Progress Report

It’s finally time to report how we’ve been doing with our savings and paying off debt goal so far.  I know a lot of people do it on the last day or the first day of the month, but I felt like doing this today for some reason, so here we go.  Overall, we’ve been good about living on our weekly budget.  Since the beginning of this blog, which has been about a month,  I cut my hubby and my allowances to $40.00 and $20.00 per week from $70.00 and $50.00.  That made our savings and grocery budget to increase, but the increase in savings outweigh the increase in grocery budget, so it makes sense to keep the same amounts.

Like I mentioned before in a different post, I didn’t budget any savings the first couple of months of the year to give us some time to recover from paying off holiday credit card bills and other over expenditures from 2012 and to get used to living on a budget.  We didn’t struggle too much though.  I thought my hubby would moan and groan all the way through, but he’s been pretty cooperative and I had fun saving a few dollars here and there through different means, such as couponing and finding weekly sale items.

So the final outcome of trying to live under budget is that we were able to save $500.00 and out of that total, $300.00 is for our upcoming trip to Houston Texas for my cousin’s wedding.  Oh btw, My mom won’t be able to go the wedding since she had another episode this past Monday and the doctor said no more traveling for her.  Sad – -;  Please continue to pray for her.   Anyway let’s move on.  We paid total of $1,030.00 in student loans.  Out of that, around $270.00 was for additional pricipal payment.  And today, I paid off one of my student loans.  It was a tiny one with few hundred dollars left in it, but still it’s a milestone for me, since this relatively tiny loan was following me around for years.  Hooray~!!!

I do have a couple of extra hundred dollars sitting in our checking account, but I’m not going to do anything with that yet.  I think I’m going to leave that out of the equation in case I’ll need to buy something or do something for my mom.

I know it’s not much compared to what other personal finance bloggers are doing to eliminate debt and fatten up savings account, but like I keep saying to make an excuse for myself, I’m taking a baby step.  Hopefully, I’ll grow up fast to start taking adult steps.  It feels really good to know that this budgeting thing actually works and it’s making me feel better about myself and my finances.

I hope everyone’s doing well with their goals and not lose motivation or momemtum.




8 thoughts on “Progress Report

    • Every little bit does count~ I was looking at the original principal balance and it was only a little over $1000.00. I’ve been paying minimum for years~ Well, now it’s gone and on to the next one!!

    • The amount wasn’t that big, but just to know that one loan is out of the picture makes me feel like I accomplished something great.
      I’m greatful for your thoughts and concern regarding my mom.

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