Hey you guys!! Last week , I shared how I’m looking back over my progress of saving for an emergency fund. I wasn’t too proud of the fact that I am no where near the original goal I set. So, instead I’m taking a few steps back to get a few forward. I’m also working on trying not be so overly ambitious that I fail all together. I’m learning that I just need to put one foot forward for the first step then move to the next one, cheer, move to the next and cheer, instead of trying to sprint up the staircase, ya know.
We all need a little coaching on the way. I know I do! So, a couple of weeks ago, I made a commitment to read more financial books specifically for women and millenials (not one) to help me build my financial stamina while climbing. Currently, I’m reading Refinery 29’s Money Diaries. I read the blog but kinda missed the announcement of the book. Under a rock, you say.
The idea of tracking my money every week came from Money Diaries. The Money Diaries began as a series where women discuss the taboo topic of money. Why isn’t it that we don’t talk about money? Women track every last dollar they spend for a seven day period. I used to read the blog series quite often but never felt like I could identify. I was like Tuh $100,000 salaries.. I can’t relate. But then, I would occasionally see someone living glamorously on a budget like myself. What I noticed though was quite eye opening. It doesn’t matter how much comes in, it’s how much you keep. Money goes much further when you are in control of how it flows out of your pockets.
Why not give it a try? Track every single penny I spend so that I know where my money is going. Most of all, where I could have been saving instead of faux balling. Speaking of saving, really quickly, in the book there are some really easy savings challenges. Surely to give my emergency fund a boost. You check off one financial task per week over a six week period and save the corresponding amount. For example, Week 1 asks you to write down your financial info—save $1. Week 2 challenges you to do one annoying financial task —save $2 and so on.
Last week, I started tracking way too late. I got to this chapter well into Wednesday. For consistency sake, I’m tracking how I spend all this week and will begin sharing my weekly money diaries every Monday. We’ll call it Money Mondays in this series. I think it’ll be cool to also give you a little peek into my day as well. Know what else would be cool, video. How about you all be my accountability coaches to help me stay focused on vlogs.
Oh before I go, I promised to share my monthly savings goals as well. I figured I would break it up into weeks to show that I am mastering small steps. I’m going to get there this time!!!!
WHERE AM I NOW?
EMERGENCY FUND BALANCE AS OF APRIL 2019= $420
INCOME : 3rd week of April = $600
SAVINGS : 10% of income : $60
SAVINGS GOAL = $187 PER MONTH/ $46.75 PER WEEK
TENTATIVE GOAL DATE = DECEMBER 2019