Tag: New Year’s Resolutions

Saving $1,000 Fast!

Saving $1,000 Fast!

by simplysilva143 ♥ 0 Leave a Comment

I have been reading a lot about Dave Ramsey on blogs and watching videos on YouTube of him, or people who follow him. One of my New Year’s resolutions this year is to spend less money so I can save more. I have been trying to figure out ways to do this. After listening to Dave Ramsey’s advice, I am going to work toward his 7 goals. You can read more about his goals here, but I am only going to talk about the first one because that’s where I’m at … step 1. Oh boy.

Goal #1 he says before anything else is to get $1,000 into a savings account as quick as you can. This is a small emergency fund as you start your debt reduction and savings journey.

A little background on me, we are definitely in debt. Not a huge debt, but enough to where I have had it with credit card bills and we have had a few VERY close months. My husband and I bought a house and began renovating it even before we moved in. It is a fixer for sure, but we love it and it is becoming more and more comfortable. I will share about some of our do-it-yourself renovations in later posts. Anyway, we have a pretty big (for us) mortgage payment. We have also acquired credit card debt from buying furniture, building supplies, and decorations to make our house a home. I will admit… I compulsively buy things online that I really don’t need, but I’m going to stop this habit. We also have been eating out A LOT since we moved in because I am not the best cook, but I’m working on it. All of these small purchases have amounted in several credit cards with a good amount of debt on them.

I REALLY want to start a college fund for my son, invest, and save for retirement some day. In thinking about these goals I really need to get rid of this debt because we are throwing our money away in interest payments. That is were my google searches led me to Dave Ramsey’s advice. So here I am… at goal #1… trying to figure out where my cool $1,000 is going to come from when things are so tight already. Here are my ideas:

  1. I have some extra chromebooks that purchased with my own money that I had previously used in my classroom and I no longer need now that my school is providing chromebooks for all the students. I could sell these chromebooks maybe for $100 each? That could be $500 if I’m lucky right?
  2. We have some extra furniture that we decided we don’t need in the house that I could sell on those neighborhood apps.
  3. We had a bunch of crushed soda cans that we had been collecting since we moved here that we turned in last week. $40 came from the recycling of the cans, but hey… every bit counts.
  4. I recently downsized to a plug in Prius which I mentioned in my post here. This brought my monthly car payment down quite a bit and should help my gas expenses as well. I could dump the extra money that would have gone to my car into our savings account.
  5. Meal planning- I spend SO much money on groceries for my small family and honestly a lot of food goes to waste. I can be more intentional with my shopping and meal planning to make budget friendly meals my boys will actually eat. I will post about any successful meals in a later post. I said above that I am not a great cook.
  6. Eating Out- Done. Over. No More. At least for now. We blow a lot of money on eating out. We don’t even go anywhere great, just fast food, but WAY too often. If we don’t go out, we should have some extra funds at the end of the month.

That’s all I got so far… but that is ok, it’s a start. I am going to try these 6 things for the rest of this month and see if I can get that Goal #1 accomplished. $1,000 emergency fund is my end of January goal. Let’s see how it goes. I will update at the end of the month how it went and if I was able to reach Goal #1.

Do you have any other tips to help save money in a pinch? I would love to hear more ideas. What works for you? Anyone else dug their way out of debt and have some tips for the rest of us? Anyone need a chromebook?? :0)

No Spend Year- Can I do it?

No Spend Year- Can I do it?

by simplysilva143 ♥ 0 Leave a Comment

I have read many different bloggers and watched several different YouTubers who are promoting a “No Spend Year.” This is a strategy to help people save money by really focusing on where their money is going. In a “No Spend Year” people are to cut all extra spending outside of the necessities. We often spend money without really thinking through our decision. Do we really that toy, piece of clothing, or sweet treat? Will we use this item again? So many times we make purchases on a whim and don’t actually need or really even want the item.

I feel as though I do this a lot in my life. I am not in debt because of large purchases of extravagant or fancy items. I am in debt because of the many small purchases I make day to day. Grabbing a bag of chips at the gas station, a pack of gum at the grocery store, or a new toy for my cat (who has never actually played with any real cat toys.)

