Wednesday, May 06, 2009

"Baby" Sitting and straight up debt talk!

We had an amazing date night last night at Carinos. The kids did awesome for my friend Meredith who sat with them while they slept I am currently sitting here blogging (and about to organize coupons) as her little man sleeps upstairs. Eric and I talked and figured out last night was our first date night since Micah was born. We had a wedding a couple months back, that was a blast, but a lot of friends were there, so it wasn't purely 'couple' time.

We talked about lots of things. I won't share them all here, as what's the point of having a marriage covenant if you post online for all the world to see?? :) But one thing that we did talk about was how I have done the budget through next year. Yes, Misty plans ahead, and budgets 19 months at a time. I had so much fun in January doing this years budget (I do a yearly budget and then break it down by months), and seeing how far in our baby steps we could go, that I decided recently I wanted to see what next year would look like too! And for me, doing that is EXCITING!! and Inspiring!! And it makes me want to get down and get this stuff DONE!

This is our second go round at the baby steps. See, we had sold 2 cars, and ended up selling our house in August 2007. We got out of debt and had a fully funded emergency fund. Then life and overspending happened. And putting the money in easy reach was just dumb. Oh yeah, and when the 3rd beater broke down, we got a minivan. Granted, we only did a 24 month loan, that we pay extra on every month, but that's 24 months that we shouldn't have done. Hindsight is always 20/20 (but I DO LOVE MY MINIVAN!) :) And we are maintaining it so we will have it for as long as it lives. Anyways, so from now, May 2009 to December 2010, we will go from baby step #2 to baby step #6!!! :) I'm so excited. We will have all medical bills from Cara's hospital stay paid off by July. We will have the minivan paid off by October (so 17 payments!). We will have $10,000 in our emergency fund by August 2010. And after that, it goes so fast. Fully funded IRAs (saving 15% of gross pay each month), college savings (our goal is $400/month or $200/kid/month. However, if we have another step 6 will be a little farther away), and then all extra money going to the mortgage. I also worked in even more 'murphy' funds. We will be saving throughout the year for gifts, so a set amount each month instead of just putting them in the budget the month of the birthday. This works out well, so if I find gifts for 75% off, I can get them! We also have Christmas (as we do this year) throughout the year. I'm also saving $1,500 for the year for healthcare, for when we go over our 'healthfund' through Katy ISD and have to pay out of pocket. This way it doesn't come out of our monthly budget, we have an extra account for it. I also accounted for swim lessons for Cara, increased our blow money slightly, car maintenance, and of course, online offers expense, so I can make some more gift card money!

Anyways, I'm super excited. Eric is so great at sticking to the if I'd only do as good. I mean, I'm really good at the big things (groceries, etc), and this month, with my menu plan, I hope to do great with dining out. So far I have stuck to my menu plan to a T, and love it. I can't wait to do another cooking day. I love pulling the main dish out of the fridge and sticking it in the oven, and only having to worry about veggies. E - A - S - Y! So, dining out shouldn't be an issue (towards the end of the month, when the money isn't really there, that's when we crave non-home food!). Ok, I must organize these coupons before Clint and Meredith get home.

Oh, and please pray for me. I had a rough afternoon with the kids, and am looking forward to some quiet time alone with them tomorrow. C and I will be doing a big baking day freezing up some muffins/waffles, etc. I bought a 12 pack of eggs that are expiring soon for 79 cents, so I need to use them up ASAP!

Check out MoneySavingMom's monthly budget update. She is inspiring!! Saving for a 100% paid for home for CASH!


LV said...

so I'm wondering if you know where I can get a spreadsheet or something to help me start on a budget for our family? I keep telling myself I want to go on a budget but don't even know where to begin. Any help would be awesome!

Rebecca Ann said...

Thanks! Sister made it all for me, so she is definitely the one to compliment! :)

Love all of your budget info! I'm working right now towards getting out of credit card debt, car loan, and student loans. It's definitely a process of taking small baby steps!

Beaver said...

I missed this post the first time around since I was in the hospital, in labor, so it's random that I just found it now. I'm excited for you and your baby steps! What progress! We've had an off year (since we moved), but I'm hoping that once Eli gets a real paying job, we can get back in the saddle.

Thanks for sharing!

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