Sunday Cents

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Well, I have our budget ready to go through the end of the year!  I was just planning on doing October’s budget, but I went ahead and finished out the year.  Don’t worry, though.  Everything is in pencil, so it can be erased and changed, if need be.

Right now our savings is no where near where it should be (thanks to some medical bills and vet bills).  I haven’t updated our sidebars, but we are not going to be even close to our goal by the end of the year.  I just edited the sidebars and put in a new goal for the end of this year.  You can see we are still a ways away from our goal, with just over 3 months to go.  That is the bad news.

We have a lot of good news though:

*We will end the year with less debt than we started the year with!
*We will get one loan completely paid off this year! (The car loan)
*We will have $740 saved for Christmas this year with an additional $250 for unexpected traveling expenses! (I honestly don’t expect us to spend even close to that much money.  The extra will get us started for next Christmas.)
*We will have paid off all incurred medical bills from this year (which there were quite a few).
*We will already have $250 saved up for car tag renewals by the end of the year. (They aren’t due to be renewed until July 2015).
*We will pay for Hubs’ new car tires with cash in November! (Thanks to no car loan!)
*In just November and December, we should be able to put $600 into our regular savings account.
*In December, we will start paying double on our lowest student loan (from $50 a month to $100 a month).  I hope to get it completely paid off by June of next year.
*We will have $450 for a new car down payment by the end of this year.  We will continue to save between $400 and $450 a month until my car dies.  (I am hoping I still have another year or so, which would get us over $5,000 for a down payment.)

Now a few of these items are dependent on no unexpected expenses or surprises showing up.  I know that is highly unlikely, so I don’t completely believe this will happen exactly how I have it drawn up.

One thing that will be a real test for us is continuing to live at the level we are living at now.  By paying off the car loan, it frees up over $500 a month.  I know that $50 will go to upping the student loan repayment, and the other $450 will go into a down payment savings account.  I need to make sure I get those paid immediately, so we don’t have an extra, large chunk of money hanging out in our account.  Just because we have the money “freed up” does not mean that we need to go shopping more often or go out to eat more often.  I know this will be very difficult, but we need to keep our eyes on the prize: being debt free!

I think my ultimate goal is to be debt free (besides mortgage) by the time Miss C goes into kindergarten.  She is almost 2, so we have about 3 years.  It will be very hard to do, but I really think we can do it, if we keep focused on the goal!

What financial goals will you meet by the end of the year?

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