Today is the last day of our October to November budget period. And we were bad. Really, really bad. We have plans like to pay off our first mortgage next year and to max out our Roth IRA’s for 2012 and 2013, so now is the time to dust ourselves off and to stop spending like crazy people.
This Coming Month
Since November to December is usually when we spend the last $200-$300 on Christmas, and we are also heading out this coming week for Board Game Geek Con, I know that this coming month can’t be perfect. But we are going to attempt to stop splurging. I want to feel like my old self again. I like having money in the bank, having retirement accounts, tackling mortgage debt, and having fun with the money we actually save for our splurges. Even Mr. BFS feels like we may have gone a bit far.
This Last Month
We knew that moving was going to lead to some extra expenses. We even budgeted for them and found great deals. But even planned huge expenses are huge expenses…and when they all happen in the same month, it feels like a money faucet turns on and that is hard to turn off. Especially when every little $10 or $20 house thing screams “Yes, choose me! I can make your home really feel like your forever home!”
Here are the big hits this past month:
- Fixing up rental house – $700 (not a true splurge, but definitely a big hit)
- Enclosed pantry to hide away our roommates’ food – $87 (splurge…they had open shelves in the dining room but it was ugly)
- Christmas decorations that I wanted but we could have lived without – $33 (splurge)
- Housewarming parties (food and some disposable dishware) – $100 (splurge but worth it)
- Surround sound – $185 (splurge but budgeted)
- Counter stools – $180 (splurge but budgeted)
- Black Out Curtains for Master Bedroom – $92 (planned)
- Random other stuff from Amazon – $100 (splurge)
- Pest control annual service – $373 (splurge but budgeted)
- Household stuff like new towels, air filters, etc. – $200 (splurge but budgeted)
- Overspending on food – $200-$300 (half planned since we needed to restock, but we also ate out way too much)
- New kitchen chairs – $288 (yep, we splurged and went for it after staining the table…see pic below of how it all turned out)
It’s crazy – that’s more than $2500! I want all sorts of things just because they would fit well around the house. Boogers on that – we have priorities and now is the time to remember them.
We sat down and made a priority list, and now we are going to stick to it dammit. First priority – paying off the mortgage on our rent home. We have around $24,000 left to go. We aren’t making as much as I was last year at this time, so this will probably take a few sacrifices. For the upcoming months, we are going to stick to our budget and put half of the extra towards that mortgage. The other half is going to be spread out between our Roth IRA’s, savings, and our fun money and vacation accounts. That’s the plan.
You may be wondering how are we going to stop splurging like crazy people? Every single expense is going to be balanced against the mortgage payoff. If it isn’t as important to us, it won’t be made. We made spending decisions like this for years and only fall off the wagon once in a while. So we will be able to pull this off…it’s just a matter of being serious about it. So we are digging in.
Do you have any major financial goals? How are you reaching them? How do you keep yourself from spending on the less important stuff?