Are you feeling frustrated with your finances; mainly that you never seem to build up any savings?
I felt the same way. I knew I was really good at saving money, but there wasn’t much to show for my effort.
Yes, there is the small minor detail that I am paying cash for my husband’s education which accounts for a large chunk of money every few months.
As a way to see just how much I could save, I started tracking every penny put aside in my monthly savings reports.
And you know what? An interesting thing started to happen. My savings soon took a huge leap. I became more motivated to get out there and hustle on all the extra work God has provided. Opportunities to add more work kept coming. I took on a part time job.
I started trimming regular expenses to save even more. My frustration disappeared. I was actually making visible progress and was not just fruitlessly spinning my wheels day in and day out.
While I have built up the accounts to pay for annual expenses again and have slowly increased my savings goals of putting money into a 3 month emergency fund and to replace my vehicle, most of the money has gone towards tuition. You know what, that is ok. I’ve really learned this past year how much more you can accomplish when you focus on just one financial goal at at time.
Not to mention that all the money I put towards my husband’s education will pay off eventually with a huge return on investment.
Ya’ll, I was able to put $3,732.70 into savings this month. I know I’ve been working a lot of hours… and I am so thankful.
Here’s the breakdown and where the extra money went.
Cash back from bank
Skimmed money from budget
Trimmed monthly expenses
Money saved for annual bills
Where the savings will be going:
- My income sources vary drastically from month to month. This month I was paid for a lot of freelance work I had done in October.
- My main priority this month was school tuition. Projecting ahead for December, I will easily be able to have all of the tuition money in hand before it’s due, thanks in part to some financial aid my husband received. What a blessing! It has been several semesters since there has been enough money laid aside ahead of time; without needing to drain all the other savings accounts!
- I took some time off from my second job in November over Thanksgiving, and honestly, I needed a bit of a break from working so much. I will be working less in December as well and have decided to take December 19-31st off from posting on the blog.
- With all the free lance work I have been doing, I got a little nervous and put an extra $500 into saving for taxes. I need to run a preliminary close out of my books to see where the numbers are to know how much more remaining taxes I need to send in.
If you are doing any type of freelance or contract work, or you are bringing in additional income from side hustles, you need to be putting 20-30% aside for taxes. I like to put more in savings than I will need, which means there will be additional funds to disperse later.
- My blog brought in some money this month! This will be my third month of earning some money off of Cook With a Shoe. Now I just need the income coming in each month to actually pay for the expenses of running this blog.
- This source of blogging income came from being an affiliate for Amazon, so thank you for making purchases through my links.
Do you like reading the monthly Savings Reports? Do you want to read my Income Reports?
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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!