Sunday, July 31, 2011

Budget Update

Today, I finished our budget for the next five months, printed it on highly obvious neon paper, and posted it on my desk. I am actually really excited about the possibilities this plan has! Here are a few of the goals that I have easily included in our budget for the remainder of 2011.
  • Almost doubling our savings account (an increase of over $2000)
  • A small increase in our emergency bill paying account
  • In September, paying off the loan used to purchase a motor for my car
  • Purchasing a new set of tires for Cody's truck by the end of August ($700)
  • Securing $640 by the end of November for Christmas shopping
  • A $330 allowance for a beach trip with my parents in September
  • Reserving a trip for our anniversary (in early January) with cash
  • Making several extra payments on our small credit card
Please remember that finances are relative to individual situations. $5000 in savings and an almost $2000 emergency fund at twenty-two/ twenty-three years old is a huge deal to us! We have already learned our lesson about not having money set aside for unforeseen expenses when my car broke down. If we stick to this budget, we will not have to be in that situation and resort to using credit again. I'm looking forward to seeing how close we can come to our goals. Looking ahead, I am already thinking about some goals for the first half of 2012: $8000 in savings, a Dry Tortugas vacation fund, increasing our emergency bill account even more.

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