$20K Savings Challenge....FEBRUARY Update

In our family we save money.
It is important to us to put money aside for "rainy days".  You know.....those unexpected days when things happen in your life that you can't plan on, but that DO happen and they cost you money you didn't know you'd need to pay out.

Our income is mainly the salary my Hubs draws from his job.  We have money taken off each paycheck from the top to put into savings, before we even get our hands on it.  This money that's taken goes into various pots....life insurance, investments and retirement savings.  It's automatic so we are never tempted to NOT put it into savings.
Once the automatic savings, plus taxes and medical/dental/vision payments are taken out, it leaves what we get to "live on".  From this amount we budget for bills, both monthly and irregular bills(semi-annual, etc.) and our variable bills(like food, eating out, etc.)  Anything left over once our monthly expenses are paid, I put aside into a Savings Challenge. 

For 2013 I am continuing my Yearly Savings Challenge.  I am going to keep the Goal amount at $20,000 again this year.

On to the February report.....

I have posted my FEBRUARY End of Month $20K $AVING$ CHALLENGE Totals.
Check out the side bar to your right for the specific numbers.

I have 2 goals each month.....
The 1st is to actually finish each month in the black and not the red.
The 2nd is to hit the targeted savings amount of $1,666.67.

I have to report that we finished up February in the black!
The extra cash amount we ended the month of January with?.......$1,375.97

Income
We had $1267.88 left over from our income after our monthly expenses were deducted. 

Add in a per diem check for mileage for some business traveling, some bank interest and some rebate checks, and we get another $108.09.  This brought our gain to $1,375.97 for February.

*Hubs did get a Bonus for the year in Feb.  I don't count that because this money is earmarked to go right into the College Account for the kids' educational expenses.  Yes, we could have gone and blown that money on a very nice trip, a new car, a full bathroom and kitchen remodel, or many other ways.

But since we are out of debt, have no mortgage and fund our retirement account, we feel it's better spent on funding the college costs.  We have taken yearly bonuses for many years and tucked them aside for college money for the kids.  With what we have now, we are just about $10K short of having enough to fully pay the last kid to go to college(a state school).  If next year Hubs receive 1 more bonus, even a small one, we will have finished funding college the year BEFORE the last kid here needs to enroll.  I never thought all those years ago we'd be able to have the money ready and waiting BEFORE the last one got to college!  That gives me greater satisfaction than any new car smell ever could. ;-)

Outgo

As for the expenses this February, here are the good and the bad side of things....

HERE are the GOOD THINGS

*  The credit card bill was $385 lower.

* The "cash" withdrawals were $100 lower.

HERE are the BAD THINGS

*  The electric bill(which includes heating)went up by $99.  Feb. is our most expensive month for electric.

*  The semi-annual car insurance bill was due this month.

*  The dental bills were high due to my tooth problem and a dentist bill I paid for Hubs work in Dec.

The Food Budget costs for FEBRUARY are in another post, which is located HERE

We managed to stay within our $400 food budget in February.

The 2013 TOTAL so far.....
With 2 month behind us, our Savings Grand Total for 2013 stands at $4,137.03.

We just missed our $1,666.67 target goal for the month, but not by much.  Considering the high electric bill every Feb. and the car insurance and unexpected dental bills, I'd call Feb. a WIN for us on the money front.

Looking ahead for March......
 

*  We have the Municipal taxes due this month.

*  The electric bill should start going down this month(thankfully!).

*  I'll pay the yearly sewage bill in one lump payment instead of quarterly.  It will save us about $10 a month this way and I have the cash aside for it so why not? ;-)

*  Medical bills will be a little higher since we are working on paying the deductibles to our limit, so the co-pays aren't kicking in yet til we get those paid off.
*  I was looking at the credit card bill to be about half of what it was in February until Hubs tv died last weekend.  There went $400 on the credit card and the bill is hovering at $900 now between that purchase, the $50 I spent on new nightgowns for myself and $100 of spending for #2 Son's birthday last month.

Between all this and cash withdrawals Hubs makes, we'll be lucky to hit $1,666.67 in savings after all is paid in March.

So how was your February financially?

Are you still paying off debt from last Christmas you put on credit?
Did you spend less than the income you made in February?
Did you received any "extra" or unexpected money in February and what did you do with it?
Did you stay within your budget or not?
Did you pay off any debt or put extra toward your mortgage principle?

If you posted your financial progress on your own blog, leave a link in the comments so we can go check you out your progress too and celebrate with you!

Sluggy

Is It October Yet?

September has kicked my butt in the financial realm of things.
When we finally bid it adieu on Monday, I won't be longingly looking back at it....no siree!

I am known far and wide for my skinflint ways.
But even as uber frugal as I can be, the expenses were out of hand for September!
The ones that I could plan for I did, but there were unplan-able ones as well.
It all converged into the Perfect Storm and wiped my budget out!
ugh

Yes, having a month where you bring in LESS than you need to spend happens.
Even too me.....
Shocking I know, right?!?! lol

But you know what?
It's not the end of the world around here.

