So it's been a crazy year. My financial plans kind of derailed a bit focusing on getting a new job, which I did. It's a much more sound job and I'm very comfortable there after six months. One HUGE surprise was a pregnancy. I am currently due very soon. My husband and I are over the moon. This has been a long, private and painful road for us.
With the baby coming, I've got some goals for the road ahead. One thing I have been doing in preparation is purchasing used cloth diapers (the fancier newborn ones for the first month or two) and will transition to more classic cloth once he's a little larger. I'm also going to do cloth wipes as well. I've also been purchasing some used baby clothes and items that I know will be very short lived. My plan is to continue this throughout his first few years and as feasible.
So....financial goals. The debt snowball/snowflake method just isn't working for me. I can pay off a loan because it is structured. So my tactic is now to pay a specific amount per month to each account with a target payoff date. I ran two financial scenarios using an online credit calculator for each account: 36 month payoff and 24 month payoff. Throwing an extra $400 per month at the debt will help me pay off all accounts in 24 months, so I have decided to work with that plan. If for some reason I find myself unable to keep up, I have the finances already worked out for the 36 plan. Right now, I'm sticking with aggressive.
I've also decided to save a specific amount to my emergency fund every month. Very much like another blogger here, Veronak, I feel more comfortable with some padding. So my goal is $700 per month for a total of $8400. This is not inclusive of my 52 week challenge and Christmas challenge accounts.
I reconfigured my tried and true excel budgeting spreadsheet for the year to include tracking expenditures. I also opened a separate checking account where my allocated money for spending every month (gas and groceries) is direct deposited every pay period separately from my bills. This will make it REALLY easy to track my spending as it won't get mixed in with any regularly scheduled bills.
I am looking forward to a really great year. I've got a stash of baby clothes that I hope will help get us through this first year with a few additions here and there. I intend to breastfeed as long as possible and cloth diaper. Some personal goals, I am working on composting through my village's program, reducing overall waste, decluttering and reusing as much as possible! My car is still running well with over 150k miles and is completely paid for! I am researching electric options for when I do decide to buy new, which hopefully will not be until the unsecured debt total is paid off.
Cheers to 2019!
Crazy Year
January 6th, 2019 at 05:19 pm
January 6th, 2019 at 05:36 pm 1546796189
January 7th, 2019 at 03:48 am 1546832894
Congrats on your new baby after the years of waiting! That's exciting and a good choice on breastfeeding. Not only is it cheapest - it's healthiest for you both.
January 7th, 2019 at 06:09 pm 1546884581
January 7th, 2019 at 11:12 pm 1546902747
January 8th, 2019 at 12:54 am 1546908855
January 8th, 2019 at 08:35 pm 1546979710
Congrats on your baby!