Most recently my husband and I were finishing up our Christmas shopping with our toddler in tow. As we were in the checkout line to purchase my father-in-law a new vest, my toddler became restless. He was tired, hungry, and waiting in line is incredibly hard when you are not even two yet. He started to fuss. To entertain him we picked up a ball out of a basket right by the checkout line. A small yellow bumpy ball with a happy face drawn on the front. My son played with it for a bit in line and it entertained him until we were ready to check out. At the register I planned on telling the cashier that we did not want the ball, but when she asked if he was keeping it, for some reason I said yes. I don’t know why. Maybe it was easier. When she rang up the ball, the price was ridiculous for a little rubber ball, but I paid for it and we were on our way. I have regretted that purchase ever since. Not that it was so much money, but that it was a dumb purchase. I certainly don’t need more bouncy balls in the house, and my son lost interest in it as soon as we walked out the door. He has never picked up that same ball to play with it. I look at that ball and think about how I just flushed seven dollars and fifty cents down the toilet.

This situation is what came to mind when I read about starting a “No Spend Year” for 2019. I do spend money without thinking. I think a lot of us do. In my quest to live simply and enjoy the little things in life more, I like the idea of a “No Spend 2019.” I decided to modify the idea and make my New Year’s resolution to spend less so I can save more. I talked it over with my husband. He doesn’t like resolutions because he says they are making false promises to yourself. I disagree. I think resolutions can help you take a look at your life and refocus or reset. That is what I am going to try to do in 2019, refocus and reset my spending habits. I will use the inspiration of the “No Spend Year” to make myself take a second look at where my money is going and to think each purchase through before I make it.

I have already caught myself several times in this first week thinking I would just run out and grab something, or we “need” this or that, when the items I’m thinking about are really not necessary, and if I wait long enough, I forget I even wanted them. We live in a small house that we have been renovating since we moved in. I am constantly redecorating the house in my mind and often run out for candles, curtains, pillows, etc. that I think would look great. This often comes after watching home decorating shows. I wonder how much money I have spent on home goods in the past two years? Just the other day I convinced myself that an indoor tree was just what I needed to break apart the wall between the dining room and the living room. As I was planning my trip to the nursery, the “No Spend Year” rules popped into my head. Do I really need the tree? No. Is it a necessity? No. I took my shoes off and sat down on the couch. Now what? After thinking for a bit, I decided to look around the house for things I could reuse or repurpose to get the same effect. I remembered this old forgotten potted tree we had on the side of the house. It wasn’t pretty. It was pretty neglected, but it was about the same size as what I had hoped to buy. I dragged the tree in the house, cleaned it up, and pruned the branches a bit. You know what? It looks pretty good! It is not the same color or style I had thought I wanted, but it does the exact same thing I had wanted the new tree to do, except this one cost a whopping $0 instead of maybe $60-$70. I am proud of my restraint, and pretty happy with the outcome.

I consider that $60-$70 I would have spent on the new tree and pot savings now. This is now money that I can put to use on our necessities, or paying down credit card debt, or starting that college fund I wish I had started before the baby was born. I hope that the inspiration of a “No Spend Year” will continue to help me resist the urge to make silly, on a whim type purchases. I wonder how much I will actually save? I don’t know if I will actually be able to do a full “No Spend Year,” but I’m going to try.

Things I will spend money on:

  1. Food
  2. Home Mortgage
  3. Daycare
  4. Bills, so many bills

Financial Goals for 2019

  1. Pay off two credit cards
  2. Start a college savings account
  3. Live on less

Things I will need to limit:

  1. Online purchases
  2. Home decorating items
  3. Extra snacks/dessert we don’t need
  4. Eating out
  5. So. Many. Toys!

This is just one of my New Year’s Resolutions this year. I hope it does not become a false promise to myself. I hope it sticks and helps me to create a new money mindset. I want to simplify my life and surround myself with the few items that are special to me and really bring joy to my life. Here’s to a “No Spend/Low Spend Year!”

I’ll let you know how it goes 🙂

Are you giving this a try? What are you including in your will buy/won’t buy lists?