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How Losing a Car Payment Opened Our Eyes to Better Budgeting

November 6, 2024 This month marked a milestone for our family: It was our first month without a car payment after refinancing our vehicle through Summit Credit Union. With the extra cash flow, we were excited to put our plan into action—first allocating the extra funds toward credit card debt for two months, then building up a budget for Christmas gifts. But when it came time to make that first credit card payment, we found ourselves scratching our heads, wondering where all the extra money had gone.

A Hard Look at Our Spending Habits
Our meeting with our financial coach, Mee, came at just the right time. She asked a question that stopped us in our tracks: Are you still using your daily tracking sheet to manage expenses? Our answer was complicated: Yes, I (Je’Lisa) was still diligently tracking daily expenses because it helped me stay focused. But Cory found it less convenient, so his spending was a little harder to keep tabs on. This revealed a gap in our system—our tracking method worked well for one of us but wasn’t practical for both.Mee suggested a new approach that we hadn’t considered, a weekly cash budget for discretionary spending. She explained that having a set amount of cash to spend each week could help us stay within our limits without the hassle of daily tracking. It was a reminder that sometimes it’s the small tweaks to our habits that can lead to bigger savings.

Unexpected Expenses: The Sneaky Budget Busters
After going back through our tracking sheet, we discovered that a few “self-care” expenses had crept in—appointments like hair and nails, which weren’t part of our initial budget plan. With my hair appointments varying in cost depending on the style, these expenses quickly added up, making it clear that we needed to build some flexibility for these kinds of costs.

Moving Forward with a Smarter Plan
This experience taught us that budgeting isn’t just about numbers; it’s about finding a rhythm that works for our unique habits and lifestyle. By adjusting our approach to tracking and building a little more flexibility into our budget, we’re setting ourselves up for long-term success.Every budgeting journey has its hiccups, but each one brings a new lesson and strengthens our financial foundation. Here’s to better tracking, staying flexible and keeping our goals in sight! You might also be interested in As we wrap up our Project Money experience, we want to take a moment to reflect on how far we’ve come—emotionally and financially—and share our journey... This past week, our family participated in a door and patio decorating contest hosted by our apartment management company. The grand prize? A $200 gift... Over the past year, my family has been making deliberate choices to save money and focus on our financial goals. One of those decisions recently involved... As we approach the end of our journey with the Project Money program, Cory and I (Je’Lisa) took some time to reflect on how we can apply the financial... Every now and then, life throws a financial curveball—in this case, it was a pleasant surprise. We received a refund from our gap insurance since our car... This week, we faced an unexpected hiccup with our insurance: A doctor charged us for a 2023 appointment because they had outdated information. It was frustrating... Thanksgiving is a time for gratitude, family and of course, a feast. But let’s be honest, hosting a traditional Thanksgiving can come with a hefty price... This weekend, we decided to take a quick overnight trip to Minnesota. It was to record some music and spend time with friends, but we were determined to... This month marked a milestone for our family: It was our first month without a car payment after refinancing our vehicle through Summit Credit Union. With...
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