Our Financial Peace Journey: May 2016
Disclosure: This post may contain affiliate links. At no extra cost to you, I may be compensated for purchases made via these links; thank you for your support of this blog.
Disclosure: This post contains some affiliate links. At no extra cost to you, I may be paid a small commission from sales via these links. Thank you for your support of my blog.
If you are new around these parts, the Mister and I took the Dave Ramsey Financial Peace University course through our church last year. We have a goal to pay off half of our consumer debt this year. You can catch up on our journey by checking out our previous recaps:
- March/April 2016 update
- February 2016 update
- January 2016 update
- December 2015 update
- weekly FPU updates
May was a tough month to make ends meet. We pay our auto insurance six months at a time, and our premium was due. Also, the dogs were due for their yearly visits and vaccinations. We’re not quite to the point where we have the wiggle room to set aside monthly amount for these expenses yet.
It would have been nice to have picked up a little more extra income, but I’m going to be content that we got all the bills paid. Not every month is going to be a huge payment on the debt snowball.
The bummer is that we finally got our tax returns back from the accountant. Even though we’ve been saving since we started the Financial Peace University course six months ago, we’re still a few grand short. There’s no two ways about it, it will have to go in the debt snowball because I’m not comfortable dragging my feet on payments to the IRS.
The Mister has been hustling. While we didn’t have a lot of extra income in May, he’s lined up about four extra weekend gigs for next month, which should knock that debt increase due to taxes out by August. Also, I’m going to call the fact that we calmly sat down and created a plan for the deficit without any tears or fighting a victory.
In spite of the fact that May is a high expense month for us, we still managed to squeeze an extra $100 out of the cash envelopes in groceries and household to put on our lowest debt. It will be gone by the end of June.
What are your financial goals for 2016? What changes are you making with your money and budgeting processes this year?