Mostly because we don't make a habit of it.
We don't spend every blessed nickel we make each month, every month.
We put aside a nice chunk of our income each month.
So that when something happens in any given month....like this one!.....we have money to spare to get us past the ugliness of spending more than we made in September.

Having a bad month or three can happen, even if you do everything right.
Having bad months happen on a regular basis though, means you need to rethink what you are doing with your money.

Sometimes the Universe IS out to get you.....and sometimes you are your own worst enemy and create your own problems by not planning and sticking to that plan.

The take away for me on September?
Using it as a reminder that given the choice, living below ones means is always the best plan.
And how!

Well everybody come on back in a few days when I have to do my Savings Challenge Post for September and you can gawk at just how badly the month was for our finances.

Sluggy

$20K Savings Challenge.....MARCH Results for 2012

Ok, here is my March Savings Challenge Update post for 2012.
This post is NOT about bragging or showing off.  It's just what we are able to save given our income and being able to hang tough against "unconscious" spending.

Just to update, My Savings Goal for the Year in 2012 is $20,000.  It's well below what I've saved in previous years I know.  But we also have a goal of paying for 4 home improvement projects at Chez Sluggy this year.  We plan on cash-flowing these projects with the additional money we save.

On to the March report.....

I have posted my MARCH End of Month $20K $AVING$ CHALLENGE Totals.
Check out the side bar to your right for the specific numbers.

I have 2 goals each month.....
The 1st is to actually finish each month in the black and not the red.
The 2nd is to hit the targeted savings amount of $1,666.67.

I have to report that we finished up March in the black!
The extra cash amount we ended the month of March with?.......$1022.68!

Income
We had $1005.24 left over from our income after our monthly expenses were deducted.
Add in $16.99 in Rebates applied against the food expenses & .45¢ in interest and  you get a total of $1,022.68.

Outgo
Traditionally March has been a tight month as far as the money goes.  2 paychecks have to cover the usual monthly bills like utilities, food, etc.  But we also have the yearly local taxes due starting in March and I pay the Sewage bill for the year in March as well as make a quarterly payment to the garbage service.  If you figure that I use to pay around $1K to the mortgage payment(when we use to have one), if this was before having paid off that debt, we would have been breaking even when all the chips fell at the end of March.  Not having that debt and not inflating our lifestyle since paying off the mortgage means we get to stash away that wad of money instead!!

As for the expenses this March......

HERE are the GOOD THINGS

*  The mild winter temps continued, which kept our heating/electric bill lower than usual.  I like that...

*  The credit card bill(which is paid in full each billing cycle)was under $700 this month. 

*  #2 Son did not get his driving permit in March so we delayed the increase in our car insurance rates a bit.  I'll take anything I can get.lol

HERE are the BAD THINGS

* Quarterly and yearly bills and taxes were paid in March.  While it's definitely on the "Bad" side of things, having the money and knowing it's coming up and being prepared for it, takes some of the "Bad" out of it.  Having to shell it out still stings though.

*  Hubs car had a $400+ repair this month when it went into to the shop for inspection.  This seems to always happen now, since our cars are getting up there in age, so I mentally prepare myself for the potential of receiving a repair bill anytime we take a vehicle in for inspection.  Just a sad, sad fact of motorized toys.

*  Hubs paid for dog licenses this month.  Though he didn't warn me he was spending the money this month, it wasn't so much of an expense that we couldn't handle it.  But it would be nice to know beforehand....

*  The cash withdrawals were very Very high this month!  Part of that was due to my $500+ withdrawal for food.  Hubs also stopped giving me his receipts again, so I have no clue what all he spent it all on besides buying coffee and lunch at work and paying for #2 Son's music lessons.  sigh.

The Food Budget costs for March are in another post, which is located HERE.  I overspent my budgeted amount, including the excess from Jan. and Feb. that I hadn't used those months.  I feel bad that I topped out at $511 on food for the month, but I did get some great deals which should keep our April food spending lower.

YEAR-TO-DATE GRAND TOTAL.....
With 2 month behind us, our Savings Grand Total for 2012 is $4,016.59.

We didn't hit our monthly goal in March so now we are $983.41 behind for the year.

With 3 months done, we should be at $5,000 saved for the year.

So how much did YOU save in March?  Did you spent all your income or did you put something aside?

Do you have an emergency fund of 6-8 months worth of expenses?
Do you have debt?

Start living below your means NOW and put some money away for emergencies and/or start paying down your debt.
And once you get debt-free, continue to throw that debt repayment money into savings.  You won't believe how fast you can accumulate wealth once you have no debt!

It is NEVER too early or too late to SAVE SOMETHING.
And the amount you save is NEVER too small!
Anything you can spare will go a long way to make you more financially secure in this crazy unstable world we live in.

So come along and Challenge Yourself to Save Money each Month Toward a Realistic for YOU Savings Goal or Debt Goal!

Not everyone can shoot for $20K, I fully get that!
But everyone can shoot for some number, right!?

