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October Look Back / November Look Ahead

November 3rd, 2014 at 08:52 am

The look back/look ahead is just my way to try to keep myself on track with my saving and spending. I have an Excel spreadsheet I love for tracking my debt paydown but it doesn't translate well to saving and spending; I find I'm more about words than numbers for those areas.

October ended up being a big "financial" month, mostly because I spent the vast majority of the month looking at our finances and budget and debt and all that fun stuff. I don't keep to a "budget", per se. I know how much is going to come in each month (aside from snowflakes) and how much has to go out, and I keep up with that every few days (kind of like balancing a checkbook, but I do it in Excel). Most of our daily expenses go on the Freedom card, which we pay off before interest hits, and there's a lot of flex there. Our October Freedom spending was way out of control, though, about $2K more than usual. (Some of that was the $586 medical bill I ranted about a while back, and another $500 ended up being refunded, but still, we spent a lot more than I expected.)

So I got it into my head to go back through the last year and total up all of our transactions, in broad categories, and see just how were were doing in general. I had myself quite freaked out for a while, too, because any way I looked at it (last three months, last six months, last 12 months) it averaged out that we were spending $3,500 more per month than we brought in. (Which on the one hand wouldn't surprise me, sometimes, but I just couldn't imagine how that could be possible when we still had money leftover almost every paycheck. It's just not sustainable, right?) It was, of course, a bonehead error on my part; we've done some debt consolidation and 0% balance transfer checks over the last year, and I deleted the loan/check deposits from our income -- but I'd forgotten to delete the corresponding card payoffs from the expenses. Oops!

Once I fixed that things look a lot better, although still tighter than I would have thought. (I suspect that's because of the averaging, though; we had some big expenses at the beginning of the year, but some big paychecks to cover them.) There's a lot we can trim, though -- we spend an obscene amount on eating out, I found, and most of it is lunches. S is on the road a lot for work so there's not much to do there, but I almost never bring a lunch to work. That would probably save $100/month, easily, so that will be my focus for November. (We rarely have leftovers from dinner, but I may start tweaking recipes when it's possible so that we do. My biggest problem is I'm always running late in the mornings, so packing a lunch is usually not on the agenda. Leftovers I can pack up the night before and just grab and go.)

Debt-wise, I paid off $2,373 in debt in October, paid out $935 in interest, and put $230 extra to my current avalanche debt.

We ended up doing another debt consolidation, the loan closed on October 31 so this weekend I made all the payoff payments. (I told S to check out the account online after the loan principal hit, because our balance probably won't be that high again for at least a decade! Kind of scary, though, to see the balance drop by several thousands of dollars overnight, even though I was expecting it.) This doesn't really affect my payoff time, which is about two years out, but will save about $3,800 in interest. I also took the $500 refund we got and paid off one of my lower-interest cards. It was due to be paid off in February, so I really didn't save much in interest, but the monthly payment was $133 so now I have that much more to put toward the other debt.

We finally gave in and turned on the heat Saturday night. I usually struggle to make it to October 1 before I get too cold, but we had so many 70-degree days in October this year I just couldn't justify turning it on for the 2-3 50-degree days in between. (Plus we have very warm snuggly bedding, and if I'm sitting on the couch I have a triple-layer fleece blanket plus any number of warm and toasty critters on my lap.) We had snow on Halloween night, though, and driving home from dinner at my mom's on Saturday is was I think 29 degrees, so we figured it was time!

Not much else going on for November. My niece turns 5 at the end of the month; my sister has asked that some of her "presents" be money, since they are going to start her on a "budget" plan (allocating for spending, saving, giving, etc.). She's having a party for the first time this year (she started kindergarten so it's with the kids in her class); I'll be helping out with that and since I'm not really a big fan of kids, I'll consider that part of my present, too! Wink We don't spend a lot on birthdays so that will be an easy cash flow. Thanksgiving is at my sister's and we share expenses (my mom, sis, and us) so it's another easy cash flow. Then it's just gearing up for Christmas and year-end stuff, and starting all over again in 2015!

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