Read about our financial challenge to save $15,000 in 9 months for our forever home.
Today, I’m excited to share our first monthly update!
What we learned:
Saving for something particular is much more motivating than just saving money. I thought we were really good at saving money before, but this has given us a renewed interest in being as careful with our money as possible so that we can save as much as possible. It’s a little like going on a diet. If there’s no beach season or ball in sight, it’s easy to slack off a bit, but when you have that gown in your closet that you have to fit into in four weeks, you’re more likely to hit the gym. Well, at least it’s that way for me!
January was a low-income month for me since I was receiving payment for services rendered in December. December is actually a slow month for me– and I have fewer working days in December. All of that translated into a disappointing income from the month, so my contribution was not as much as it could have been.
What we saved:
Drumroll, please! During the month of January, we were able to sock away $1,477 for our house fund.
We put $1,200 aside from our checking and deposited it into savings. (That’s not very exciting, sorry.)
Here’s the exciting part: cash-back credit cards. We decided to roll over points from our credit card and use it as cash to directly deposit into our house fund. That’s $277 bucks that we weren’t using, hadn’t accounted for, and didn’t “work” for. Awesome.
How we did it:
We got serious with our finances in a few ways this month:
- The cash-back credit card. We used the outstanding rewards balance. We charge most of our purchases on this card, which I do not recommend to anyone unless you know that you can pay back your balance each month.
- We cut back on going out to eat. We live in an adorable town with out-of-this-world eateries, so this was a big “sacrifice,” but seeing the numbers was definitely worth it. Oh yeah, and it’s healthier too. Yay!
- January was a low-travel month for us. The weather was kind of gross. We didn’t really go anywhere.
Where we are:
Our first month’s savings of $1,477 puts us that much closer to the goal. Only $13,523 to save!