Thursday, August 15, 2013

Payday Progress

Today was payday for both of us. We both get paid on the 15th and the end of the month. This paycheck was my commission one so it was larger. I paid $2500 to the tractor loan, bringing it to $14,000. We are on track to have it paid be the end of the year if my paychecks continue to be good.

Another goal for 2013 was to have my car loan balance to $5000 by the end of the year. I made an extra $400 payment that puts us on track for that. I will continue to make $400 monthly payments to hit the $5000 by 1/1/14.

The other savings goal I started today is a new (to us) vehicle fund. I put $200 in an old Capital One account that I wasn't using. The balance is now $209 that can go to a new vehicle. It might have been my post the other day that made me finally do this.

I also added $4000 to our savings account, bringing the balance to $13,000. This is our emergency fund. I'm not sure what number in comfortable with. My goal was $10,000 but now I would like to see it higher.

I'm getting quite nervous about paying for daycare for two kids. I have made a budget based on our incomes (without commission) and the numbers work but I'm still anxious about it. We're really not the best at budgeting.   

Comments? Advice?

4 comments:

  1. I think you're doing really well!!!

    I think you will know when your emergency fund is at a comfortable level. I know ours is NOT comfortable at all right now.



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  2. You can never have too much in your emergency fund :)

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  3. Day care for two kids is quite expensive. Over the summer it would have cost us close to $1200 a month just for four days of day care for our two girls. We were lucky and able to have family members help out two of the days so we only ended up needing 2 days a week of day care. But since my husband and I work opposite shifts there are a couple days when we only really need a sitter for a couple hours.

    I keep thinking, in 2 years when both our girls are in school, we're gonna be rich. We've been paying for day care for at least one child for so long. Even part time day care through out the school year for one child costs us close to $700 a month. I can't imagine what it will be like to not have that monthly expense.

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  4. Daycare. Ugh. On maternity leave waaaaaay back with my first, my dh and I realized that ultimately, after daycare, commuting, and sundries, I would be making mnimum wage with my nice paying job, and killing myself in the process with the schedule! I agonized, (you know...love my job, worked hard to get my degree...) and finally agreed to take one year off, vowing to add to our savings at least as much as daycare would have cost. One year turned to five, turning into several more children. I have yet to return, and rarely miss working outside the home. But..downside: .now I doubt I could return to the workforce due to outdated skills. As such, we are every bit as frugal as we were in the cloth diapering days, so we can continue to watch the emergency fund grow to where, God forbid, something happens, I could steer this boat to shore on my own. My point : If you continue to work, bear in mind that daycare does get less, and even hits zero as time goes on. (We didn't consider THAT when I left the workforce) But at any moment an emergency could arise, to which you could use your skills AND that emergency fund, so keep adding to that fund! When you hit your goal, raise the goal.

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