Ok, so I am making this whole money thing harder than it is, at least mentally. Currently the goals are to stay on budget (ehhh, not happening) and pay off debt (this is happening!). I decided that every Monday I am going to give an update on the last 7 days spending. This works for me because it gives a recap of what I did the week before and I can self evaluate while sharing with you how well or poorly I am doing. Accountability helps all people succeed, right!? I certainly hope so! Here it goes, according to my Mint profile I did the following over the last 7 days:
As you can see there is significant spend across the board. Much higher than what I had promised myself in the budget post earlier last week. To my defense though, after reading several very good articles on budgeting and money management I decided it was best to take money out of investments and pay down all of my debt which I still have about $3k remaining. I am also trying to save above my "safety net" described in the lazy man's budget referenced in this post.
Now onto the details of where my money is exactly going. Financial was 67% debt repayment for credit cards, and 33% mortgage for my rental houses. Regarding Food & Dining, the majority went towards eating/going out with a third going to groceries, most of which was for an upcoming trip. Finally, other consisted of gas for my truck, a new mouse for my computer, and a meal that will end up being reimbursed through work.
Overall for the last 7 days of spending I give myself a D. I need to be much better on this stuff and stop spending as much as I am or else I will just keep generating these credit card debt mountains which I am ultimately trying to eliminate. So, how can I improve? Stop eating out everyday, limit my coffee purchases, and completely track spend. I did not include the cash Starbucks and other purchases which probably amounts to another $50. The biggest thing is that I definitely need to be under $500 a week spending in order to pay those important living bills like rent and electricity!
These next 7 days will be better, I promise!
Comment and answer my questions or give advice!
What did your spend look like the last 7 days? Are you meeting your goals?