I've seen several of my fellow frugal bloggers over the past few weeks struggling with spending, sometimes incurring debt. I am so sympathetic! I have plans, but my resolve is getting tired. I've got the renovating/decorating bug bad, and it's hard to resist the idea of using some of the money we've got now, or putting some things on 0% credit. (I know! I know how bad that sounds coming from someone who spent the past 8 years paying off CC and student loan debt.)
One plan is to allot 35% of AS's paychecks to saving up for UK airfare, and not touch it until we have $5300. I've already relented somewhat on that, saying we could spend $600-$700 of what we've already saved up ($2349) on living-room furniture and still reach the airfare savings goal by the end of the year, based on what work AS has booked but not received payment for.
Another plan is to put every penny of my and NT's paycheck that doesn't cover our fixed budget categories toward Roth IRAs, with a goal to max all three out for 2015 by January or February. After that, I'll just allot enough to max us out for 2016 by the end of 2016, and any extra money from my and NT's paychecks can be used for other stuff. But January-February seems so far away!
I'm excited about maxing Roths for the first year ever, but it's HARD. The 35% of AS's pay that we use for shared spending money is great for extras such as date nights, kids' classes, wardrobe items that need replacing, and a few other irregular expenses and luxuries. But with diverting so much toward UK airfare, there's not enough left over to do any serious home improvement.
It's hard. I've got money in the bank: $4000 for home improvement; but I know some or all may be needed to get the basement bathroom up to code. $1500 for lawyer and city fees for the shared-ownership and accessory dwelling unit stuff that we'll be exploring soon. $15,200 in savings, but that's to pay taxes on the WV money.
All told, including the above, our checking account has over $12K and our savings account has over $15K. But it's all spoken for! I know I can't touch it.
Believe me, I'm not proud of feeling weak about this stuff. I'm staying the course. I'm staying the course. I'm staying the course.
Temptations are strong, resolve is weak
September 25th, 2015 at 08:31 pm
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September 26th, 2015 at 03:38 am 1443238697
Could you divert some of the spending money to home improvements? (Even if it is just small things, rather than huge renovation type things?)
September 26th, 2015 at 09:52 am 1443261132
If I don't send money from offset savings acct to c/card as I incur on the card, I feel like the money in savings is mine to spend - when it's already accounted for! All I can do is wish you luck - it's an ongoing battle for me as we moved in March and there's so much we could do to make the flat better.
September 27th, 2015 at 06:37 pm 1443379077