I am happy to say unemployment has finally kicked in. We waited almost 3 months and finally got a retro check. The extra income from unemployment is certainly not paying the bills but we hope to put it all in the bank until I can go back to work.
So this month we have added back the extras we removed from the budget while we were waiting for unemployment- including $55/month for my daughters gymnastics lessons. We reduced the grocery budget in March to $30/week and it wasn’t as painful as I thought. I did have a hard time fitting in as much produce as I’d like so for April we are going to see how $35 works. I also want to stockpile a bit more in preparation for the baby and in preparation for all the house guests we will have.
So here is how we are progressing-
1. Save 6 months of expenses in Emergency Fund- 56% there!
Once that is complete we will attack the remaining balance of my grad school loans and then we will be debt free except the house.
2. Enroll in life insurance for me (my husband already has coverage)
We met with an agent and got a quote- we are going to get one other quote and will likely sign up soon.
3. Start cash only spending plan. We have tightened the budget so much this is really only needed for groceries. I went over my grocery budget by $7 in March due to having extra debits that hadn’t cleared the account. Hopefully cash will simplify things.
4. Pay cash for baby in May. My husband’s company just switched insurance carriers and we found out the max out of pocket for labor and delivery is $200. We had planned to pay $1500 so this is great news! We will be adding the extra money into our savings.
5. Pay cash for home renovation. We are planning to convert the loft/playroom into a 4th bedroom for our baby. We are estimating a few hundred dollars for materials and labor will be done by my husband and father. We are so focused on trying to fully fund our emergency account we don’t want to detract from that goal. I have decided April will be the month of Craiglist and I am hoping to sell several items we no longer need. This will be put into a separate account to fund this project and a few others we have planned.
6. Learn to CVS! I am thrilled that we will have CVS opening in late May. Finally! I am hoping we can go back down to $30/week once CVS is here.
7. Accumulate gift cards. I have started using Swagbucks and I am surprised at how quickly it is adding up! I hope to use these gift cards to do the majority of our holiday shopping this year. If you aren’t familiar with Swagbucks see my post here….
So that is about it. I am very pleased at the progress we are making on the Emergency Fund. We live in a very high cost of living so 6 months of expenses is quite a challenge.
How are you doing with your financial goals? I’d love to hear about your successes and setbacks!
Great job! My hubby will be layed off for 4 weeks soon. We have never experienced this before and are a little apprehnsive of the whole logistics of it all. Hopefully, it will go smoothly.
Good luck Megan, Ours took quite a long time since I worked in two states. Apparently they try to make a 6 week max wait and depending on what state you live in it will probably be much faster!