Another day, another month, another chance to cross off some goals on our financial to do list. We have been slowly knocking out the Baby Steps one by one. Last November, we finally paid off over $80,000 of debt.
Here we are, only one year later. I can’t believe how much more peace we have in our home, our family, our marriage.
Oh my lanta. Being debt free (except for our homes) has literally changed our lives! I’m not just spouting a cliche. It literally changed our lives.
Our monthly expenses lowered drastically since we were funnelling so much of our income towards debt. I was able to quit my full-time job. We started homeschooling, which I know seems super old-school and crunchy to some people.
But we found an amazing homeschool co-op. Two days a week my girls take classes with other kids their age, I get to teach, and the other three days we do our lessons at home. Or at the park. Or at the beach.
With such a flexible schedule, we have also been able to add gymnastics and piano lessons. Two things we have always wanted to do but never had the time to devote to it.
There are still days I pinch myself to make sure this is really my life. It looks so different than I thought it would. And three years ago, I never would have thought it was possible.
But we set financial goals, and made sure we were diligent with our spending so that we could meet them.
Currently, we are working on beefing up our fully funded emergency fund. We are aiming for about six months’ worth of expenses. You can read last month’s financial goals update post if you are interested in learning more about how we found a number that was right for us.
At the beginning of the month, we had 80% saved in our EF. Our goal was to save 85%.
After a month of being very intentional with our budget, and finding ways to save even more, I am happy to announce that we were not only able to meet our goal. We exceeded it!!
In October, we were able to squirrel away enough extra cash to fund our EF 86%.
Y,all. We are SO close.
Next month, our goal is to have 90% saved. We would really love to knock this savings goal out by the end of the year. I can’t wait to finally start focusing on strategically saving even more for retirement.
There are also some needs that have been put on the backburner as we have focused on our EF. A riding lawn mower, a new mattress, starting a new car fund. I’m not sure what we will focus on first. I just know I’m excited to move on!
What about you? I’d love to hear how you did on your finance goals last month! I would love to help you celebrate.
You can read our Monthly Financial Goals Update for May here.
You can read our Monthly Financial Goals Update for June here.
You can read our Monthly Financial Goals Update for July here.
You can read our Monthly Financial Goals Update for August here.