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Did you get an extra paycheck in October? What did you do with the extra money?
I put the extra check towards my November expenses, but here are several more great ideas on where to apply a third paycheck.
Every month, I write up a monthly savings report to track how much I am able to save towards my money goals of paying cash for my husband’s education, building up a 3 month emergency fund, and saving for a new vehicle
While I am good at saving money, there never really was much to show for it, because usually the money is saved up only to be paid out in school tuition or car repairs.
Early in 2015, I started tracking how much money was saved each month to prove to myself, that I can and do save a lot of money. A side benefit to tracking my savings turned out to be increased motivation to hustle and save more money. I am now a firm believer in making your money goals visual.
Here is my savings report for the month of October!
Extra money | |
Cash back from bank Skimmed money from budget |  $2.30 $5.69 |
Trimmed monthly expenses | $93.60 |
Money saved for annual bills Freelance work | $485.00 $210.00 |
Second job | $2,370.58 |
| |
Total Saved | $3,167.17 |
Account | Amount | Running Total |
|---|---|---|
Emergency | $61.71 | $1,417.29 |
Car Repair | $101.00 | $571.26 |
School | $1,400.00 | $1,805.00 |
Bills/Expenses | $1,606.41 | N/A |
Notes
- I put $1,000 from my extra paycheck towards November’s expenses.
- A couple new freelance jobs paid out in October. About 1/3-1/2 of my regular work comes from freelancing, however, I am only tracking work from outside my normal freelance sources. One benefit about working with outside agencies, is the ability to charge higher prices.
- Having a second job and seeing the money which is brought in is mind blowing!
- There were several expenses which were higher than I had hoped this month and so I wasn’t able to put as much towards the school fund as I was hoping.
- I have a new washing machine!! Last month, I had mentioned that I had finally saved up enough to purchase another washer after holding out for 6 months and using the laundry mat. The best part about it was my hubby found it for $80, which was half of what I had saved, at Habitat for Humanity’s Restore.
- My budget needs to be re-evaluated. While I have saved over $600 to date by negotiating car insurance and cell phone plans, other bills have started creeping up again.
- My new side savings project is a new mattress. Our bed is starting to have (and cause) serious issues. *groan*There is always something else you need to save money towards!
- I have a couple of money making ideas in the works for this blog of mine. It seriously needs to start earning enough money to pay for itself and become a side income stream. Stay tuned!
Ideas for Christmas
Do you need some frugal, homemade gift ideas? I've got you covered!
Christmas with Kids is a fantastic book designed to help you create awesome holiday memories with your family. Read my review here.
Previous Savings 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!
I love Habitat for Humanity’s Restore 🙂 Such a great resource!
We got such a great deal on our washer that I will go back the next time I need something!
I love the post on Frugal Christmas Gifts you linked here. Such good ideas that do not look frugal. I’ve subscribed.
Jen
#pinterestparty
Thanks Jen and welcome aboard! I thought all the ideas were fabulous. I am planning to use several myself and do more frugal gift round-ups in the future since it ended up being a very popular post.
Charissa, I am just amazed at your budgeting ability. Praying one day I will have some wiggle room in my budget. I am trying to find other sources of income from home; however, working over forty hours a week and being a single mom, I do not want to work away from home. Blogging is not bringing in income just yet. Of course, I am sure that is coming in the near future ;). Thanks for being transparent about your budget and sharing ways for us to get more bang for our bucks. You are an inspiration! ~Jennifer
Thank you Jennifer. It’s taken quite a few years of working out the budget and increasing my income quite a bit to get to this point. You have a lot going on and I agree with you, that now you need to enjoy your time with your child. Maybe the best thing you can do right now is set up a budget and follow it. Or simple things like cleaning out the closets and selling the unwanted clothes on Ebay (post coming soon!!). Also, seeing if there are things you can give up or cut back in order to have a little wiggle room with your finances now. Keep up with the persistence of living on a budget and you will get there.