Find a money goal that works for you and put that number out there for everyone to see.  Put it into paying down your debt, put it into savings, invest it or put it toward the principle in your home mortgage....just get busy and do this!

It will help keep you accountable to your goal if other eyes are on you.
Put it out there online and let us all stalk your money too. ;-)

So how was your March financially?
Did you spend less than you made?
Did you stay within your budget or not?

Leave a comment and share with us what you did with your money, both the good and not-so good.   Do you have any tricks or tips that help you to end your month before the money runs out?    Let us know!
If you posted your financial progress on your own blog, leave a link in the comments so we can go check you out too!

Sluggy

$32K Savings Challenge......OCTOBER 2011 Results

Ok, here is my Savings Challenge Update post.
This post is NOT about bragging or showing off.
And I am still loving this photo from previous month's Savings Challenge posts.
Like everyone, I LOVE a special on crap.....but how do you ascertain if crap is fresh?
Does fresh crap smell.....fresh?

The theme this month is when it finally looks like you can save a boatload of money,  Lightning strikes....literally!, and costs you some of your traction.

On to the October report.....

I have posted my OCTOBER End of Month $32K $AVING$ CHALLENGE Totals.
Check out the side bar to your right for the specific numbers.

I have 2 goals each month.....
The 1st is to actually finish each month in the black and not the red.
The 2nd is to hit the targeted savings amount of $2,666.67.

I have to report that we finished up October in the black!
The extra cash amount we ended the month of October with?.......$2,882.92!

Income
We had $2788.98 left over from our income after our monthly expenses were deducted.
Add in $3.00 in Rebates(LOL) applied against the food expenses, $1.94 in Interest on the Checking Account toward the Savings Challenge & the $89 I made selling some dolls, you get a total of $2882.92.

Our monthly target is an average of $2,666.67 to reach our Year End Goal.
We finally had a month where we matched or surpassed that goal!

Outgo
As for the expenses in October......

HERE are the GOOD THINGS

* The electric bill went down $40.

* The water bill went down $20.
* There were no car repair bills or taxes due this month...finally!!
* I sold some dolls laying around the house....booyah!

HERE are the BAD THINGS

* The credit card bill was over $1500 again!
* The food spending was over $600.  It's usually around $250 a month.
* The WAM & cash withdrawals were very high. Hubs did agree to save his receipts so once I get those I can analyze where some of his money went.  Stay tuned.....

* The lightning strike the end of Sept. took out the following: my computer, my printer, #2 son's tv, the garage door opener, the router, the modem and at least 1 electrical outlet upstairs.  So far we've spent $1433.66 on replacing/repairing items.  After our policy deductible of $500, the insurance company refuses to pay an additional $328.44 on the $1433.66 we've had to spend, so we are out of pocket $828.44 for this event.  Some of this spending went on the credit card and will show up on next month's bill.

The insurance goons have been real buttholes.

This is the first claim we have EVER made on our homeowner's policy which we have had with this same company since 1986.  

1 claim in 25 years.

Wanna bet our rates go up next year?

The Food Budget costs for October are in another post, which is located HERE. Once I applied my rebate check total of $3.00, I was still over $600 in food spending for the month.  I sucked at being frugal on food this month.  But I still have over a 79% savings rate on food for the year so I only suck a little.lol

What's ahead for November.......
* There are the usual suspects: electricity, water, phone, cable, credit card bill, food cash, etc.

*Though the big Thanksgiving meal is coming up I still plan to stay on budget with food for November.
* The credit card is hovering at just under $1K yet again, with 9 more days until the billing cycle closes.  We just can't seem to get it down under $500 per month, can we?
* Hubs commuting car needs a tune-up and oil change.  Every time we take it in, this always costs more than just those things so I am steeling for a car repair bill.

YEAR-TO-DATE TOTAL.....
With 10 months behind us, our Savings total to-date for 2011 is $26,419.29.
We are $247.31 off in our monthly average to reaching our final goal at this point in the year. We should have $26,666.66 heading into November so we are just a little behind and the goal is still within reach!

So how are your savings growing so far this year?
Do you have an emergency fund of 6-8 months worth of expenses!  You really should, you know.
With the current financial climate in this country, you should try to put away into savings as much as you can each month or be throwing savings at your debt if you have some.

So come along and Challenge Yourself to Save Money each Month Toward a Realistic for YOU Savings Goal!

Not everyone can shoot for $32K, I fully get that!
But everyone can shoot for some number, right!?

Find a money goal that works for you and put that number out there for everyone to see.  Put it into paying down your debt, put it into savings, invest it or put it toward the principle in your home mortgage....just get busy and do this!

It will help keep you accountable to your goal if other eyes are on you.
Ooo, that sounded kind of creepy didn't it? ;-)

So how was your October financially?
Did you spend less than you made?
Did you stay within your budget or not?

Leave a comment and share with us what you did with your money, both the good and not-so good.   Do you have any tricks or tips that help you to end your month before the money runs out?    Let us know!
If you posted your financial progress on your own blog, leave a link in the comments so we can go check you out too!

Sluggy