We did it! We actually hit our $30,0000 savings/priority spending goal a month early. It got a bit convoluted because we tapped into savings to overspend on the home improvement. We would have had cash deposits of $21,470 had we not had to pay back our prior savings. We overspent on show choir trips, but tracking the ins and outs based on our priority, we are at $30,085 for the year with December still to do a final push. Based on what I think we will be spending on Christmas, my target is to stick an additional $5,000 away. DH's first check of the month was very positive.
Here were priorities above regular cash flow, though for next year as we develop a new budget, we'll incorporate some expenses as part of regular cash flow..
College $21,000
Show Choir Trips $ 1,970
Graduation Party $ 900
Move In Weekend $ 175
Parents Weekend $ 175
Choir Concert Trips $ 350
Home Improvements $ 5,430
Total $30,000
Here's is where the money above living expenses went.
($0) Borrowed from Savings
$ 18,300 Deposit
$ 2,910 Show Choir Trip #1,#2, #3 + Nashville (we are over in this category by $940)
$ 100 College Deposit
$ 175 Parents weekend (though probably overspent on this in eating out and entertainment_
$ 8,600 Home Improvement (Over in this category by $3,170)
$30,085 Net Result
I'm slowly chipping away at Christmas Spending, still hoping to wrap up by end of day next Tuesday. I may have been the victim of a theft though. It wasn't a huge expenses, $53 worth of an order that supposedly was delivered on Monday. I'm hoping maybe it will show up as we are regularly getting wrong deliveries in our neighborhood. I guess I've pushed my delivery luck too far and will have anything else delivered to DH at work or store pick-up. I hate that about the convenience of ordering. There are always people out to steal someone else's fun. I won't let it dampen my spirit though.
Good for you. Getting a kid into college is expensive and you did well.
ReplyDeleteyes-but we were greatly aided by DH;s better than expected year. this is not the norm.
DeleteIt's interesting to see how well you plan your savings/spending. Within reason, if you can plan it you can do it can't you. But well done, that's an amazing achievement!
ReplyDeleteDH had gross pay 20% higher than last year. had he been the same, I think we would have perhaps missed the mark by over $10,000. I'm not planning on it for next year.
DeleteGreat job! Do you know how much money you'll have to give to daughter's college every year? Can she live off campus next year or is that not in the plan? My youngest moved off campus sophomore year and it actually was cheaper for me- she had her own room and 2 housemates and they shared expenses. Her academic scholarship paid tuition and books for 4 years so that was nice.
ReplyDeleteWe have budgeted her costs increasing by 4% each year baaed on the schools historical averages. She has a sizable scholarship, but it doesn't cover all tuition and living. We're having her stay o campus one more year-then most likely off campus or at least the campus apartments. She also will have a semester abroad to figure. So yes, basically, we are pretty sure what we will be contributing each year.
DeleteWell done! Aren't thieves the worst? As the economy gets worse (and it is everywhere) it seems to be happening more and more. A friend had her personalized christmas cards stolen but she had a video camera at the door and a week later the thief was caught. Now was that really worth stealing for?
ReplyDeleteI have one final order to come-placed before the theft, so I sure hope it turns up. I'll have to replace the other gift though for sure.
DeleteFantastic! I am thrilled for you! I hope the item you ordered turns up. Nothing worse than a thief.
ReplyDeleteSo far no luck on the order turning up and since it was supposedly delivered Monday, I'm not holding my breath at this point.
DeleteI too join the conga line of congratulations
ReplyDeleteThank you-it is well needed in the years ahead.
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