I normally update my annual goals quarterly; it just makes more sense for me to see my progress over a 3-month period versus a month-by-month period. However, I can already tell that my next quarterly update won’t be as exciting due to a decrease in income. At the beginning of the year, I calculated my budget based on an average income I’ve made over the past 5 years. That income has actually decreased this year due to various factors including the economy. So, the money I’m now receiving isn’t really covering the budget I had set up. It will only get worse as the year progresses as I have to complete my student teaching from September through December where I teach for free! The only silver lining is I will be a fully credentialed teacher by December instead of next June. Whoo Hoo!
Progress Made…
- Saved an additional $700 last quarter making my Boost My Savings bar jump to 33% fulfilled.
- Brought in $800 less this month, yet managed to still save a small portion of that income.
- Opened up a mutual fund to increase my wealth building goal.
Still Working On…
- Didn’t reach my goal of saving $750 a month.
- Income decreased; exactly the opposite of what is suppose to happen as you get older!
- Wasn’t able to pay as much as I would have liked toward my student loans. (I’m paying them off while in school).
Considering my budget is completely out of whack, I am still able to pay all of our bills and save some money. I was even able to book a flight to New York to visit family this month, so it’s not all bad. One thing I’ve noticed, however, is that I’m really reluctant to touch my savings accounts – which is a good thing. Mr. LH wanted me to pull money from our “Large Purchase Fund” to pay for my flight, but I’ve decided I can pay for it without touching that fund. I like seeing my savings account grow, not deplete!
How are you progressing with your goals?
6 Comments
Great job on boosting your savings by $700. I am sorry to hear about the decreased income.
@Ashley – Thanks for the comment. The decrease in income is a bummer, but I’ll have a better idea of what’s happening with our income as the year progresses.
You are doing really well with trying circumstances. Next year will be so much better! Keep at it!
@retireby40 – Yes, next year will be better…hopefully I can find a job!
You sound very disciplined, that’s great. And awesome job trying to pay off your school loans while in school. Hang in there. Your income will turn back around!
@Untemplar – Thanks for the support! I’m sure that by next year, when I’m finished with school, I’ll be able to bring in more money. 😉