WEEK 3: IT'S TIGHT BUT IT'S RIGHT
HEY HEY HEY...It's week 3 and as promised, I'm telling ya'll all of my business. Week 3 was a bit of a challenge for me but I made it through. I had extra disposable income from Week 2 or last pay period due to my rent not being due until the 20th of each month. I took care of all the line items in my budget like utilities, self-care for Amira and I, gas and food in order to get those out of the way. I did have some extra money that wasn't necessarily allocated to any particular budget expense. I didn't splurge or buy any unnecessary items although I was enticed.
I'm not a big shopper but I do have a running list of things I "desire" and having a little extra money makes me feel like I should go ahead and purchase it because I have it. NO MA'AM PAM!! I promised unless it is really a necessity I can't make purchases until I have reached monthly goals.
- I declined buying new concealer from MAC.
- I declined buying magazines.
- I declined buying new glasses.
-I declined buying Starbucks.
- I bought fabric to make a dress but returned it when I found a dress much cheaper already made lol.
I was invited to the NAACP Image Awards Watch Party at the Civil Rights Museum and needed something to wear. I like to make my looks when I am going somewhere fancy but many of you know--I'm really not in the mood to sew. I bought fabric just in case but after procrastinating to cut the pattern and fabric, I just went to the mall. I NEVER shop in malls, like never. However, I am focused on getting to my goal and I felt like I could go to a trendy little store and come up on something just as fabulous. The plan was to find a cute little dress under $30.
Well look a here--- a dress for $10.91 at Windsor!!!!! I paired it with my Givenchy choker and Style Junkie earrings. I received so many compliments and felt pretty cool that I also had some extra coins in my little Coach bucket bag and savings in my account too.
Here is the it's tight part....
The challenge in week 3 was not realizing my next paycheck would be about 32 hours less. RIGHT! We were closed from December 22nd-January 2nd AND of course, someone is on probation so I don't get paid. I totally forgot about it. I did panic for a second. Now let me get into something else really quick, I approach money so strangely. I have a fear of dealing with money, being broke, or something. I really have considered seeking therapy for my financial fear. I'll get into it later.
Those feelings I normally have came back and I almost relapsed back into "Oh hell, I'm broke what is I'm gonna do" mode. But I realized if worse gets to worst you do have $297 in savings. Then, I started thinking how much of a failure I'd be if I exhausted my new little emergency fund and had to start back over at $0. I thought, man I'll be super bogus to dip into my emergency fund when I'm trying to inspire others to get this schmuney.
No, No, No we can't allow bad thoughts to enter our heads. Instead, I proactively sat down and reevaluated my budget and declared that it is okay to only save 10% of my income this pay period. I know 40% sounds really good but I wasn't able. I would then repeat some of the same habits before starting this challenge.
I left my debit card home for the rest of the week. I ate cereal for dinner a couple of nights and limited my spending all week long to make sure I would have an extra money. I needed to keep at least $150 on reserve in the case I couldn't make some magic with my paycheck.
I DID IT!!! All bills and budget items are paid. The tank is on full. Groceries in the fridge. But here's the thing, I saved FIRST. I am definitely an advocate for saving at least 10% first, paying bills and enveloping money then if you have any leftover save some more. LOL.
AS OF JANUARY, my monthly goal was set at saving $500 per month. Week 3 I am at 75% of goal with $377. This is when things start getting tight or a little challenging. I love seeing the monthly bar increasing but OH MY GOD, It looks like I'll never get to the $5k goal.
As I move into Week 4, I have planned to make some major shifts to help achieve my goal quicker. I will reevaluate my income mainly in securing another solid stream of income. I will also try to develop a more refined envelope system and use only cash. Here's another thing, I realize I really should do---journal about money. I share my success next week.