Katie’s Spending Fast Update: Summer Money Goals

Spending Faster Update_Katie_Summer Goals(8)

I survived the first two months of my Spending Fast! The hardest part was that, because I was trying to spend less money by buying only ‘needs’ and make more money with side hustles, all I thought about was money!!! It was constantly on my mind and I found myself thinking about how I was doing and what I could do to be even better. I have read many articles that say this is a common occurrence when beginning a Spending Fast. As you continue the fast over a couple of months, the way you spend and make money becomes a way of life and you don’t think about money as much. I will be excited when I get to this point! I think it will totally change my life! But for now, I have money on the brain at all times.

The first thing I realized was there was no way I was going to make it a whole month spending no money on ‘extras’ or non-essentials. I looked at other personal stories on And Then We Saved and saw that some Spending Fasters allotted small amounts of money for ‘wants’. I really liked that idea and thought that would make me more successful (and happier) on my journey. Melanie gave herself $100 a month, but I decided that $50 would be enough for me! Knowing I had this small amount of cash gave me immediate relief and made me feel like ‘I can do this’! The first half of the month I spent $20 on a breakfast at Dunkin’ Donuts and a cocktail during a ‘business’ meeting about my kid’s yoga. I used my remaining $30 on dinner and drinks for a friend’s birthday. I thought it was interesting that my $50 all went to eating out!
 

Some things I have done to ensure LESS spending:

  1. I got rid of Amazon Prime (which I said in my first article). This saved me the $100 renewal fee and I have not made any purchases on Amazon.com. This has been really hard! I love to buy things for school and my kid’s yoga classes on this site! I have used DonorsChoose.org the last two years to help get supplies for school. I plan to make another proposal to get any remaining school items I need for this year. For yoga, I have been going to the library and seeing what supplies I have in the basement from teaching preschool.
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  3. When I get catalogs I put them right into the recycling bin without looking at them and I have made sure all ‘sale’ emails go right to junk mail! If I do get tempted to shop online, I fill a cart with all the clothing I love and then delete it! I find this helps as I get the joy of shopping, for free!
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  5. We have had SNOW in Western New York in April. I tried keeping my thermostat at a reasonable, but still warm, temperature. I kept it two degrees lower than this winter.
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  7. Food buying is one area where I always go over my budget! I began meal planning this month–checking my cabinets, fridge, and freezer to see what I already had and making a grocery list with only what was needed for my meals for the week. So far it has worked and making meals ahead of time has made life a lot easier! My other goal for food is to not let anything, especially fruits and veggies, go to waste. Anything that is starting to go bad gets thrown into a smoothie!
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  9. I have two dogs and three cats. They eat a lot! I had them on expensive brands of pet food and realized I needed to make a change! I researched online, talked to my vet and dog walker and consulted the workers at the pet store. I switched my pets to a food that is cheaper in price, but is still great quality! In case you are wondering, I went with Taste of the Wild. Buying a bulk bag also helps save money!

 
 
Some free things I enjoyed during the first month of my Spending Fast are walking my dogs to the park, taking the dogs to a free play group down the street from my house, taking a free yoga class at the studio where I teach kids’ yoga, watching a new show on Netflix, having a friend over for tea and getting a book I have been wanting to read from the library.

As a teacher, things are a little different for my Spending Fast compared to some others because I only work part-time over the summer, cutting my income in half! Last summer I ran out of money after paying my August rent ($600 a month). I ended up putting around $3,000 on credit cards during the month of August. I did not adjust my standard of living for the lower summer income and I still am repaying that card almost a year later! I do not want to do that again this summer. So I am starting to think about summer money now. My goal is making a little more money than I did last summer by taking a couple of part-time jobs and getting a summer school teaching position that pays better than where I worked last summer. I also plan to pay my August rent with my last full paycheck at the end of June (pay July and August rent at the beginning of July).

