In my post
2 Goals for 2010 I talked about paying down our debt, preparing for the new baby and daycare expenses, as well as building our savings.
In February we paid off Brian's car.
In May we paid off my car.
Now all we have left is a small personal loan and one credit card.
Obviously we prepared for Colton's arrival and we did so without spending a lot of money. I bought things on sale, stocked up on diapers using coupons, and made sure when I purchased things online I got free shipping. This took discipline since I am usually a "buy it now" kinda girl. I researched and really tried to find the best deal and while I didn't end up buying the furniture set I wanted I found something that looked very similar and paid less than half of what the other would have cost.
Since we paid off our cars that money has been padding our savings and has helped out with the added daycare expense.
As 2010 is winding down so is the Financial Makeover that Brian and I have been participating in through my employer. October is actually the last month of the competition. It is so hard to believe that it is closing in that quickly. Brian and I have made great strides over the last 10 months. We have paid off two auto loans, paid quite a bit on our credit card and increased our savings account 164.4%
Our journey on this
financial makeover is teaching my husband and I lots of things one of them being patience. We no longer make purchases without waiting for the item to come on sale, researching to see if we are getting the best deal or other ways to save money like using a coupon. I always thought that using coupons meant you were being frugal or cheap, but what I realize now that using coupons is smart! By waiting for an item to come on sale and using a coupon we can save a lot of money! For example, I was able to buy 3 packages of baby wipe refills that were on sale at Walgreens, using a coupon and some register rewards from a previous purchase for only 29 cents!!! It does take planning and patience but it pays off in the end. I subscribe to a lot of blogs and websites that teach you how to do this and even will give you scenarios on how to get the best deal. I have already started Christmas shopping for Lauren and bought her the “Beauty and the Beast” DVD/Blue Ray combo and only paid $4.16. The DVD was on sale for $12.99 at Nebraska Furniture Mart and I used a $10 off coupon that I received for being part of Disney’s Movie Reward Club! CHA-CHING!! I have also started doing online shopping through
E-bates and I have already earned cash back. And I am using
Swagbucks as my search engine and am going to save up my points for something fun!
Speaking of Christmas…don’t let it sneak up on you. We know it’s coming, yet every year it seems to surprise us. Throughout the year, Brian and I tuck away a little bit out of each paycheck into a special savings account, and by time Christmas gets here we'll have a nice chunk of change to buy gifts for our family and friends. No more using credit cards. No more scrambling. We are prepared! Not only will we use the money we saved for Christmas presents, but we also have a little extra budgeted into the fund for other gift-giving occasions such as birthdays, weddings and new babies for us to use throughout the year. I never have to figure out how I am going to buy gifts for people because I already have it! I love that. If we have any money left over after Christmas we either will add it to our credit card or leave it in the savings to get a head start on next year.
As the competition is coming to a close, Brian and I have been reflecting on things we’ve learned along the way. One thing we learned is that our budget is constantly evolving and changing. Almost every month there is something new to add or something that we’ve paid off, so we always need to make adjustments. Some changes are good, like no longer having a car payment, and others are just the hiccups of life. Like having a baby with hip dysplasia and all the medical bills that has entailed! This realization has brought communication into our finances. Brian no longer thinks of it as my job since I work in the financial industry, but something we do together. We talk about where to allocate and spend our money, and when we need to make major financial decisions we make them together.