Friday, May 6, 2011

$40,000 - 1st Month Recap

Another week has passed, making it a month since I started this challenge. And how have I done? Not bad, but not as good as I could have.

I didn’t go into a lot of detail about what the $40,000 was to include other than a trip to Tasmania, another to Hawaii for a wedding, some debt, (mainly our car loan), as well as the usual large expense like car registration and a few other things.

So far this month I managed to reduce our grocery bill and save a bit there by menu planning and only buying what we needed. We were fortunate enough to get some fruit for free from my mother in law (she got given 2 large boxes for free) and we also had a few family functions which I only needed to take a dessert to, which saved me needing to make meals a few nights.

Where I live we have to arrange a few things for our car registration, which when I looked into it all (insurance, registration, mechanical inspection) it was going to cost $2,500 total. I shopped around and managed to get the insurance significantly cheaper elsewhere and our car service/inspection was cheaper as well so I saved $400 there.

We reduced our debt a little by $1,500 which was nice. We had a week where my husband didn’t have a lot of work, but it has picked up now, so we plan on reducing this even further.

I have reduced the amount we need from $40,000 to $35,500 so whilst we have done , we need to step it up a notch.

We still haven’t sold the second car. We needed it for a little bit, but now we can get rid of it. I only listed and sold a few of the things I intended to, so I need to get that done.

It is coming along nicely though and we are really happy with our results so far. This month I am aiming for $7,000 to be able to stay on target!

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