Happy Monday! I hope your week is off to a great start!
I just completed our round-up for the 1st week of March and I’m not so happy about it. In February, we saved an extra $300 by staying on top of the details and I was hopeful for a March repeat. Such is life.
First I will discuss our emergencies. I have mentioned a few times that we are currently taking Dave Ramsey’s Financial Peace University and in fact it’s our 2nd time thru the course. Myself, (and the hubby is kind enough to help) along with the financial team at our church, are the facilitators for the class. If you haven’t heard, FPU is a great course because it keeps finances simple. It’s great to see other couples and singles take charge of their finances using FPU’s systematic approach. The class also keeps my energy level high as we get rid of our remaining debt and build wealth like maniacs!!!
First: You must have an Emergency Fund
The 1st baby step of the FPU course is to save $1000 in a separate account (not your checking) as quickly as possible. The sole purpose for this money is emergencies–unexpected events. We completed the baby step very quickly and then like clockwork we had our first emergency in February—my car needed repairs. So far in March we have had two additional emergencies–the hubby’s recent car repairs and an unplanned doctor’s visit! Where are the breaks?! I guess if you can’t catch a break, use your emergency fund.
These three events alone cost us $530 in less than 3 weeks! Thank God for our emergency fund and because of it, none of these expenses affected our regular spending and/or income. My only concern now is restoring that money as quickly as possible so that we can maintain our balance of $1000. I’m not worried about it though—I serve a great God!
So what were my other frustrations during the 1st week of March?
Overspending – We overspent in the following categories:
On Target – We hit the mark in these categories:
Household bills (mortgage, utilities, etc)
Tithes and offering
As well, I’m pleased that our grocery and meal planning system is helping us save money and time. As a working mom it’s great not to have the panic that sets in when you hear “What’s for dinner?”
Other big events in the works–final vacation plans, camp decisions, taxes, and more debt to slay!
So far in March, have you overspent on any category? Would an emergency fund help you out? If so, how?