Wednesday, January 04, 2012

The Home Budget

Now that Christmas is over and we have turned the page into the New Year, I have turned my attentions to the budget. Being a one-income family, we need to make every cent count in order to get the most bang for our bucks.

I am fairly sure that while Alfred is deployed I can pay off our four smallest debts, leaving us with only the house, my car, and one other debt. I will be employing the snowball method. I will be opening a savings account to set money aside for emergencies. We already have a Christmas Club account which worked beautifully in 2011. I had my children's gifts purchased and wrapped before December 1st.

Other things I am looking to do with our finances this year:

~ I am tracking our spending to see exactly where our money goes. This helps us reduce/cut expenses that are not priorities so we can have more of the things we need and possibly a few desires, too.

~ I plan to build up my pantry and freezer by shopping sales and matching with coupons. With rising food costs, this provides peace of mind that even when money is tight we will still have good food on the table at a fraction of the cost.

~ Service the HVAC system in our home.

~ Pay cash for a riding mower.

~ Tear out the tub in the kids' bath and install a shower; fix the plumbing in said bath. Hoping to have enough with our tax refund, but if not I'll continue to save until I have the cash to pay for it. I'm going to see if I can hire my handyman BIL to do the work for me since Alfred is not home.

~ Buy kids a trampoline with cash. We rarely make large purchases like this, but the kids would love and it would provide an outlet for excess energy and a fun way to pass the time outdoors in the fresh air.

~ Live a life of beauty and grace within our means!


Lorie said...

"Live a life of beauty and grace withing our means" That is an awesome statement!

Your list sounds a lot like mine. Even down to fixing the plumbing lol

I look forward to reading about your progress.


Kim@My Fairytale Cottage said...

Tracy, I started using coupons in November 2011. It really has made a BIG difference. Good Luck to you!
-Kim :)

Tracy said...

Thank you Lorie & Kim for your kind comments! They are always appreciated. :)