Meeting together once a week to talk about our budget is turning out to be the toughest habit to form. We have “officially” only reviewed our spending and budget once in the last two weeks. Last night as we were winding down for the night, Scott mentioned that we still needed to discuss our finances, but we both confessed that we just didn’t want to. Yikes! How are we ever going to reach our BIG goals of paying off HUGE debt and building a comfortable savings with that attitude??!!
We have a budget for a reason—we are mostly a one-income family (my income is small, and not reliable), and we owe a lot of money from when we went to school.
We had our first son while Scott was in law school, and just days after I earned my master’s degree, while living in NYC—the most expensive city in the US.
Do we regret the debt we accumulated? Not at all! We would never trade our experiences and our education, nor would we do anything over. I guess our style is more, “live and learn” and move on. So here we are, on a tight, but very comfortable budget.
So back to last night—Scott did a quick glance online at our recent purchases to see where all of our money had gone for the past week and we talked about what areas of our budget we are definitely going over with our spending. Our main one: eating out. Which might seem weird, because we only eat out/buy food from a restaurant once or twice a week (and we’ve worked this into our meal plan), but we realized that we are still going over our budget in this area. We are going to try sticking to eating out only once each week—and our plan is to go out for lunch, rather than dinner, to help save even more. Another thing that we did last week was trade babysitting nights with our neighbors to save on babysitting for our dates. These small changes and sacrifices certainly start to add up to additional savings, but not as quickly as we’d like.
Maybe we need to revise our budget and make it more realistic, but that means adjusting all areas, because using credit is just not an option. But the only way we will know how it’s working and how to adjust it is by talking about it! So while 1 ½ meetings in the last two weeks is not bad, we could be doing better. And that’s our focus right now, even if it takes us longer than a month: review our budget weekly as a couple.