Month 1 of the Spending Fast is done! and I’m happy to report the 1st months results!
I have saved $505.58 and (this is embarrassing) I usually dip into my overdraft protection account for around $200 bucks. So, I probably saved closer to $700 but I’m not gonna assume what I saved I’m just gonna stick with the hard core facts and numbers.
$505.58 is pretty good for the 1st month. Like I told you before, moderation hasn’t ever been my thing so I’m finding myself wanting to cut out even more so I can save even more (who IS this person!?!?) Because if $505.58 is good then wouldn’t $905.58 be even better?
I can only imagine that it would be.
What can I do to save even more? I think its the groceries that I’m spending the most money on. So, that is going to be my next area of attack. How can I cut cost there? Coupons maybe? Gotta think about this one.
So, how will I distibute this month’s Spending Fast savings you ask? Well, what a good question! Let me tell you.
Rather than start a savings account I’m going to try to pay off my high-interest credit card first (per Suze Orman’s advice- look who retained some tips from her books). This is how the break down is gonna go: $430.58 as an additional payment this month to my credit card and $75.00 extra to my parents for the college loan they took out for me years ago.
This extra $75 payment to my parents might not make much sense since my parents don’t charge me interest on that loan. And, I have to tell you, it’s been really hard to pay them for that loan since they DON’T charge me interest (thank you) because every financial guru out there says that you should pay off the highest-interest credit card first, then the next highest then the next and so on. So, that’s what I’ve wanted to do. But, this is what comes into play with this decision: every chance my mom gets she tells me about how she would be traveling to Paris if it wasn’t for the student loan that they pay for me every month. If any of you have experienced the wrath and guilt that a Catholic mother can produce then you know that there is no joking around when the guilt is being doled out. So, I made the self-preserving decision to send them a few extra bones this month because there is nothing I would like more than to see a picture of my mom beneath the Eiffel Tower or to see her sipping an espresso in a sidewalk cafe or to see her wearing a cute little beret on her freshly cut hair-do.
Plus THE GUILT MUST STOP!
See. The $75 bucks to them makes sense now huh.
Seeing how much I have saved this month is really very empowering. Now I don’t even know how I was so mindlessly spending $500-$700 bucks every month on stupid, albeit enjoyable crap. It’s hard to believe that those thoughtless and aimless purchases really add up to so much. Really nuts, huh.
Never thought that passing up Starbucks, itunes music, etsy cuties, a few new shirts, a seemingly inexpensive flight, or a dinner (or 15) out a month would add up to so much money. Is my life really that much worse off since I didn’t buy those things? Was so much joy passed up because I didn’t shell out that dough? Or, has taking the steps to get control over my financial future and feeling empowered about my finances been worth the change in habits, daily troubles and almost constant inconveniences?
I’d say it’s been worth it. It has sucked a lot but I’m learning how to deal with the suckiness more and more and it’s getting easier (if not fun-er). Plus, knowing that I can possibly get my debt paid-off through this process is the silver lining to this shit sandwich. Not having the debt umbrella hanging over my head or weighing on my shoulders is going to be more awesome than a daily Starbucks coffee or Forever 21 shirt.
Have you been doing the spending fast with me? How’d your 1st month go? I’d love to hear all about it.
Also, I’ve started a new section on this blog called Total Savings so you can keep up-to-date at anytime with my monthly savings and the savings distribution.
image by Brian Donnelly
P.S. Ready to get out of debt ASAP? Check out the Spending Fast Bootcamp! SpendingFastBootcamp.com