeing in your numbers! Keep up the good work – there will always be the feeling of doing more, better, faster, etc. but give yourself some credit for setting a goal and making it a priority to work towards that goal :D