Friday, September 5, 2008

Financial Goal #1: Keep the Credit Card Bill Below the Paycheck

One thing the great Money Saving Mom does every month is an online financial check-up, and she invites her readers to play along. So far I have not gotten around to sitting down and outlining a list of financial goals. Until now, that is. Here is my preliminary list, and how we did on those things up to this point in time. I'll repeat again during the first week of October.

1. Get our monthly credit card bill to below my husband's 2-week takehome pay.

Like, duh, right? Since our mortgage payment eats up most of his first paycheck each month, ALL of our bills need to total less than that second paycheck. Except that many months, it hasn't. So far what has kept us from bankruptcy is the fact that the bills come every month, but he gets paid every two weeks, so every once in awhile there's a three-paycheck month that puts everything back in balance.

So how have we done?

In August, the credit card bill was less than $100 over the paycheck, which is pretty good for us.

In September, the credit card bill was ... drum roll ... $750 LESS THAN the paycheck.

Yay us. Part of this is due to the fact that some of my groceries are now coming off a Jewel gift card. But that's not super-huge.

2. Buy life insurance.

Again, duh. We have two kids!

How have we done?

I told a broker (a relative) how much we wanted to buy, and the paperwork is in the mail.

3. Make wills.

Duh, duh, duh.

How have we done?

Epu's is written and awaiting revisions, my draft is so old it needs to be redone. We're doing it with Nolo software. Then once we have good versions printed, we need to take a witness to a notary.

4. Start Pebbles' college savings account.

How have we done?

Didn't do it yet.

5. Increase my earnings to cover new $350 monthly expense of preschool.

How have we done?

I have some income trickling in, but we're certainly not there. But next week, once I have at least 2 hours four days a week to work, I expect to begin this process.

6. Sell unused objects sitting around house.

How have we done?

Haven't gotten around to it, although I did sign up for Gazelle and print out a label to send in our old camera for a $12 payout.


Anonymous said...

Thanks for the Link to Gazelle!! I KNOW that I have several gadgets to recyle...and get PAID?!?!?! Awesome