I haven’t spoken about my financial wellness journey in ages but I’m ready to start sharing again. I’ve made some progress like budgeting every dollar I make, cutting up my credit cards and discussing financial goals and making a game plan with my husband. I have also done some backsliding which is why I haven’t been talking about the journey. I’ve decided that sharing my wins (and fails) with you is the best way to add another layer of accountability and, hopefully, encourage those of you on the same path. Every month, I’ll be sharing a financial update that mentions how much progress we’ve made. Small wins are still wins!
In order to get us on track, we’re following Dave Ramsey’s baby steps. We’re currently in Step 1, which is saving $1000 as a starter emergency fund. We were on to Step 2, but we had a surprise tax bill and Bailey needed an emergency vet visit. We’re now replenishing our emergency fund and should be done in early July. Admittedly, I was disappointed when we had to dip in to our fund but I was happy it existed, better than using a credit card!
Between us, we have $72,533.31 in debt. That figure is so intimidating to me but it’s doable. I want us to be out of debt before we buy a house so we can our full emergency fund complete (Baby Step 3) and a down payment of 20% (Baby Step 3b). I know there are hidden costs when purchasing a house so having extra security against life is critical.
Achieving these goals isn’t challenging because of our income but because of our behavior, specifically mine. While I am the nerd (I love crunching numbers and have created tentative budgets for us through August 2018) but I’m also the spender. I absolutely love to dine out and that is where a huge portion of my income goes. While I do budget for it, I get sloppy and start taking money from other parts of my budget. To resolve this, I am going to start taking out cash and leaving my debit cards at home. When I’m out of money, I’m done!
By sharing with you, I will have to stay honest and honestly assess the progress Jordan and I are making. Wish us luck!
Are you on a financial wellness journey? Do you and your significant other share financial goals or do things separately? What is the next financial goal you’re about to hit?