It is hard to believe we are in July already! The month of June flew past and since May was spend money hand over fist month, we declared June no spend month. The idea was simply to get back on track with our goal of becoming debt free and to see if we could last a month without spending on unnecessary things. We weren’t 100% successful but overall we did extremely well.
I managed to get a FREE haircut (except tip) and FREE brow arch (except tip), which I was very excited about. (If anyone can score free highlights for me I’d love to hear how!) I also spent $10 at Old Navy on the $2 tank top sale. We bought the nicer patio umbrella at Rite Aid that was $7.49 after coupon. So we spent $17.49 extra but I returned a prior purchase of $16.92 so technically it was almost a wash.
Now we are back on track for July and we are 73% of the way to our goal of 6 months expenses in savings. Although we follow Dave Ramsey, we personally don’t feel comfortable with just $1000 in savings. Considering our electric bill alone was $687 this month, we rearranged the baby steps and are saving 6 months and then we will pay off the last bit of my student loan.
I also finally got in gear and opened an ING account for our newborn. We take all the cash gifts she gets from relatives throughout the year and it all goes directly into her college account.
We are on track to have the fully funded emergency account by October 1st. If we stay on track we will have the last bit of my student loans paid off in April and we will be completely debt free except the house.
And how about you? We are halfway through the year already- are you on track with your goals? Hearing about your progress always keeps me motivated!
{ 6 comments… read them below or add one }
That is so exciting that you are 73% to your goal! How long ago did you start saving for it?
Hi Faith, We have been saving forever basically
When we moved to CA last Jan we wound up putting more than we anticipated down on our house and paid cash for a new to us car which wiped out our savings. We have been working to build it back up for awhile now. We got serious about this goal though at the beginning of this year.
Your electric bill is that high??? WOW. Where do you live? Even when I was in Phoenix and ran the a/c 24/7 we never paid more then 250!
Wow, y'all are doing amazing! Your hard work is definitely paying off.
I am a new-comer to your website. And I am impressed, what a great job you are doing! My husband and I just started dave ramseys program. It has been such an eye opener. I highly recommend following his program with your website and you can really make some headway!
Is this part of you blog going to be updated?