Tuesday Money Thoughts

We are approaching the end of May! Typically, this is a stressful time of year around our house. We are trying to coordinate multiple activities and plans for the summer. This year it is not quite as stressful but lots of changes on the horizon as well. I wanted to share some financial information with you both past present and future.

Let me start by saying that we are on the most financial stable ground that we have been on in many years.

Matt is currently employed full-time and really enjoying his job. I am actually employed full-time and working a second job as well. We have been very blessed as COVID-19 had only a small financial impact on our jobs. My second job in Guam was closed entirely for the 3 weeks in March and first half of April. I have been able to resume on a limited basis for May and will have very limited work in June. I do receive reduced pay in April and May. The school system pays on a ten month system, therefore in the months of April and May a double portion of insurance is taken to cover the summer months. I am very fortunate to have a bank that is set up for state school system employees. I have a set amount automatically deducted during the 10 months I receive a regular check and it is place in a summer savings account. In June and July, on the same day as my regular checks the amount equal to my regular pay is moved over to my checking account. This makes budgeting so much easier and I really feel like I get twelve months of pay. We have always lived on a budget. The difference these days is that we have enough income to cover our expenses. We set our budget in January and each month I can arrange money and use as we see needed. We have currently paid off several of our debits and continue to make larger than the minimum payments on all of our credit cards. We are not totally out of debit but we feel like we can enjoy life and still work our way out of debit. We are not going to live rice and beans but we are definitely no overspending.

We did receive a government stimulus check. We had already begun a much needed home repair of replacing our kitchen and dinning room floor at the time that things closed. Our intention was to use the money from my Guam job to cover this expense. We decided to use the stimulus money to cover this expense instead and we also chose to redo our master bathroom. I am happy to say that both projects are complete and they are awesome!

My initial plan in January was to reduce our panty and freezers until June. I wanted to use up alot of stuff and then spend the summer re-stocking them, However this changed as we started to see shortages and limits placed on lots of items especially meat. In March, we doubled our grocery budget spending $1025. In April we spent $922 which included $180 in chicken. In May we have spent $542 which includes around $250 in meat purchased locally. I am being very deliberate in our grocery purchases. I want to maintain a stockpile but also continue to use the stockpile. My goal for the summer months of June and July is to reduce the grocery spending to less than $250 each month and save at least $250 for future purchase. However I am realistic and know that I may exceed this depending on food prices and our specific needs. For example, on my shopping trip today, I found Suddenly Salads on sale for $1 a box. I decided to go ahead and purchase 20 boxes as this is one of our summer favorites. This price is also $1.35 less than the lowest price I have seen lately. On a really bright note, I have already stocked our freezer with lots of convenient easy to prepare meals for the fall. My plan/goal is continue to prepare double batches of items we really like so that in the fall we can simply throw food in the crockpot or oven and enjoy a quick good meal. Our pantry is also nicely stocked. The garden should start producing in the next 3 weeks so I want to be able to use and not lose any food.

We are not planning a summer vacation, instead we have 3 trips planned to Disney World! This was a choice that the kids all made around Christmas last year. We will be attending both the Christmas and Halloween Parties in addition to a long two week trip over Spring Break next year! Currently, our trip in August for the Halloween party is completely paid for! We are hoping to use points and vouchers to cover the flights for our December Trip and anticipate paying it off in October!

I have been selling items on Ebay and we are also anticipating a large yard sale in the next several weeks depending on the weather. All proceeds go to Disney trips!

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