Saturday, June 4, 2011

Monthly goals check

I went 50/50 on my 2011 goals in May. This time of year, I'm finding it awfully difficult to do more than tread water financially ... but I haven't drowned yet.

1. Build and sustain an Emergency Fund of $1,000. Current balance: $80
1b. Build Dollar-A-Week Savings Plan.* Current balance: $66
FAIL - no added savings to either account

2. Aggressively pay down Discover. Current balance: $2,754.30
No extra progress - only paid minimum.

3. Reduce grocery spending.
YES! This is the area where I'm doing the best - I spent $483.16 this month on all groceries, toiletries and household products. A year ago, I would never have imagined it possible to come in under $500.

4. NO new debt.
YES! This is pretty huge, too, considering where we're coming from. The thought of new debt now seriously makes me physically ill.

One thing I'm learning through this process is that the tortoise most definitely will win this race. I won't hit every goal every time, but any progress is real progress. I am going to win!



  1. I have learned it is unrealistic to think that you will have a win in EVERY column, EVERY month. Celebrate the accomplishments, and work on the rest!

  2. Way to go on grocery spending! That is our big budget buster lately.

    Also congrats on no new debt, that is a biggie.

  3. How large is your family, Sarah? How many people are you feeding for $483.16?

    I think you did pretty well this month, no new debt really is HUGE. If you just keep on not adding new debt and making minimum payments, you will get there. Two things will happen:

    1. Little windfalls will pop up from time to time, allowing you to save a little and take a little chip out of your debt.

    2. Your credit score will improve, giving you opportunities to refinance debt at better terms, reducing your monthly interest costs.

    And then something else will happen, because of #1 and #2 above, your snowball will get bigger. All of those small victories, cumulatively, will get you there.

  4. Good job! I'd be happy with those 2 goals reached!!! :)

  5. Thanks, all. When I think back to this time last year, the progress is HUGE!

    @Petunia - I have four people living at home right now - me, husband, and my 17- and 20-year-old boys. Except for the 20-year-old, we eat 99% of our meals at home (or pack lunches for work/school). I used to easily spend $600+ each month on groceries, so getting under $500 is a big deal!


  6. Well done on the grocery Sarah and no new debt is great progress!

    Keep going you're doing really well :)

  7. Sarah, I am so proud of you, you have come so far and you will get out and we are going to have a big party! Paid for in advance of course.:)

  8. I think everyone spends more this time of year; but the fact that you have NO NEW DEBT is awesome! You're right about the tortoise winning the race, but I do wish I could put on a burst of speed once in a while!!