Celebrating Little Milestones
I know it isn’t time for me to update our progress towards saving and paying off debt, but I read My debt payoff – updated by Mrs. Money today, and was tempted to write a very long comment. Instead I thought I would share it on my own blog.
Mrs. Money was excited happy her student loan has fallen below $12,000, and I also get excited to see the different parts of our debt hit milestones. Even if they are small milestones. I don’t think I’ve shared this but my goal is to try to pay off 2% of our total debt every month, while saving 2% towards our Home Savings goal. These are two different numbers, if you hadn’t already guessed.
I keep a spreadsheet and track exactly where our debt lays. Right now it seems we will be on target to pay off 10% of our total debt by the end of this year. If you are doing the math and thinking we started in July, and we pay off 2% a month, then we should actually be able to pay off 12% of our total debt by the end of the year. You would be correct, however 10% is my goal and I built in a little leeway with the holidays at the end of the year.
Some things that we haven’t ‘exactly’ budgeted for include our 6 month premium on insurance (we are using my ‘extra’ check from September to cover this), property tax in KS on our land, property tax in Missouri for the 5 months we lived there. AND honestly the Holiday’s cost money: more food, traveling, just extra expenses.
Christmas is indeed a big expense. Presents cost money, but luckily I have some stashed in a ‘present box’ in our storage area, and as long as the kids stay out of it we’ll be almost set. Hopefully, we will be able to pick up a few more things on clearance or with coupons that will finish the kids’ presents off without having to go over our weekly budget.
Our daughter’s birthday is in November and that is also an expense we have to deal with. However, we are very lucky to have a sister who makes cakes so our daughter will be getting a Hello Kitty cake (at the moment that is what she wants anyway) from Holladay Cakes. Also I was able to pick her up some very cute flower headbands and knit hat with a $20 gift card I won from Penny Pinchin Mom to Savvy Bowtique. That was an awesome bonus! I just need to win something so Daddy can buy her the annual birthday dress.
Although, our presents are mostly taken care of I always have to factor in the actual days off work and what that means to our budget. While I work at a company that offers holiday pay, and paid time off, my husband is not so fortunate. Every hour he does not work, he does not get paid for. So during the holidays we somehow have to figure out a way to budget around 2 full days off for Thanksgiving, 1 full day off at Christmas, and 1 full day off for New Years. This year with Christmas day and New Years both on Saturday we may luck out and not have to take such a big hit for unpaid time off this year!
Every holiday actually stresses me out a little, because I know Brian will be at home and he won’t be paid for that day. Hopefully, when we get our debt paid off and our house built I will be able to relax knowing there is money in the bank and we’ll be able to ‘finance’ Brian’s time off ourselves. While we wait for that time, I will continue to celebrate every little accomplishment with our current budget and goals!How did we arrive at our goals? Goals Update: July Goals Update: August