Ya’ll, May was full of “money moves” and I’m so grateful. We set some financial goals and we hit most of them!
I have a LONG way to go to hit my big goals for 2019, but May was a pretty dope month for my financial goals.
THE STRUGGLE. THE FAILURE.
Hubby and I dubbed 2019, “the catch up year.” We left full-time freelancing, both got full time jobs, and committed to:
- Building our savings
- Paying off debt
- Making more money
We’re both committed to entrepreneurship, but discovered that we hated our business model: freelance web development. We could do it, but we were miserable. Neither of us enjoyed making websites or project managing that process for clients.
So we’re back to the drawing board. We’re taking what we learned, figuring out our next entrance into entrepreneurship, and focusing on getting financially fit.
I’m not gonna lie… in some ways it feels like failure to me. It’d be so much easier if we got it right the first time and chose another business. But c’est la vie. You live and you learn.
RELATED POST: HOW TO BE A SUCCESSFUL FREELANCER
MAY FINANCIAL GOALS / LIFE GOALS UPDATE
May was hubby’s first full month at his new job, so our income flourished and we were able to stick to the budget I created for us. The outcome was be-a-utiful. (Side note: He negotiated for a $11,000 raise in the interview. I’ll tell you how in a future blog post. Key Takeaway: Know your worth and ask for it).
RELATED POST: THESE TOOLS WILL HELP YOU LAND YOUR NEXT INTERVIEW
- Pay off all my accounts in collections [PASS ?] – i’ll tell you how we did this below
- Save $1400 [PASS ?] – We’re moving in July and need to save aggressively. I used my budget spreadsheet to figure out exactly how much we each need to save to hit our monthly goal. We saved $1425 last month
- Open Joint Accounts @ a Credit Union [PASS ?] – We’re getting a new car this year, so we decided to join a credit union. Our hope is that when it’s time to buy a car, we’ll be able to get a better interest rate through a credit union than we would through a regular bank.
- Only eat out 1x a week [FAIL ?] – We eat out way too much. It’s actually ridiculous how much money we spend on Uber Eats and at our favorite taco spot. I lost count of how much we ate. I’ll try again this month.
- Post an article on my blog every week – [FAIL ?] – Major fail. I think I only posted 2x in May. I realized that I didn’t have a plan to get all my writing done. As such, it didn’t get done. Failing to plan = planning to fail. You know how that goes.
- Visit new churches [PASS ?] – Hubby and I are looking for a new church home. We visited a new church a couple times in May. We were traveling the 2nd half of the month, so we didn’t do it then. Still counting it as a pass.
- Exercise 3 days a week [FAIL ?] – Bahahaa. I exercised 3 days for the whole month. SMH. In my defense, I was congested the last 2 weeks of May, so it was hard to work out AND breathe. lol. But, nonetheless, I could have tried harder.
- Volunteer [PASS ?] – I haven’t volunteered in SO long. It’s sad. I decided to stop “planning to volunteer” and just get ‘er done. The first Friday of the month, I signed up with Habitat for Humanity, and was on a worksite 24hours later helping to build a house. This is probably what I’m MOST proud of this month. It felt good to be doing something for someone else.
All in all, May was a great month for my financial goals, and a “kinda good” month for my other goals.
[Side note: I like this pass/fail method of posting my wins and losses for the month bc it helps keep me honest. I got the idea from Michelle SCHROEDER-GARDNER. Do you have a way of grading your progress from month to month? ]
How we paid off 2 of our debts this month
Okay, so this is the financial highlight. I had 2 bills that had gone into collections and I’d decided to pay off the balance this month. The basics of how we did this:
- To manage our debt payoff goals, we’re using Dave Ramsey’s snowball method.
- With my budget spreadsheet, I was able to figure out how much we can designate towards making extra payments towards our bills.
- I outlined all of our outstanding bills, and ordered them from smallest to greatest. I numbered each one in order of when we’ll pay it off.
- We had about $600 we could use to make extra payments towards outstanding bills. This was just enough to pay off the last 2 outstanding debts I had in collection.
If you want a copy of my budget spreadsheet, enter your email address below. When I’m done cleaning it up, I’ll send it to ya.
How we saved $1000 this month
After doing our budget, I determined how much we could realistically save after paying our bills, tithing, etc. We still have some spending money left, but our savings goal definitely stretches us.
Whenever we get paid, I transfer the designated dollars to our credit union account.
Outta sight. Outta mind. Boom.
I think the key here is really simple: Figure out how much you wanna save and can save, then as soon as the money hits your account, transfer it to savings. For us, having our savings in a completely different bank is super helpful.
As good as May was, I need June to be better.
[Side note – can you believe it’s June already?! Time is flying.]
I also feel like June is the perfect time to check-in on your yearly goals – I may do a larger update on my 2019 goals in another post.
Anyway, here’s what’s on my goal list for this month:
- Pay off 1 of hubby’s bill in collections – We’re getting out of debt ya’ll. One bill at a time.
- Save $1400 – We need to save another $1400 this month. This month may be challenging bc of the moving expenses we’ll have, but I’m looking to make some additional income this month.
- Make $500 extra income (non-job) * – This is the financial goal I’m most excited about. Not sure exactly how I’m gonna do this yet, but I’m working on a game plan.
- Only eat out 1x a week – Let’s try again, shall we?
- Post an article on my blog every week – I’m implementing a “writing week” for June. Instead of spreading my writing out throughout the month, I’m dedicating 1 week to write 8 blog posts. I’m currently on #5. #letsgetit ??
- Visit new churches – I’ve found 2 churches we’re gonna visit this month. Praying and believing that we’ll find the right place.
- Exercise 3 days a week – It’s currently June 7th and I haven’t done any workouts. #AlreadyFailing. Next week will hopefully be different. I’m going to Jamaica in 2 weeks and want to lose some weight before then. I’m not focused on the scale as much as I am, figuring out how to burn some of this belly pudge.
- Volunteer – Tryna make this a regular thing.
- Find a new apartment and pack* – This is my priority. It goes without saying. We don’t wanna be homeless. lol
What’s required for me to succeed?
AKA, the ways in which I need to get my life so that I can hit my goals.
If we’re honest with ourselves, we can pinpoint the reasons we fail. For me, it’s lack of discipline. Point. Blank. Period.
In order for me to succeed this month, I need to come up with a plan and create a habit around that plan. That’s why I’m implementing my “writing week” routine.
I need to do something similar for the other goals on the list, especially the ones I struggle with most (ex. exercising).
WHAT’S ON THE HORIZON FOR JULY
We’re 1 week into June, but I can’t help but start planning for July as well.
Some of you may know, but my sister passed away 7 months ago. My goal is to bring my niece and nephew to us for July so I can love on them and make some memories with them. I have a LOT to figure out as far as that goes, but I know I’ll get it done.
If any of you have teenagers, please share any ideas on how to occupy a 13 year old and 15 year old for the summer. #HelpMe!
As it relates to my blog, I wanna start networking in July. One of my goals will definitely be to make some blogger friends.
Last but not least, we will hopefully be moving in the beginning of July so a lot of my energy will be focused there.
With those 3 things alone, my plate feels so full. Wish me luck guys.
DID YOU DO IT?
How about you – did you set/hit your May goals? What’s on your goal list for June?
I think accountability is SO important in hitting your goals, so please feel free to share yours with me!
Until next time Queen! Keep shining ?
w/ light and love,
Matthew 5:14 – You are the light of the world. And like a city on a hill that cannot be hidden.