It’s that time again! The time when I sit and break down our monthly financial goals for you to see. You can read last month’s Financial Goals Update post right here.
I do this for two reasons. Number one, to help us stay accountable and reach our financial goals. And, number two, to hopefully inspire others in creating goals or sticking to their budgets themselves.
If you have been following along every month, you know that we are Blogging Through the Baby Steps. First, we saved up a beginner emergency fund. Over the course of four years, we were able to pay off over $80,000 of debt using Dave Ramsey’s Snowball method. (You can read our Debt Free Story right here.) And now we are working on beefing up our fully funded emergency fund.
While we are saving for our emergency fund, I am learning all I can about investing for retirement before it is time to really pull the trigger on this step. Click here if you want to take a peek at some of the beginning investor books I’ve been reading. You can also read my post Investing for Beginners: 28 Terms Every Investor Should Know right here.
Without further ado, here is our monthly financial goals update for the month of June!
OUR FINANCIAL GOALS UPDATE
- Start a Beginner Emergency Fund – DONE!
- Pay Off Over $80,000 of Debt – DONE!
- Build Up Our Emergency Fund – I would love to have six months of expenses saved. But my husband only thinks we need an emergency fund for three months. While I would love to beat him over the head about this, I’ve learned a few things about compromise in the past decade. Marriage will do that to ya! In an effort to keep the peace, we put our heads together and found a number somewhere in the middle that makes us both happy. (But a lot closer to six months than three…muahahaha)
- Research investment opportunities.
- Pay cash for our trip to Cali.
Before this month, we had about 75% of our Emergency Fund already saved.
I talked last month about our big trip to California! My cousin got married right outside of Sacramento, so we flew in to San Francisco and did some fun touristy things before heading to my aunt’s house. You can read all the juicy details of our money-saving travels tips with kids in this post. And you can see behind the scene pics from our trip on my personal Instagram right here.
Our big financial goal for the month was to take a break from the emergency fund and pay cash for this trip. We already had a little bit of vacation money stashed away that we had been saving little by little.
And I’m excited to say that after our trip, not only were we able to use all cash, BUT we still had a little bit left over. So even though we put our Emergency Fund savings on hold, we were still able to put a little bit of money into it. Which we were not expecting. At all.
Also! You can read about this on my travel tips post, but we figured out a creative way to give our kids some spending money. Basically, they earned a little bit of money for their good behavior while we traveled. Because airport meltdowns are no fun for anyone!
For each hour they didn’t argue, whine, talk back, or act like a wild banshee, they earned some cash. This was especially helpful since we had to leave our house at 3 AM. AND this was THEIR money! So they had complete ownership when it came time to spend their money on souvenirs and other goodies.
Can I just say this worked like a CHARM! My girls are 7 and 10, so they really got it! Dear real-life learning lessons, thank you for being so kind to this mama! The other passengers on my airplane really appreciated it too. Yours truly, Krystal
Long story long, we started the month with 75% of our Emergency Fund saved. After this month’s contribution to the Emergency Fund Savings goal, we now have 83% saved. Yaaaaay!!!!
And here is my fun little visual. Because Mason jars make my world a little brighter. #punintended
83% down. 17% to go!
Next month, our goal is to pinch pennies so we don’t have to tap into our hard-earned savings to pay the bills. I teach and tutor part-time during the school year. During the summer, this isn’t really an option so it can be kind of tight financially. My husband is in sales, so sometimes we have a little more to cushion our hard months. But it’s not something we can bank on.
So while this is kind of a boring goal, aiming to stay at 83%, it’s where we are right now. If we are able to get through the month of July without tapping into our emergency fund, I will be ecstatic. While this would be amazing, I know it will be pretty far-fetched. Feel free to follow along on Instagram as I share about our frugal month.
And, as always, don’t hesitate to reach out with any questions you might have for me.
**P.S. DON’T FORGET: if you are interested in my free finance printables to help you stay organized and motivated, enter your email address in the little box at the bottom of this post. You will get instant access to my Simple Finance Toolkit that is an exclusive perk for my subscribers.
What are some of your financial goals? What are things you have already accomplished?
You can read the Step by Step Plan to Pay Off Our Debt here.
You can read about my savings here, Emergency Fund: How Much Should You Save?
You can read my Monthly Financial Goals Update for May here.