Thursday, May 8, 2008

Our April Financial Check Up

April was a great month for our finances. Basically this last month I had three goals.

Pay off as much credit card debt as possible. We only have one credit card left, and the balance was $10,000 at the beginning of the month.

Double our Emergency Fund to $2,000. Since everything is becoming so much more expensive, I reason that emergencies might also go up in price. Best to have a little more fat in lean times.

Reduce our expenses as much as possible. This included walking instead of driving, diligently turning off lights when not in use, and conserving water.

Goal number one was accomplished in a big way thanks to 'pinsching' our pennies and using our tax return. Our credit card debt now stands at $5,000. I was also able to accomplish goal number two and goal number three.

Reducing our expenses (gas, electric, water...) was the only way we were able to meet #1 and #2, though that tax return was a big help. I also took all the extra work I could find (without neglecting my kids;) to make extra money.

May's goal? Finish paying off that credit card debt. Can you guess where our economic stimulus check is going?

2 comments:

Andrea said...

Wow - AWEOSOME Progress!! That tax return (and future stimulus check) is going right onto our debt!! I bet you feel so good about all that you have accomplished! Great Work and good luck going forward! The rest of it will be paid off in not time :-)

angelcat said...

Andrea-

Thanks for the encouragment! Good luck paying your own debt down :)

Angela a.k.a. Penny Pinscher