Monday, May 2, 2016

April's challenge results, May's new challenge, and I tweaked the budget (again!)

My husband being out of town really helped our challenge this month- we spent an even $61 less than we budgeted for the month on gas.
May's challenge will be saving money on groceries.  Even though I feel we did fairly well last time on this challenge, I know it will be a good one for us again, because just within the last two days, I threw away three containers of leftovers that had gone bad and a big beautiful cantaloupe that had gone moldy because I waited too long to eat it.  I know this challenge makes me more aware of how much food we waste, and I will try to be more careful again.
So, just a bit ago, we decided to use our tax return money for discretionary spending and leave any extra money for bonus payments on our debt.  I was nervous about this, because it meant that we would have to stretch a finite amount of money over an entire year.  Thankfully, we can go back to a simpler method.  My husband has gotten not one, but two raises over this last month.  I can heave a huge sigh of relief, because for the first time in our married life, we are actually making enough money to cover all of our expenses without depending on extra income that may or may not happen.  I can finally make a stable budget- yay!
So, I took what was left of our tax refund money (which is an embarrassingly small amount compared to what we started with) and made a nice fat payment to student loans, leaving a decent amount of money in our discretionary accounts.
Lately, we've been looking at houses and land and house plans and mulling over whether to build or buy, and how, and coming closer to making our dream of a new home more of a reality.  Along with that comes getting our current home ready for sale, which is going to take a lot of time and money.  We debated on whether to knock out our debt as quickly as possible and hold off on home repairs until the debt was gone, or to actually be able to enjoy some home renovations before we have to sell, and we decided on the second option.  So, our plan is to split all extra income 50/50 for debt pay-down above the required monthly payment, and home renovation.  I looked at my husband's pay stubs over the last two years, and noted how many hours he worked, and calculated that he works approximately 13 percent more hours than the standard 40 hours per week on average.  I'm a dork, I know, but that gives me a figure to work with for extra income and projected debt payoff.  We will also go back to throwing all the tax refund towards the debt, so that will help to speed things along.
Happily, this puts our projected debt payoff at November 2019 now, which I am pleased with, because it will be good timing to put our house on the market the following spring, and to have a cushion built up for the expenses that come with that.

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