It’s almost the end of the month, and the end of the first quarter of 2011, and I realize I haven’t posted any updates for my 2011 goals. To recap my goals were to:
- Boost my savings by $9,000 this year
- Limit my Starbucks expenses to $50 per month using a finite rewards/gift card
- Give cash a chance to reduce my meals out expenses to $125 per month
So far, I’m making consistent progress on these goals. However, you’ll notice that I can probably do better. Take a look:
- Boost My Savings - looking at my progress bar on the right, I’ve increased my savings $2,749. This is a good start, but I really need to bump it up. From September through December I won’t be working. Instead, I’ll be student teaching – or teaching for free. This means I won’t be making any income! I need to meet this goal before September. Time to start tightening that belt a little more. Suck it in, suck it in.
- Starbucks and I are such good friends – In January I did great, I even had money left over at the end of the month. February came and I did pretty good, but I became a little careless and spent a few bucks more. This month, I’ve gone completely AWOL and over-shot my budget by $28.10 (more than half my original budget of $50!) This might be because I ran out of my two gift bags of coffee, but enough of excuses. It’s time to get serious – and perhaps get off the caffeine?!
- Cash, oh cash, where did thou art go? -I knew right away that the whole cash thing wasn’t going to work from day one. I had difficulty keeping track of my cash envelopes the first week I tried them, then decided I’d only use cash for meals out. But now I realize I just don’t do very well with cash; it seems to disappear right out of my pocketbook. I also notice that I’ve been averaging about $165 per month on eating out- not too far off from my $125 goal, but I know I can still do better.
With a few modifications, I should be able to meet my original goals and tighten that belt a bit more.
Are you making progress on your goals this year? Any set backs?
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The most important part for now is that you are honestly tracking your expenses and are aware of your weaknesses. I personally find Starbuck’s evil.
It is amazing how I find myself there, especially on days when the baby didn’t sleep through the night. They are such a money suck, but it tastes so good and helps keep me awake. I feel your pain.
Melissa recently posted..Menu Planning- 3-27
@Melissa – Oh yes, I’m aware of my weaknesses! Now if only I could get a handle on them.
I have the same exact problem with cash. I hate using it because I can’t keep track of it.
First Gen American recently posted..Passive Income Ideas ala Babci
Thanks for sharing your updates! It is good that you are trying things out and making changes where necessary (like carrying around cash). I wonder…how would budgeting on a gift card for your meals out work for you? It’s not cash, but it has a definite end point that you cannot spend past. Just a thought.
Amanda L Grossman recently posted..Save Money on Food- Part 2- Lunches
OK, this is why budgeting needs to be customized. We do a lot better with cash than credit. We just hate handing cash over so that’s the stop point for us.
retirebyforty recently posted..Retirebyforty’s Pools Budgeting
This weekend I was thinking about my 2011 goals. I am doing just fine and plan on a quarterly update on Friday.
krantcents recently posted..Cash or Credit
@First Gen American – Me too!
You seem to be doing really well! What you could do is invest in Starbucks and then you’ll have more peace of mind that the money you’re spending on them is coming back to you somehow
You could get one of those tassimo things?
I can’t give advice really because I am not a coffee addict myself! Though tea addict, I am.
youngandthrifty recently posted..The Squeaky Wheel gets the Oil- A Post about Not Taking “No” for an Answer
Great progress little house. It seems like you’re closer to your savings goal than you think. You’re at the end of q1, almost 1/3rd of the way to your goal, and you’ve only given yourself 3 Quarters to do it. You should be fine. Maybe some of that starbucks money will help
Jeff @ Sustainable Life Blog recently posted..Getting Started With Frugality and DIY
Thanks for reminding me to check! Let’s see my 2011 goals…
1. Lose 20 pounds by the end of the year – I am aiming to weigh 150 pounds by December 31st.
I weighed in at 176 on January 4th and am down to 157 already thanks to the points system at Weight Watchers Online – budgeting the points is just like budgeting money, lol.
2. Volunteer for a charity at least twice a month.
I suck. I’ve only volunteered once this year for a few hours…
3. Build up the emergency fund to at least $15,000.
It’s at around $11,000.
4. Max-out 2 Roth IRA’s for 2011.
Still working on this…we just fully funded the second Roth IRA from 2010, so we have a lot to go…
5. Pay off at least $8,000 of our mortgage principal – that means it needs to be at $60,000 or less by the end of the year.
It’s at $66,000.
6. Make AT LEAST $15,000 through blogging – my true target is $25,000.
I’m at $5200 so far.
I tried the “cash thing” for groceries. Took out $400 and put it an envelope. Of course, when I went to the store, I didn’t have the cash, so I either put it on credit (paid in full at the end of the month) or debit card. Next time, forgot where I put the cash. Found the cash and used some to pay the housekeeper. Then took the rest to use on vacation.
Barb Friedberg recently posted..PERSONAL FINANCE- BLOGGING- AND GRATITUDE
@Krantcents – I’ll look forward to your update!
@Young and Thrifty – I know; I’ve thought about that – investing in Starbucks. Their stock isn’t terribly exciting, but it’s pretty consistent. As for the Tassimo espresso maker, I’ve sort of looked into it myself, but I just haven’t committed to any of them yet. I need to do more homework.
@Jeff – My savings goal is going pretty well – I’m just a little worried about the end of the year, but we’ll see. Yes, if only I could reduce my Starbucks habit and funnel that money into something more productive -like investing! I’d be golden.
@Budgeting in the Fun Stuff -You’re doing great so far as well! I think you are way ahead of the game when it comes to retirement, something I can’t say for myself. (grumble, grumble) But I read your story about the woman who is 70 and has NO retirement savings – that was really motivating!
@Barb -That was my problem – I’d have the cash and forget it at home. It was just not working out. Using my card means I can track my spending a little better anyway. I now am only using cash for a few habits that benefit from cash – like small stores that charge debit card fees. I really don’t like paying the 65-cents for a small purchase.