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Consistently and intentionally saving every extra dollar over the last eighteen months has produced some great results, several of which have happened in the last four months.
When I was able to visually see the progress that I was making, I became even more motivated to bring in extra money through getting a second job last summer.
My part time job was a huge catalyst in finally breaking through the barrier of making enough money to pay for bills, but struggling to pay for school.
I was able to build up my savings for annual expenses and pay tuition payments without draining all my other savings account, which was a huge relief!
Bye Bye Second Job!
However, as I entered into my Year of Rest, I quickly realized that my second job had to go. I didn’t really like it and it was causing more mental stress and exhaustion while only bringing in a few hundred dollars a month.
I put in my resignation and left at the end of March! A huge weight was lifted off my mind and I am thankful not to have that ball to juggle any longer.
If you need a fast way to make some traction on paying off your debt or building up your savings, it is amazing what a second job can do for your finances!!
However, you can/should only work all those extra hours for a limited season and then let it go when the extra hustle becomes too much for you.
Tuition Savings: Complete!
Another accomplishment came about in the form of saving up enough money for the final portion of my hubby’s tuition.
There is still one more semester left of school, but if all goes well, we are pretty much done with this humungo task of paying cash for his education!
I can’t help but look back at when we were first married, stressed with student loans, a car loan, and credit cards. My only goal at that time was to see my hubby’s student loans paid off before graduation.
There is a myriad of emotions that rise up as I think of how God has provided for us, allowing us to pay off all our debts and continue living debt free, while paying cash for school over the years.
Many times, money has been really tight, but we’ve never once had to go back into debt.
Paying cash for your education is something that many people say cannot be done because it is impossible. Yet, with a lot of hard work and dedication, it can indeed be done.
Once I’m able to process these overwhelming emotions, I will share more about how we were able to pay cash for my husband’s education.
3 Month Emergency Fund
However, saving up the last bit of tuition money in April has allowed me to start working on a new goal, our 3 month emergency fund.
I have had a baby emergency fund of about $1,000 for several years. Due to paying for school, there wasn’t much money left to put into my emergency fund and often it would take a hit when a tuition payment was paid or if there was a large, unexpected car repair.
It is amazing how fewer emergencies there are, even when you only have $1,000 on hand! And how many emergencies come up when you don’t have that buffer in place.
In June, without paying for school, there was enough money saved to build up the emergency fund to cover one month of expenses!!
Wow! There is such a change in the stress level when you have all the money for your expenses one month ahead!
I am paying this month’s bills from last month’s income and it feels amazing!! It was a lot of hard work and diligent savings over several years to get to this point, but oh is it worth it!
Investing in yourself, by building up your savings, has incredible lasting benefits and can literally change your life! Start saving today and you will reap the rewards!!
Read more savings reports on the next page!
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Hi! I’m Charissa. I’m on a mission to help hardworking women overcome money struggles and gain financial peace with a Biblical perspective so they can have the freedom to impact their families and communities. Ready to make some changes that will impact your finances in 2020? Click here to get a free worksheet to help you make it happen!