In Touch With My Finances

I, like most people, have a spending problem. I don’t  mean that I am trillions of dollars in debt. What I mean is that I spend more than I should. Granted, I always pay my bills on time and I have a little bit of money saved up, but I could be doing so much better. My goal is to spend less and save more. It’s time to take control of my finances.

Why do I need money in the bank?

emergency fundWell for starters, I want to have an emergency fund. This is my top priority at the moment; I don’t want to end up living under a bridge if I lose my job. I’ve looked at what my monthly expenses are: cell phone, rent, food, gas, utilities, etc. and I’ve decided to save up for 3 months worth of expenses. If I’ve calculated it all correctly then my honey and I will need to save about $6000. That doesn’t seem like a lot, but if something happens, it will be good to keep us going for a couple of months.

Another big reason to save right now is because we are moving at the end of July. If you’ve ever moved before then you know that it is not cheap. You have the moving expenses like a security deposit, a pet deposit (for our pup Dylan), then you have to pay first month’s rent and the expenses keep coming. July is just around the corner and we need a couple of thousand to get us out of this place and into the new place without going broke. We also plan on buying new living room furniture for our new place. The things we have now are hand me downs and just aren’t working anymore. Granted, this is not a need, but after we have enough for the move, that is our next goal.

And my last and most favorite reason to save is that my best friend is coming to visit in July. She currently lives in Brazil and we’re planning for her to come up and spend the month of July with us. Granted that she is paying for most of the travel expenses, but I want to have some money put aside so that I can show her around and so we can have a good time.

How can I stop being a spendaholic?

One of my biggest problems is eating out. I hate getting up early and packing my lunch so I usually just stay in bed a few more minutes and end up grabbing lunch at a nearby restaurant. That’s all going to change. I’m either going to pack the night before or force myself to get up and get my lunch together. We, my husband and I, also love to grab dinner whenever we feel too lazy to cook at home. That’s just gonna have to change. We always end up spending about $30 bucks after tips; just unacceptable. I guess I have a laziness problem, not a eating out problem.

StarbucksI love coffee. Not just any coffee; Starbucks. They are just so nice and they do such a good job at making my white mocha. Plus they would miss me if I stopped coming in. The problem is that I’m spending about $4-$6 (depending on size) on a cup everyday. So you do that for 5 days for 1 month and I’ve spent $80-$120. That’s money that I could be putting in my Emergency fund or towards my new couch. Gonna stick to making my own coffee and adding some creamer.

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2 thoughts on “In Touch With My Finances

  1. you are so smart!
    When Thomas and I got married, we read Dave Ramsey’s book and it REALLY helped us establish a budget, keep our savings under control and save so much money. (i’m taking savings account!)
    This is great that you guys are evaluating and improving on what you know! 🙂

    • Dave is amazing. I’m so glad we studied his books in economics class senior year. Saving is just so important. It’s sad to see so many people without a penny in their savings account.

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