“I Can’t Save Enough Money”

by Mrs Money

Lately I’ve kind of been a Debbie Downer when it comes to money. I feel like we aren’t saving enough and we have all these things that we should be saving for.  Almost two years ago I quit my job to become a stay at home mom.  I don’t regret that decision one bit and I’ve enjoyed my new job of being a wife and mom tremendously.  I love my husband and daughter more that I ever thought possible.  That doesn’t mean that things are always perfect though, and I struggle with the lack of a second income (especially now that Mr. Money had a pay cut) as well as having to be on a strict budget.  Truth be told, I don’t like living on a budget; I like to go out to eat when I want and make trips to Target to bask in the fabulousness that is Target and not worry.  However, if choosing not to do those things and being aware of where our money goes is what I have to do right now, then I will.  Things could always be much worse.

I have been really overwhelmed with feeling like we’re not saving money lately.  There are many things we need to have money for: a new roof, windows, Penny’s education, our retirement, and paying down our mortgage faster than on schedule.  I need to come up with a plan so that I can set it and forget it.

I think one of my big problems is I read about these people that are completely debt free (some including their mortgage!) and I feel like we should be doing better.  I hear about people that are my age and have over $100,000 in their retirement/investment portfolios. I feel like we’re behind in so many ways and that we’ll never be able to catch up.  Sometimes I think social media and the internet are both a blessing and a curse.

I guess I do need to give us some credit: we have made it two years with me being a stay at home mom and we haven’t depleted our savings account ;)  That is a good thing!  I need to relax about money and enjoy the time that I spend with my family.  I am grateful for everything we have and I am very glad that I did spend many years working and saving money to be able to do this.

What do you do to not worry about money? 

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2014 Goals

by Mrs Money

Each year I try to set financial and life goals for our family. Here are the past years’ goals: 2009, 2010, 2011, 2012. Apparently last year I decided not to set goals, and that’s okay!  I do have some things I’d like to get accomplished this year, and I think writing them here will help keep me accountable and on track.

-I’d like to get $5,000 paid down on the principal of our mortgage. I don’t think this is a huge stretch, and I’d love to see our mortgage balance shrink that much. Of course, I’d like to see it shrink to zero, but it’s going to be a long time before that can actually happen!

-Replace the back roof.  Right now, we have rolled roofing on the back part of our house.  The slope is not enough, so we’ve got a leak in the door frame to our basement.  I think we’re going to go with a metal roof and hopefully will be able to do this ourselves with the help of friends and neighbors.  That would be an amazing blessing to not have to pay a roofer to replace our roof.  Here’s hoping!

-Replace 3 front windows. These windows have been needed to be replaced for a few years.  They are old and drafty.  In fact, when I was wondering “how do much replacement windows cost?“  I should have sucked it up and replaced them then.  One of our neighbors offered to help us replace these, so hopefully we’ll be just out the cost of the windows themselves.

-I need to set up a Christmas savings account so that I’m not stressing about money in December again next year. Also, I need to be better prepared with making gifts and start that in September or October if I go that route! I stress too much and don’t enjoy the season if I don’t have my stuff all together.

-I’d like to get pregnant in 2014! I’m hoping this is a fairly easy process this time.

-Save more money in general and be more aware of where our money goes. I have started a spreadsheet to track where all of our money goes. I’ve been trying to stick to our budget since Mr. Money’s pay cut and I do a good job of writing the budget but then not tracking to see how on track we are. For instance, I’ve got $400 a month allotted for groceries but sometimes I blow this out of the water and don’t even realize it.  I think if I track how much money we’re spending I’ll do a better job of being more conscious of how much we have left to spend.

This year it seems like we’re going to have a lot of expenses, so it’s important I am very careful with our money.  I hate the thought of spending so much money but it’s a necessary evil sometimes.  The truth is, we probably should have had the roof and windows replaced years ago so that’s that.

What are your 2014 goals?

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