One thing I did last summer, which I plan to do again, is deferring my student loan payments from June through September. My student loan interest is only 2.5% (and the interest on all of my credit cards is much higher!). This will allow me to focus on paying off my credit cards! And, of course, I need to spend less money this summer! I am only going on one trip, to visit my sister in New York City. Other than that, I hope to find free or really cheap summertime activities. I also love just sitting in my backyard with my dogs in the kiddie pool and a book to read! My hope is I will continue paying off debt during the summer and not add to it!

I received a free copy of Anna’s book through a raffle on the Spending Fasters Facebook group. I was thrilled to begin reading the book and I am hopeful this will give me added motivation and more strategies to make my Spending Fast successful. I know a lot of it is self-control and changing my frame of mind about money. In the last two months, I have continued making better choices with money, but I know there is room for improvement! I plan to go through each chapter of the book and answer the questions that Anna asks and reflect on my answers. I will share what I have used and what I have learned in my future posts.

I love the support and stories from the other members of the Spending Fast Facebook group. I have some friends I am able to discuss money with, but mostly I am embarrassed and do not openly discuss finances. I feel not having a support group during the last few years is part of why my debt continued  increasing. It is great being a part of the Facebook group and knowing that people are in the same position as me! Openly asking questions and sharing challenges and successes has made me feel a lot better already. I feel like I can be successful and reach my goal of being debt free! If you haven’t joined yet, you totally should!
 

As of June 1st, my debt is:
Credit Cards – $9,300
Lending Club – $8,028
Student Loans – $15,860
Debt paid since starting the Spending Fast – $1,710

 
 

To see all of Katie’s Spending Fast journey posts click on her name at the top of the post, and to follow all of the Spending Fasters click here.

P.S. Ready to get out of debt ASAP? Check out the Spending Fast Bootcamp!

13 comments

13 thoughts on “Katie’s Spending Fast Update: Summer Money Goals

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  1. Rachel @ The Latte Budget

    I commend you on canceling Amazon Prime! We use it too much since it saves a trip to the store. Pet supplies is a huge expense as well. I shop around at many of the grocery stores because I frequently find buy one, get one free for cat litter, dog food and toys.

    Reply
    1. Katie

      It was really hard to cancel! But I had a problem with 1 Click Shopping so it has totally helped me to save!! Now I have to go to the store, which I don’t like to do, so it is easier to make do with what I already have.

      Reply
  2. Jamie

    I use Taste of the Wild for my dog! REcently got it super cheap at chewey.com with a $15 off coupon. Usually I wait until pet supplies go on promo through Swagbucks.com and then order on Amazon.

    Reply
  3. Liz

    There are way better options than Taste of the Wild! I spent $300 on vet visits and meds after my dogs are got sick from a bad bag of TOTW. They are owned by Diamond now and their quality control has gone way down hill, and they are absolutely horrible to work with if you have a problem with the food. I am now feeding my dogs Fromms and have been really impressed with the quality and price.

    Reply
  4. Betsy

    I too am a teacher and I hate throwing out fruits and vegees that have been forgotten. I have a dehydrator so I dehydrate the fruits to use in my muesli. As for the vegees I blanch and freeze them. I just did that with green beans from my container gardening. I love your idea of making more money to save it for the summer. Our check is divided so we can get paid in the summer but having extra money around for summer is always nice

    Reply
    1. Katie

      I like the idea of dehydrating fruit! Each year I think I will be better with money and that I won’t need the spread a check so I choose to get paid for 10 months and then scramble in the summer! Luckily this year I did get a better paying summer school job and have been busy with teaching yoga! And I have been better with spending so I think next summer I will have some saved!! :)

      Reply
  5. Alysha

    Im a public school teacher in NY. It took me years to figure outthe summer pay thing! Let me share what i learned because it works! Since you budget you know exactly what you need for one month of bills and allowance (yes, i give myself a monthly allowance in my budgeting). So you will need twice that amount to pay July and August.

    Lets say that is 1500 times 2, or $3000 for summer. If you work 10 months, divide by 10 and you get $300 that you place in a savings account each month, preferably at a different bank or credit union.

    Its actually that simple. If a person doesnt have that extramoney, then he or she is overspending.

    Reply

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