Thursday, April 30, 2009

April recap

Not having a car loan anymore is seriously a wonderful thing.  We finally sat down and made a budget for May and seeing all that money freed up was so exciting.  I was able to put $800 in savings in April, but the new budget is looking even better.

Income - $4780

Rent - $1500
Student Loans - $300
Laundry/Dry cleaning - $50
Cable - $120
Electricity - $100
Gas - $100
Groceries - $250
Drug store - $30
Going out - $150
Fun money - $300 ($150 each)
Car maintenance - $200
Misc - $100

Total - $3200

That's $1580 extra a month left over!

Right now, our emergency fund is about $4000, so obviously we need to get that number up quite a bit.  Our goal is to have a $15000 emergency fund for right now.  But since I will be able to save around $1500 a month, that won't take long at all.  

So in order to make us totally accountable, I'm going to list some goals for the rest of the year.

1. $15000 emergency fund
2. Open two Roth IRAs
3. Fully fund those Roth IRAs
4. Funnel extra money toward paying down my husband's student loans.
5. Save mad cash

So with my paycheck today, I just transferred $750 to savings.  I'm so excited that we have real goals now!

You can more April progress at Cents to Get Debt-Free and Money Saving Mom.

1 comment:

Megan said...

How exciting! Keep up the good work.