Debt Elimination Progress: March 2018

Originally Posted on April 1, 2018 to Free, Fun, Family

Happy Easter and April Fool’s Day!  March was a month for adjusting our expectations–and our spending level.  Min and I had some very honest conversations about finances (both our birthdays are in March, and we used it as a chance to reflect).  I have been working on being more accountable to myself.  However, several major life events are putting some external pressure on our family, making it hard to feel in control.  I’ve discovered that feeling in control and capable is key in making any progress on our financial goals.

Progress from March:

• We got spending (mostly) under control. Although there were still a few emotional purchases and unnecessary spending, we kept total spending for March under budget/earnings.  We have a plan for April (which will be tighter than March because an income stream, albeit a small one, is ending; however, it should reduce spending in some areas).
• I noticed my emotional impulses related to money. When I feel overwhelmed and like I’ll never succeed, I have the impulse to give up and just buy whatever I want.  I found some healthy strategies that help keep me from spending money were increasing exercise, plan for cooking something new, and (strangely) making a small contribution to my emergency fund (I put $20 in $5 or $10 increments this month–it was strangely soothing).  However, I did give in a few times, to the tune of about $150 of unnecessary, impulse spending, mostly on crappy food.  Double whammy.  Working on this.  Seeing how much it adds up helps.
• I did more math. I calculated that my consumer debt is costing me about $7/day.  Ew!  That’s worse than a latte/day habit!  Whenever I’m tempted to spend a dollar or two, I remind myself I’m already wasting that much EVERY DAY I’m in debt.  Until I’m out of debt, I’ve already spent that “indulgence.”
• I noticed that I feel like I’m not making as much progress as I’m making.  I started a spreadsheet to keep track of my total progress in the second half of the month.  It has been soothing when I get frustrated and feel like I’m not making progress.  Also, starting this blog has given me a lot of motivation to write and save!  So here’s the status for the end of March:
  • Home Improvement Loan: $4,500
  • Visa Card: $7,263.36
  • AmEx: $13,600
  • TOTAL: $25,363.36
  • Amount paid off this month: $1,483.64
  • Amount paid off TOTAL: $5,592.64

Again, the real, tangible progress reflected in the monthly calculations helps ground me.  Almost $1,500 is kicking butt!  I won’t be able to hit that in April (I’ve already done the calculations), but it might be a good reach goal for future months!  However, looking at the running total feels super impressive–over $5,000 paid off already–gone FOREVER!

Goals for April:

1. Use up food in the pantry and sub in cheaper ingredients.
2. Plan meals and cook at home–no more restaurants!
3. No drinks but water and coffee made at home (BIG challenge).