August Adventures (monthly goals)

I only had three things I wanted to accomplish in August:

1. $110 mortgage prepaymentsuccess!
2. $190 grocery budgetsuccess! I spent about $162 making this my lowest food-month of the past 12 months. Time to keep this trend going!
3. Separate renovation and student loan.  Have student loan debt at $5,000 by Sept 1. –   FAIL. I didn’t make it 🙁 I got close though: as of September 1 my balance will be just about $5,360 which means I’ll finally drop below $5,000 in another 8 days orso! It was entirely my own fault that I didn’t make my goal because I spent too much money on eating out and blow money, I’m going to get to work on these categories beginning Sept 1st. Details are listed in my goals for September.

mmm cash

And my plans For September:

1. Make a $100 mortgage prepayment – I’m getting rid of my  mortgage debt @5.35% fixed (my student debt actually has a lower rate @ 4% go figure)

2. Make a minimum payment of $100 on my student loan – I’m aiming for $4,900 for October 1st. My first pay-cheque this month will go to cover bills while I am away from Sept 11 – 27 and the two deposits that come in while I am away will be used on my trip. Because of  the renovation I haven’t been able to save this up in cash. (Also, I really suck at saving) Of course, ideally I would have saved up enough cash to pay for everything and continue by debt repayment this month. Unfortunately winter is coming, I couldn’t put the renovation off longer and I wasn’t willing to wait longer to visit my grandparents. So, I will make do and for my next trip I will have everything saved up and taken care of beforehand.

I guess it’s not so bad to put my debt repayment on hold for one month of the 12, considering that I’ve paid off… wow I just added it all up –  $17,810** in the past 2 years (august 2009 – august 2011) .. Just Gone!

save save save

3. Work on my eating out, clothing and blow money spending. These categories are very close to spinning out of control and I need to go back to rice & beans for the last portion of the year to make some real solid progress. Yes, I have been slowly getting there but I’ve come to a halt this month (or so it feels) and the spending has got to stop.  My clothing budget will be $50 per month, eating out $75 per month and blow money $100 per month for the remainder of the year. When I began tracking my spending last November (?) I made some great progress in the first four months (dec – march) and I hope to replicate that again, I paid off more than $4,000 in that time period too so it’s time to buckle down for the final go at my pesky student debt!

Mid-November I will post a total of my first 12 months of spending, it will be very interesting to see where my money has gone for the past year. It’s also kind of exciting to know it in such great detail! Well, maybe not for you but it is for me! 😉

**That $17,810 is broken down like this: 1 $500 credit-card, $500 mortgage prepayment in 2010, $810 mortgage prepayment in 2011, 1 $5,000 credit card and $11,000 of student loan debt! Considering that I netted approx $19,500 in 2009, about $22,500 in 2010 and will net about $32,500 in 2011, that’s pretty good I think!

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5 Comments

  1. Congrats on your great work with your goals – dont beat yourself up too much about saving and spending more than you expected on eating out – I do it as well. It’s difficult to put a number on things like that, and usually you always under-estimate how much you spend, then blow by it quickly

  2. did you try to refinance your mortgage? you might save 1%

    • I did talk to the bank about it, turns out that the penalty is about $2,700 for doing that which would cost MORE than what I would save on interest over the next 3 years since I only owe about $50k. I can refi in 2 years and since I’m not sure if I will end up renting the house or selling… I’m sticking with what I have!

  3. Great job on your August goals (especially the grocery spending), even if you didn’t get completely there, you’re pretty close. 🙂

    The spending on extras (dining out, blow money, etc.) just seems to creep up and add up quickly. We’re still struggling a bit with these, little by little I’m sure we’ll get better. Good luck with your September goals Andrea.

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