So making more money has been a ton of fun, but it’s time to get back to business–and that business is the business of saving money.
But, the reality is we’ve also been spending a lot of money. $400 on On the Run Tour concert tickets, anyone?
Here is a look at our monthly spending for the past seven months.
In June, we spent almost $1500 more than in January, back when Eric still hadn’t gotten his first paycheck from his new job and so we were forced to live a frugal lifestyle for that whole month until we waited for our second income.
Since our ultimate goal is to save for a down payment on a house, there is no reason why we should be spending so much money on who-knows-what. I admit, my shopping addiction got a little bit out of control for a bit there.
BUT I really needed to reel in my spending habits, and keep my eye on the prize.
So since July 25, when our budget for August began (we go based by paydays, rather than calendar months), I placed myself on a mandatory allowance–$50 a week, or $200 a month.
This may sound like a lot, but this needs to cover all my expenses–from clothes to dining out to getting my nails done.
So far, I’ve been doing really well!
I already failed. Last week, I purchased a pair of shoes that set me way over budget. Ugh!
But other than that slip[ up, I’ve been doing really well.
Giving myself an allowance was tough at first–it’s been so wonderful to just purchase whatever I want–but our desire to own our own home is much greater than my desire for some expensive workout wear…
I’ve submitted Eric to a similar budget, although he gets slightly more because for his job, he has to buy food on a daily basis, that’s just how they roll in the Fire Department. As long as we’re under last month’s expenses, I’ll be happy!
We just need to reel it in if we’re serious about getting to our $50,000 savings goal.
I’ll keep you all posted on our progress and see if we’re able to bring down our expenses to more respectable levels.
Are you on a self-imposed allowance?