Thrifty Thursday

Two*True

Yes girls, it's the first Thursday of the month and time for budget updates. 

Anyone have a QOTM?

Two*True

Let's just say I only have $1.34 in my checking account until my pay check gets direct deposited today.  July was a month with a lot of work expensives and I won't get my reimbursement for another week.  Over $300 in work related activities really took a toll on my budget this month.

On a brighter note, we cancelled our lawn service and instead invested in a self propelled lawn mower.  We're paying the same amount, but it's going to pay for the mower and it should be paid off in about 3 months.

K's boss loves her and has said she absolutely wants to keep her on board part time in the fall - and not as a student status. This is great because it means K, in her part time job will actually make more than me with my full time job!

My second job is going really well and I'll actually be getting another raise in the next week or so. 

In the end, money is still stressful but we keep moving foward and bills continue to get paid ;-p

ssg73

For us we are trying to pay off the credit cards.  I will be all paid up by the end of the month and S's will be all done by october (I think)  which is good since we will be adding to a new line item to the budget (the swimmers)  I am looking forward to school starting again when I get another step on the pay scale which is always nice.  We are working hard on getting rid of the debt so we can start major saving again.

ctbride08

QOTM: Do you have an emergency fund?

 

ctbride08

$$ has been causing me some heartburn lately...its not that we dont have it, its just that with the wedding in 3 short weeks, we are shelling out money hand over fist. Its going to be tighter that I was expecting due to last-minute expenses. I"m really hoping that only a minimal amount will be placed on cc's and whatever it is will be immediately paid off w/ wedding money.  Then the next big project will be windows - but, the good news is we were approved for a Lowe's project card which allows 6 months of no interest. That with our super good deal on labor should make the huge investment a little more manageable. I'll be soooo happy when i can actually open the windows and enjoy a breeze!

as for qotm:  when we purchased the house, we specifically made a point to set up an emergency fund that was separate from our savings/retirement/ect...which we were never in the position to do before.  It feels great to have that safety net "just in case" and over the next year, i would like to double the amount thats in there.  but, yeah, i'm a huge advocate for e-funds!

Two*True

Elise - make sure you go the post office and pick up one of the packets for people that just moved.  The packets are free and they most often have a coupon for Lowe's and/or Home Depot.

QOTM - We do have an e-fund, by default.  I have some money that I refuse to acknowledge b/c I'm afraid that if I do I'll spend it - lol!  It can easily pay 8 months of mortgage or 1/2 of my total cc debit.  I've often thought of using to pay down the cc's but I think having the back up is necessary.  And K and I both like to refer to it as our 'baby fund' as it will give us about 2 tries at IVF should we have to go there.

ctbride08

thanks for the suggestion we picked up one of those when we had to change our address and it was full of wonderful coupons

cookiemonster03

QOTM: Yes, but only about a month's expenses worth. I'm awaiting a bit of early inheritance from my grandma (if the stock market ever comes up) which will bring the total to 3mo, then I'll feel better.

We're tight right now. We've been doing so many house repairs, spending so uch of gifts for this and that...nothing is being saved. Need to work on that ASAP.

ssg73

after the cc are paid off an emergency fund is next on our list.  I am sorry to say that I have never had an emergency fund and I feel guilty for not having one.   I am looking forward to getting that going.  it is crazy to think that we don't have it but I guess it is the only way I live on the edge..

two have you every thought of using some of the emergency fund to pay down the cc.  It may be worth the getting it down since you will pay so much less interest.  just a thought

Two*True

I have thought about that, but most of my balances have been transfered to low or zero % interest and the money is in a high interest account.  So for now I just feel better knowing it's there if needed.  Plus half of what I call 'cc debt' is actually a home equity line.  So while it's not great to have, at least the interest is tax deductible.

ctbride08

i have definitley thought about it (and am constantly tempted by the idea), but all the financial advising books i've read say its a smart idea to have 1-2 months of expenses in an e-fund even before paying down cc debt - you just never know what may come around the corner and having some money on hand is the best way to play it safe.

Skeezon

I just started school in May... before I graduate, I must complete a 6 week internship.  So, I saw one online at a local magazine and I applied.  Well, they offered me a part-time JOB!  And the time worked there counts towards my internship!  Yay.  A little extra income and a wealth of knowledge!

Two*True

Congratulations Season! 

ctbride08

wow - that worked out great!! congrats

JoySeattle

Late, but I wanted to jump in anyway, 'cause I have news. We paid off the last cc, opened a new "goals" saving account (our first joint account other than cc), posted a bunch of stuff on craigslist to sell ($ potentially to go toward my iPhone and then savings). We've been looking into life insurance (what are average rates for term and life?), legal stuff (where do I find a good lawyer that won't cost a small fortune?) and have a target for our budget and savings. We have a small emergency fund, but hope to grow it before moving. The goal being to have all the money for sperm by February and then for 3-6 months expenses by moving date (hopefully next summer). This month is our practice budget month and next month is for real. Our goal is to live based on likely new mortgage and put the rest in savings. There's also a new possible grad staff position that I'll apply for as soon as it posts. If I were to get it, it would pay for all my tuition plus a stipend in exchange for 20 hours per week (pretty sweet deal! Trying not to get my hopes up.) Doula work is increasing but definitely not stable (yet?).