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Hi, all! I'm new to the forum, but this seems like an amazing site for like-minded people.
Little background. Widowed mom (husband died unexpectedly 5 years ago) with two boys, 13 and 11. I work full-time for the federal government, earning a decent wage.
I grew up desperately poor with a single mom who was a waitress, then a bartender. We spent what we had as soon as it came in the door and I knew I wanted better for my life. I was a little stupid with money myself but got serious about it right around the age of 30, paid off all my cards and started saving. Fast forward 20 years (seriously, how did that happen?) and we're doing just fine.
I live in California, own my own home in a college town and still have a mortgage of $137,000 (home worth about $363,000). I have good retirement savings and some other miscellaneous investments. I save in some areas (rarely buy new clothing or furniture, for example) but splurge in others (we travel yearly and I am constantly renovating my crazy house).
So while I'm doing good, I really feel like I could tighten up some and do even better. I've been kind of sloppy about spending lately, too many trips to Costco and purchases online. Not necessary.
So I'm going to embark on a 'want' spending freeze from 9/7 through 10/17. I will still do the normal stuff: gasoline (not much, I work from home), milk, fresh fruit, eggs. I'll pay my normal bills, etc.
But what's going to go? Trips to Costco. Purchases from Groupon or Zulily or Amazon. Stops for fast food or the local pizza place. Big sales at the grocery store (it may be a deal, but we have overflowing freezers and a pantry that need to be addressed). I'm even going to avoid yard sales and my local auction house, which are my normal weekly things. I don't need more stuff!!
Money saved will go to savings. Period. I don't have a huge emergency fund of cash and it needs to be back up in the $10,000 range. (I have other investments I could liquidate quickly if needed in a critical emergency.)
If I repeat this and save more money, then I need to think about where the money would go. My heart says the mortgage but my head says invest (I invest through Lending Club and am currently earning a solid 13% return).
Anyway, I'd like to bookmark this thread and just check in to have some accountability. If there is a better venue, please feel free to point me in the right direction.
Little background. Widowed mom (husband died unexpectedly 5 years ago) with two boys, 13 and 11. I work full-time for the federal government, earning a decent wage.
I grew up desperately poor with a single mom who was a waitress, then a bartender. We spent what we had as soon as it came in the door and I knew I wanted better for my life. I was a little stupid with money myself but got serious about it right around the age of 30, paid off all my cards and started saving. Fast forward 20 years (seriously, how did that happen?) and we're doing just fine.
I live in California, own my own home in a college town and still have a mortgage of $137,000 (home worth about $363,000). I have good retirement savings and some other miscellaneous investments. I save in some areas (rarely buy new clothing or furniture, for example) but splurge in others (we travel yearly and I am constantly renovating my crazy house).
So while I'm doing good, I really feel like I could tighten up some and do even better. I've been kind of sloppy about spending lately, too many trips to Costco and purchases online. Not necessary.
So I'm going to embark on a 'want' spending freeze from 9/7 through 10/17. I will still do the normal stuff: gasoline (not much, I work from home), milk, fresh fruit, eggs. I'll pay my normal bills, etc.
But what's going to go? Trips to Costco. Purchases from Groupon or Zulily or Amazon. Stops for fast food or the local pizza place. Big sales at the grocery store (it may be a deal, but we have overflowing freezers and a pantry that need to be addressed). I'm even going to avoid yard sales and my local auction house, which are my normal weekly things. I don't need more stuff!!
Money saved will go to savings. Period. I don't have a huge emergency fund of cash and it needs to be back up in the $10,000 range. (I have other investments I could liquidate quickly if needed in a critical emergency.)
If I repeat this and save more money, then I need to think about where the money would go. My heart says the mortgage but my head says invest (I invest through Lending Club and am currently earning a solid 13% return).
Anyway, I'd like to bookmark this thread and just check in to have some accountability. If there is a better venue, please feel free to point me in the right direction.
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