Payday #2: where my money is going (and where it went)

I  am nearly a month into my plan to be debt-free in 24 months. At last check-in , I committed to sticking to a $330 budget over 2-weeks for food, gas and other ‘wants’. If you just tuned in, this is a drop from my average spending of $900/2 weeks…  a 63% reduction… kindofabigdeal and a rather lofty goal.

Payday! (1)

 So, how did I do?  

From June 28-July 12, 2018, I spent:

  • 💅 $50 on nails. I KNOW! But my own nails are brittle and I love having a professional looking manicure…. I can feel you judging me… it makes me happy, so I’m still going to justify this splurge (for now). 
  • ⛽$54.03 on gas
  • 🍲$110.98 on groceries
  • 👩‍🌾 $95.61 on gardening supplies.  Yes, I should have waited until it fit in my budget, but the garden needed to be planted… 
  • 🍴 &🍷$200  for 5 days of vacation fun in a different city. Definitely could have been more restrained here too. But what do you do when your friends want to go out?#Icaved. 
  • 🏨$146.72 Unexpected additional hotel costs as a result of needing to leave our vacation rental (long story).

For a total of: $657.34 which is $327.34 over budget 

Yes, I spent twice as much as I had planned. Though, perhaps ‘planned’ is not the right word, and likely the biggest lesson from the past 2-weeks… Well, the biggest lesson is that I was delusional to think that I could change my spending habits over night. The other cautionary tale is that I need to do a better job planning where my money will go and stick to that plan.

What did I do right? I spent $240 less than I normally would have in a 2-week period.  I didn’t touch my credit card (except for the unexpected hotel expense), I didn’t dip into my emergency savings and I resisted the urge to retail shop (I really wanted new stylish tourist shoes, but I refrained and made do with what I already own). I also restricted eating out to 1/day while on vacation with the remainder of meals pre-planned and packed in a cooler.

Where my money is going this week:

  • Emergency fund: $425
  • Credit cards: A minimum payment of $330, $50 of which is interest, and an additional $146.72 to cover the hotel costs.
  • Also  received a $402 refund on a different credit card for a return I made.

New Balances:

  • Emergency fund: $625 
  • Debt: -35,219.07  (that’s a total of $929.35 down in 4 weeks)

The plan for the next two weeks:

  • Stay inspired:   The financial smarty pants inspiring me this month outlines how I’m staying inspired. On the top of the list for the next two weeks is to keep working on Jessica Moorhouse’s Summer Money Challenge to read at least 2 financial books.
  • Spend less: No credit and stick to food, gas and fun budget of $350 WITH a goal to have money leftover. To do this, I have a plan that I need to stick to!  You think I can do it?
  • Earn More: Kick my side hustle into gear. In case you missed it, I picked one: Side hustling: where to begin?
  • Stay accountable: tell you all about it in 2-weeks!

I hope this public accountability thing gets easier! ’til next time! 🙂

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4 thoughts on “Payday #2: where my money is going (and where it went)

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