So far during phase one, we have identified all of our debt and all of our income. We have a budget – this our road map for our spending. If you don’t have one – it is a must. During this phase we will be tackling our debt with a fury.
We will also be searching for ways to save more on our monthly expenses. I view this space as a space to not only document our progress and educate others on the “FI-life” but to also have some accountability. So here are some of the action items we intend to execute during this phase:
- cut cable
- cut cell phone bill
- cut food budget
- no eating out, except once a month
- free entertainment
- start tracking our expenses on mint, track the last 3 months of spending to see where additional cuts can be made
- pay off a few of our high monthly expenses that can be paid off in the next three months to free up monthly money
- begin retirement fund
- pay off Wendy’s car
What I hope you all will find by watching our journey is that we still live a very full life. We are not misers. We are simply choosing what matters most and doing a cost/benefit analysis of where our money goes.
I also believe in visuals…So I have created a spreadsheet to track our progress. Its a little frightening to put this out there, but I know that if WE can acheive this HUGE goal – so can you.
|Total||Equity||Investments||Curt’s Retirement||Consumer Debt||Student Loans W||Student Loans C||Overall Gains|
Now the above numbers still FREAK ME OUT…however, its important to look at the positives – we reduced our debt, resulting in an overall gain of $5300.00. That’s pretty significant. Now lets see home much more we can do by our next update!
– Your Girl-FI-day