The shopping ban continues and it’s going pretty well!
I haven’t felt the urge to spend and I’ve thought through the purchases I have made. Our saving account is growing quickly and I can’t wait to start tackling that credit card debt.
THIS MONTH’S PURCHASES
- Bathing suits. Ian and I had none and we have some summer time fun stuff coming up.
- Father’s Day gifts. I kept it simple and got my dad and Ian each a mixed six pack of craft beer cause that’s something they both love.
- Back-ordered shoes. I ordered them about a month before the shopping ban and they were finally shipped (and charged) about a week into the ban. I kind of counted that as a pre-shopping ban purchase, though I was charged during the shopping ban.
- Pants for Ian. His ripped terribly and he needed a replacement pair.
Otherwise, there have been no frivolous trips to Target. No day dreaming of things I “need.” Just thoughtful and careful purchases.
HOW I’M DOING
I’m actually surprised how well I’m handling this. I think deep down I know I don’t have the budget for things I would really like and I try to keep that in mind when I start feeling spendy.
I think the biggest thing that gets to me is our debt to income ratio and feeling like we’ll never be able to climb the mountain and reach the other side. Our current income is enough to cover some ground and pay for what we need. But when it comes to the bigger stuff, like student loans, we can barely handle minimum payments. Either way, we’ve been fairly good at budgeting and this is our attempt to get even better. We’re hoping that this can set us up to eventually be in a place where we can really tackle all of our debts.
Right now we’re working towards spending less, but also earning more. Financial stability is something that’s very prevalent in our minds. Our focus is on reaching a point where we can live freely without money being a constant stress. We want to create a comfortable cushion for us and our children to have to fall back on if need be. This shopping ban has helped us to see the areas where we’re over spending and put more energy into letting go of our attachment to material items.
Pay off Credit Card: $3850.39
Build Emergency Savings: $1000
This past month I opened a second saving account for us. It’s been helpful splitting our money between 3 different accounts. We have our checking for everyday purchases like groceries, gas, etc. A savings account to put aside money for occasional purchases like bills and rent. And now, we have a second savings account for our emergency fund.
Photo by Toa Heftiba