Featured

No Spend Challenge!!!

We completed our first ever No Spend month in January. What an experience!

Things I learned:

  • Eating out during the week for lunch adds up! Normally I would grab something out about 1-2 times a week. So I was spending $20/week or $80/month on lunch!!! Before the challenge I didn’t think of my lunch habit as a big deal at all. Good news is that it has been 6 weeks & I haven’t had lunch out yet this year!
  • It helps to reset your spending. Spending money on my health is a priority which meant that I was spending upwards of $100/mo on supplements prescribed my naturopathic doctor. To be honest I’m not sure that they were improving my life. With the No Spend month I started using up my supplements & once one ran out I decided if it was something that I could tell was impacting the way I felt. So far I’ve only added one supplement & found an inexpensive drug store version of another.
  • I thought my husband was the person who spent the most discretionary money 🤔 It was shocking to find that he wasn’t…I was! By nature I’m the saver. He’s the spender but now I realized that that isn’t always the case. He had a much easier time not spending during Jan. Most of the purchases he makes are for projects around the house & with the challenge he worked on using things he already had at home to do.
  • Little purchases do indeed add up! $5 here & $10 there over the course of a month matters.
  • Eating through your pantry & freezer feels really good! Less clutter & more chances the food will not go bad because we found food we had no idea existed in the feeezer.
  • Challenges like this can be fun! We were more creative & thought of it as a game that we could no doubt win 😊

We we were able to save $250 in January due to the No Spend Challenge!!! So excited to make an additional payment on our vehicle 🚘 loan!!! 

So far Feb. unintentionally has been a No Spend month as well. We’ve only purchased necessary items but if we purchase the occasional item we aren’t going to beat ourselves up over it.

Goal: Striving for intentional purchases with life balance. 

Have you completed a No Spend challenge? What did you learn? Did anything surprise you? Would love to hear about your experiences 😊

~Rachel

May 2017 Financial Update

image.jpeg~It always seem impossible until it’s done

Nelson Mandela

This was a let’s get this new budget working smoothly month before we hit the ground running. I’m looking forward to paying additional on our mortgage but I just recently started (this month to be exact) a new budget line item for sinking funds. Those that follow Dave Ramsey may be familiar with the term. Essentially they are funds for those expected nonrecurring expenses, like Christmas, vehicle registration tabs, subscriptions, etc. In the past we didn’t include them in the budget & I realized that when those things came up I was bummed, not necessarily because it was something we had to pay for but more so because it wasn’t in the budget. I’ve been toying around with adding them for a while & realized there’s no better time.

1) Pay off vehicle loan by August 2017

DONE ✅ (completed March 2017)

2) Change both of our 401k contributions to 12%.

DONE ✅

3) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 years left!

-More information to come on this!

Also, I’m looking forward to revamping the goal list in June’s update as there’s only one goal left 😊 Don’t worry…I’ll be adding more.

~Rachel

Financial Update-April 2017

image~Giving up on your goal because of one setback is like slashing your other three tires because you got a flat. 

The last two months have been anything but normal. I had surgery on my elbow to remove a benign bone tumor & am currently in physical therapy to regain mobility. It has been physically challenging as well as emotionally & financially. We have money set aside for the medical deductible & co-pays which is a blessing. It feels empowering to “weather” this storm. Things like this do & will continue to happen in life & we just have to plan as much as we can & let everything else happen.

As you may recall in March we became debt free except for our home.

1) Pay off vehicle loan by August 2017

DONE ✅

2) Change both of our 401k contributions to 12%.

-Working on it! As of now I have changed my contributions to 12%. Husbands is at 8%. Hopefully this will be complete by the end of May. I had indicated in last month’s update that we were planning on saving 13% but at this time I feel a need for more wiggle room in the budget. Will adjust once I have more of a comfort level of the numbers.

 

4) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 1/2 years left!

-More information to come on this!

~Rachel

 

 

March Financial Update

We have some exciting news to share!

WE ARE DEBT FREE (excluding our home)!

We paid off the vehicle loan a couple weeks ago & couldn’t feel more blessed & relieved.

1) Pay off vehicle loan by August 2017

DONE ✅

2) Change husband’s 401k contributions from 8% to 10%. Mine is currently at 10%.

-Working on it!

3) Then slowly increase both of our 401k contributions to 13%.

-Plan: over next couple months increase both contributions to 13% (hopefully we meet this goal by the end of May). We have changed our original goal from 15% to 13% because we are looking to funnel more money into paying off the mortgage faster. We are giving ourselves permission to change our minds in the future if this isn’t working.

4) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 1/2 years left!

~Rachel

Feb 2017 Financial Update

image.jpeg

~Every time you borrow money, you’re robbing your future self~

The month started out well with no non-necessity spending until around the 15th of the month. Then we traveled to Minneapolis for a doctors appointment & along came with was one night in a hotel, meals out & one trip to a home store. We were thoughtful of our purchases & considering didn’t spend a ton. We had a good time though & made it into a little winter getaway 🙂 I’m learning to balance saving & enjoying life too!

1) Pay off vehicle loan by August 2017.

Balance of loan Oct 2016 $4860
Feb 1,2017 $3150

March 1, 2017 $2340

Husband “found” $400 this month…he intended to deposit a couple checks a while back & found it in between his car seats. Happy Day it was! 🙂

I am SO excited to share that we will crush the original goal of August 2017!!! New planned payoff will be at the end of March! Waiting for our tax refund & looking forward to being debt free excluding mortgage.

Steps 2-4 will be completed after the vehicle loan is paid off.

2) Change husband’s 401k contributions from 8% to 10%. Mine is currently at 10%.

3) Then slowly increase both of our 401k contributions to 15%.

4) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 1/2 years left!

~Rachel

Jan 2017 Financial Update

image

~If you wait for perfect conditions, you’ll never get anything done~

Unfortunately this last month I was diagnosed with a health condition so there were several copays & one medical bill that was due that derailed the month a little.  Good news is that I’m doing just fine & we were able to fit the unexpected expenses into the budget without going over 🙂 Since insurance can take some time to process there will be more bills to come. However, we are taking it month by month.

Side note: Our family has been using EveryDollar for 6 + months to budget & I am enjoying the ease of keeping up with inputting receipts, income, etc. In the past I would use a spreadsheet but it got to be too time consuming to do it daily. Now I use the app on my phone whenever I make a purchase. I’m sure there are other apps that work just as well, it’s just what I use (husband still has me enter his receipts) 😉🤔

January we took part in our first No Spend Challenge month. Thank goodness for that! I will put up a separate blog post about the challenge & share what we learned.

1) Pay off vehicle loan by August 2017. We just recently started attacking this debt.

  • Balance of loan Oct 2016 $4860
  • Feb 1,2017 $3150
  • We were able to make an additional $250 payment due to the No Spend Challenge!

Steps 2-4 will be completed after the vehicle loan is paid off. 

2) Change husband’s 401k contributions from 8% to 10%. Mine is currently at 10%.

3) Then slowly increase both of our 401k contributions to 15%.

4) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 1/2 years left!

~Rachel~

Mortgage Free at 40

imageWelcome to my first post!

I’m so excited you are visiting 😄My husband & I are 33 years old with no kids.

We have been followers of both Suze Orman in the past & more recently Dave Ramsey. The reason for the blog is to help keep ourselves accountable.

1) Pay off vehicle loan by August 2017. We will be DEBT FREE!!!!

2) Change husband’s 401k contributions from 8% to 10%. Mine is currently at 10%.

3) Then slowly increase both of our 401k contributions to 15%.

4) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 1/2 years left!

I will be updating the blog with our progress so come along for the ride!