OUR HARD WORK IS NOW PAYING OFF
It is July and we are entering a new month of Project Money. A lot has happened in the last week. We have all our credit cards paid off with our new debt consolidation loan which is a HUGE weight off our shoulders. Making one payment a month is definitely going to be a lot easier for us and our finances. Along with that, we get to “skip” a month of payments since the first payment isn’t due until August 15th. We are taking advantage of that and getting some future expenses covered with the extra money we have available in July. For example, we were able to fund a couple of our accounts for auto and life insurances and add some extra money to our Christmas account. We were also able to pay for a recent doctor visit that Sue had.
At our last meeting with our coach, Aidan told us that we needed to re-evaluate our monthly budget as there was several hundred dollars unaccounted for. We had no clue where this would have gone, so we had to become our own auditors. We spent a huge amount of time reviewing our past expenses and found that the money really wasn’t “missing” but actually allocated to credit card bills and the rest was laying in our savings that we never realized. We also re-evaluated our current spending to determine what our new monthly budget should be. We “fine-tuned” a couple of areas where we were way short on our earlier assessment, but we were able to trim off some money in other areas. By doing all of this, we feel that we have a much better understanding of our cash flow.
Jeff has really gotten on board with all of this over the last couple of weeks and had an “aha” moment. He actually made the comment “This is just like running a business. You have the money coming in, then you have to track all of the expenditures to know how much money you actually made after all the bills have been paid.” We made a weekly spreadsheet of bills and expenses that will come out of each of Jeff’s future paychecks and are “tweeking” the payment dates on some of the monthly bills (paying the cell phone bill the third week of the month instead of the last week of the month). We were quite overjoyed when we came up with a sizable amount of money that we should have “leftover” at the end of each month that can be put towards our other savings accounts and consolidation loan. We should now be able to just sit back and watch July run by itself as we have everything in place…this is truly amazing and a great payoff for all our hard work we have done.
Recently, we have run into many people saying they have seen our Facebook posts and asking “What is that Project Money thing you guys are doing?” Of course, we are always excited to tell anyone about our journey and all the things we have learned and our dreams of financial freedom. We tell them about our many savings accounts, the frustrations we have had, and that they could be doing this very same thing if they were members of Summit Credit Union…some actually are but are just unaware of the tools that Summit has available. These conversations always end with us telling them that we are a much happier couple now because of what we have learned and the tools we are utilizing through Summit Credit Union. It has become so much easier for us to discuss our finances with each other.