I wrote last week about our new financial goals. As a baseline, I thought I would share with you where we are right now on our goals.
Save 8 months of living expenses. Right now we are at almost 4 months living expenses (3.92 months, to be exact). I plan to continue making good head way on this until my regular salary ends in January. We will need to come up with a plan in January, once my income is no longer coming in, as to how we will live on my husband’s small graduate assistantship without dipping into the savings we are building now.
Write a budget and stick to it. I will be over this month thanks to some unexpected bills.
Strategically use coupons to pay no more than $300 a month on groceries. I am averaging about $400 a month right now.
Have two no spending months. (During these months we commit to spending no more than $500 for the month on gas, groceries, going out, misc., laundry, etc.) Hasn’t happened yet.
Spend less than $200 on Christmas gifts. I have a few plans for this one, which I will share in some upcoming posts
Have a pantry challenge for one month. This challenge will be coming soon as we are very well stocked
Earn $1000 from selling items from the Declutter Challenge on eBay. Thus far I have cleared out 420 items from our house, and from the ones I have sold on eBay, I have earned $392, not deducting eBay fees.
Save all of our change every month and put in a new car fund. We started this last month and save $40.77. Not a lot, but it is $40.77 more than we had saved for a car last month.
Research places I can potentially publish articles and try to get some published. Hasn’t happened yet. (I still need to settle into using WordPress!)
If I have to go back to work, nearly my entire salary would go to paying daycare for my two little ones and private school for my son. I really don’t want to do that. If we can do all of this, we should be in a strong enough position that I can quit my job.