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After my vacation to Mexico last week and my complete budget breakdown, I’ve realized that it’s time to get serious again. It’s time to start watching pennies and nickels and sticking to my budget come hell or high water. Why? Because sticking to a budget is one of the best things we have ever learned to do. When we started budgeting a few years ago, we made huge financial progress. Here is what we have accomplished in the last 30 months:
- We’ve paid off almost over 120K in debt (includes car loans, student loans, personal loans, credit card debt, and part of our mortgage)
- We’ve worked our way to a savings rate of over 50 percent
- We started building college funds for our kids
- We have a year’s worth of living expenses in cash savings
If you have been reading my posts this summer, you’ve probably noticed that I’ve been a little relaxed when it came to our personal spending. Part of it, I think, is that I left a very restrictive job in May and was going a little crazy due to my newfound freedom. Shortly after that, Greg quit his job as well and took the entire month of July off to travel and get prepared for his new job. Here are the posts about our wasteful spending this summer:
Anyway, things have been a little weird because of all of the changes in our lives. However, I’m ready to get serious again and I’ve decided that me and Greg are now on FALL FINANCIAL LOCKDOWN. We’re basically just pretending that summer ends and fall begins on August 1st and are returning back to our former budget glory days. Due to a summer of excess, I’m prepared to return to my frugal roots. We simply cannot keep wasting money the way that we have. It’s starting to make me insane!
Shit is Gettin’ Serious
I know that I shouldn’t be so hard on myself. After all, the majority of folks blow their cash like this 365 days a year. And according to my records, we’ve only blown a total of $1200 this entire summer. Although that isn’t a huge sum of money, I can think of plenty of ways that we could’ve spent that money in a beneficial way.
Although I’m trying not to be too hard on us, I want to get completely back on track with the frugal lifestyle that I’ve learned to adore. In order to do that, I’ve been trying to figure out what I’ve been so free wheelin’ with my hard earned cash. Here’s what I’ve come up with:
- I’ve picked up old habits. As I mentioned in my monthly cash income update, I’m making more money than ever. Making more money makes me feel more comfortable financially and I’ve used that as an excuse to spend a little more. Now that I’ve acknowledged the old habits creeping back into my life, I can keep an eye out for them.
- I’ve wanted to have fun. Quitting my soul-sucking job in May was a huge relief and I almost think that it made me go a little crazy. I had spent the last six years revolving my entire life around my job and I was ready to cut loose. Unfortunately, I just didn’t do it in moderation.
- We’ve experience some good old fashioned lifestyle inflation. As we’ve made more money and paid stuff off, it’s freed up a ton of extra cash every week and month. Watching our money pile grow has made me feel more secure. And unfortunately, that security has led me to make decisions that I wouldn’t have otherwise.
So, there it is. Summer has been a ton of fun but a definite drain on my wallet. I’m ready to get back to regular life. But don’t worry, I’m still going to have good times with family and friends. I’m just going to do it in a financially responsible way.
How about you guys? Did you have an especially spendy summer? If so, how are you getting your shit in gear for fall?