Posted in debt, family, finance, money, savings, Uncategorized

debt journey update:

Well here we are less than a week into this journey, and already i can see its going to be harder than i imagined. Dear husband is apparently not as on board as i thought. He has made some purchases that i didnt budget for. Im slightly peeved, because these are HIS student loans and credit card debts. I get that i married him and now they are ours, but i feel his not taking this seriously, even after i showed him the work and budgets and totals that took literally DAYS to figure out.

not only that but i realized that there are somethings i didnt budget for well timing wise. Some of the bills are due sooner than i initially thought so we had to make the payments earlier which is fine but now i have to reconfigure the calendar/paycheck system to make sure everything is paid without going negative in the account. Diapers, toilet paper, and dog food… all the bulk items i get from costco all ended up running out this week, and i didnt plan on purchasing for another two weeks. SO i am hard at work moving things around.

on top of this i want to reference the previous debt post . where we are putting quite a bit away for savings. This is for school and travel expenses, so while we will be saving, it is more a downpayment for these activities. this coming weekend will be the first planned trip we have, and our first withdrawl from the travel savings, it is a small weekend trip to canoe and camp, it will be a relatively small amount we have to take out compared to what we have put away. we need gas, kids paddles, some food (which i already paid for most of it in last weeks grocery bueget, to save both time and the clicklist charge). while i went over my weekly budget amount by spending over last weekend, i am under for the month still. This is a learning process.

The second part being schooling. we homeschool using a combination of Classical Conversations, local CO-Ops, and AmblesideOnline. We are Charlotte Mason-ish. I think the classical model definitely has benefits but ultimately we chose to homeschool because of the freedom it allows us. We do not have to choose just one curriculum, we dont have to use the FULL curriculum. but back to savings… this week will be our tuition payment, (we have been putting into this savings account before this month). it is a large cost all at once. $1056 in one gut check to the savings account. on top of that we begin community day in two weeks and i have to order the rest of year 1 ambleside books, as well as our materials for classical conversations (CC), this year we will only be purchasing the audio cd, and the old world echos. last year we purchased the curriculum book for foundations and wont need to spend as much this year. The ambleside books we felt are a great addition to the cc materials and so we will be using them more as supplemental than base curriculum.

In addition we spoke with our tax accountant this week and she let us know that we would be getting a federal refund, this is maybe the first time that has happened for us. We try to not loan the government money interest free, so our dependents and withholdings have always been set so that we owe about $500/year give or take which is REALLY close. But filed an extension this year as we didnt yet have our youngest SS# at tax filing time. We also didnt adjust our withholdings after our son was born last year. so we will have a little extra money to put into the savings account than originally planned. This is not something we had anticipated but we are glad to be able to have the cushion.

Lastly we have decided to downside our fleet. hubs listed two of our vehicles this weekend, to hopefully be able to purchase cash a new to us vehicle, but cut down on insurance payments and low mpg of the current vehicles. the remainder of the cash will also go into savings. these additional savings contributions go into our long term savings account. any time the savings account reaches 3k we bump everything over 2k into long term savings. our short term “variable” expenses of travel, car repair, homeschool costs, come from the main savings, but frequently we have more time between those costs so we bump it over into long term savings for the kids college fund.

Also for grocery/shopping I JUST signed back up for Ibotta, I’ve used it in the past, they say it’s money back but for me it’s more just coupons. I love using all the store coupons, I’m not a pro by any means but I do the few store apps if it’s something I’m already buying I figure cuts down on bills a little. try it out bc literally just about anyplace you buy stuff there is some kind of reward in Ibotta.

so there is this weeks update on the savings/debt journey. I will update again after these expenses come out and update the timeline for debt. I do not think it will be altering much.

Author:

I am a work at home momma doing the best I can! Some days are pretty messy but others are so wonderfully beautiful I couldn’t ask for more! Our family has embarked on a debt reduction plan, that includes Meh meals and paying higher amounts down on our loans! recently I have become more devoted to spending time in the word of God, and can honestly say without a doubt things are improving every day! The peace and calm that settles on me when I settle in to study or tune in to the Christian station on the radio, has rubbed off on my children as well! I am not a bottomless pit of patience but since turning to God I can say that my patience and understanding of problems has grown in ways I didn’t know possible.

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