Earlier this week Dean and I went to see a house. We weren’t planning on looking for a house until spring, but this one came up so we decided to go see it. (If we decide to try to make this house our home I will tell you more about it.). Last night we sat down to discuss finances. We decided that we want to pay off as much debt as possible and increase our house savings account before we put an offer on a house. I thought I would share what we are doing. Maybe it will inspire you. And you can hold us accountable…
Our plan for reducing debt:
– not to spend ANY money on non debts: this means no eating out and buying no more Christmas presents
– spend $50 on groceries this month. I know this sounds crazy, but we have two full freezers and lots of canned items in the basement. Now the challenge is for me to be creative with my meals:)
– no more credit cards
– use only cloth diapers. We were still using disposable diapers on Wesley and Nathaniel at bed time. No more.
– use cloth toilet paper
– turn lights on as little as possible
Our plan is then to focus all this money towards paying more on all our debt payments.
Our plan for putting more money in our house savings is pretty easy. Every month we put a set amount from the money we receive for rent into this account, so every month that goes by this account will automatically grow. We will also be adding the tax refund to this account.
Thanks for joining us on this journey. Please post any money saving/ earning ideas that you have!