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You are here: Home / Challenges / monthly challenges / Monthly Financial Goals Update
monthly challenges, spending challenges

Monthly Financial Goals Update

January 7, 2010

I have always dreamed of being a stay-at-home mom, and now, with our third child due in April and our decision that I will quit my job even though my husband won’t graduate this year, we are trying to get “gazelle intense” as Dave Ramsey says and make the most of my income. Here are our goals for the remaining few months until the baby is born and our progress:

Save 5 months’ of living expenses. After I quit and my husband takes over as the breadwinner, our income will drop by about 1/3. However, before that happens, we would first have to live off of his assistantship & part time work. I would like a cushion to help us deal with that. Thus far we have saved 49%, which is approximately 2.5 months of living expenses. (I am afraid that we may need to dip into this a bit at the end of the month; I just found out we will owe more for his fees for the semester than I had anticipated.)

Have 2 no spending months. Just based on my salary and our expenses, I do not have enough extra income to save 5 months’ of living expenses. One of the ways we plan to get around this problem is by having several no spending months and putting the difference away. This not happened yet. However, we have had a grocery spending limit one month and this month we are having a needs only month and a pantry challenge.

Pay off 50% of my business debt. Yes, I opened my business 4 years ago before I had every heard of Dave Ramsey. In the first two years, I accumulated quite a bit of debt. I want to pay off 50% (or more, if I can) of that debt. Then when I quit my job, we can use some of my eBay income to live off of instead of to repaying debt. Unfortunately we made very little progress on this this month. E-bay pulled all of my listings because I didn’t have a return policy and I just got them all back up. Without the bulk of my inventory listed, I made very little money. Unfortunately, I have actually lost progress and am now at only 5% paid off. Hopefully sales will start to increase in the coming month.

Sell at least $500 worth of extra household items on eBay. In December I sold $108,(in addition to the $202 I sold in September – November) so I have sold a total of $310, making this goal 62% complete.

I’ll report back every month and let you know how we are doing!


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  1. Tracey says

    January 8, 2010 at 3:06 am

    I wish you all the best in meeting your financial goals and making a success of your move to being a SAHM!

    Reply

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monthly goals

Monthly Financial Goals Update

December 2, 2009

I have always dreamed of being a stay-at-home mom, and now, with our third child due in April, we are trying to get “gazelle intense” as Dave Ramsey says and make the most of my income. Hopefully, if my husband finishes his Ph.D. this next semester, I will be able to realize my dream.

Here are our goals for the remaining few months until the baby is born and our progress:

Save 5 months’ of living expenses. Thus far we have saved 18%, which is approximately 3.5 weeks of living expenses.

Have 2 no spending months. Just based on my salary and our expenses, I do not have enough extra income to save 5 months’ of living expenses. One of the ways we plan to get around this problem is by having several no spending months and putting the difference away. This not happened yet. However, we are having a grocery challenge this month, which is helping to curb our spending (and use up some of our grocery stockpile!)

Pay off 50% of my business debt. Unfortunately we made very little progress on this this month. E-bay pulled all of my listings because I didn’t have a return policy, and I am still working on getting them all back up. Without the bulk of my inventory listed, I made very little money. Thus far I have paid off 9.4%.

Sell at least $500 worth of extra household items on eBay. In November I sold $36,(in addition to the $166 I sold in September and October) so I have sold a total of $202, making this goal 40% complete.

I’ll report back every month and let you know how we are doing!


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A New Set of Monthly Goals

New Monthly Goals

My Personal, Financial, and Business Goals for 2015 – July Update

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Welcome to Mom’s Plans! I'm a homeschooling mom to three kids with special needs, ages 18, 13 and 12. We're living a frugal life, eating as naturally as possible due to food intolerances, and homeschooling using literature-based curriculum. Read More…

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