Life is about choices, this is actually one of my favorite saying and also something that is very true in every aspect of life. I also can add to this by saying that not every choice is good and bad or even good and better but it is always a choice. There have been periods in my life when what I spent money on was not a choice. The reason, after paying bills such as electric, water, mortgage etc, there was little or no money left to cover food much less anything else like new towels or eating out. However, this is no longer the case. I am not saying that we have a lot of money or even that we are spending our money in the best way possible but I am very thankful to say that we definitely have a choice in how we spend our money.
This is the time of year, when I start looking at the budget and reworking and figuring out what the priorities are for not only November and December but also for the next year. My work is going through some major changes as well especially with benefits. So I definitely am looking at changing things up next year. My cost for insurances in all forms is actually going to be lower in addition to the small raise. Given these conditions I have decided to start investing in our retirement fund. I am really nervous about this decision simply because it will be money that is “out of reach” for the short term. We, Matt and I, have discussed this decision and feel like it is the best one at this time. I will meet with an advisors next week and for the first time ever will be investing in our future instead of the present. Along the same lines, I am adding a line item for saving as well. My goal with these decisions is to keep living on what I am making this year and place the “raise/additional savings” out of sight and out of reach. I am still working on the number but hope to share a sample budget prior to January.
In more present financial news, we are currently doing very well with our financial goals for the month!
1. Emergency Fund to $2000. I know this goal will not be met this year but hope/plan to add $100 to this by the end of the month.
2. Groceries: Spend $600 a month . Spending for the month is $390 which does include 2 Sunday newspaper subscriptions, ($130). We will be leaving in less than two weeks so I am planning to try and clean out our fridge because I can’t stand to waste food! The only purchase that I anticipate for the trip itself is Diet Cokes and maybe waters.
3. Gas: Spend $400 a month with any remaining to be move to Auto fund for repairs. So far we have only spent $120 for gas. I did pay our auto insurance for 6 months but this was from money that has already been saved! As you will notice below, I am setting a budget for our trip which will be all inclusive. Prior to the trip, we will be having the oil changed and adding a power outlet for the DVD player, both these items will come from this budget. We also plan to purchase a new set of tires but this cost will be included in the trip cost.
4. Michigan Trip Budget: $2000- This is actually a very high budget for us when traveling but the current plan is this will include the cost of new tires in addition to hotel, gas, food and entertainment.