So, I’ve talked a lot about how I do my monthly budget and what I do to make sure Christmas doesn’t make me go broke. This post is going to be about getting ahead of the game and I’m going to give as many specific examples as I can. With the arrival of baby #2 quickly approaching, I’m in panic mode to get as much income as I can set aside so that my finances and the credit that I’ve been working so hard to get back don’t plummet. The goal is to save $4500 over the next 4 months. These are my strategies:
First off, where whatever extra I had at the end of each month used to be fun money, that money is now being set aside in a separate envelope entitled “Extra” (very original, I know). This month, I had a phenomenal weekend over New Years’ Eve weekend. That now puts me in a position where almost everything I made this past weekend, and everything I make over the next 2 weekends (Yay for 5 weekend months!!!) is considered bonus and will be set aside in that envelope. I’m hoping it ends up totaling somewhere in the vicinity of $1500, but I will be happy with whatever I can save. This will go for the next few months until I go out on leave also.
As you know, I’ve also taken on a second job. While it only pays $8.15/hour and the maximum I’ll be able to work there will be 24 hours per week, this still should net me approximately $313 per paycheck, at two paychecks per month, equals approximately $626 per month that can go straight into my savings. January is a busy month with doctor’s appointments and days off of school, so I’m only going to count that rate for February through the end of April. This should generate about $2000 by the time I go on leave.
I am going to take one paycheck per month and start transferring that into my Capital One checking account so that it’s out of mind and I scale back on my debit spending also. That spending isn’t really out of hand because I don’t usually leave a lot of extra in that account to have access to it, but an extra $100 per month couldn’t hurt.
I also have hopes of one day earning a paycheck from writing this blog. It’s going to take some time and a whole lot of effort, but I’d really like for it to be a success. I don’t expect to be one of those “6-figure bloggers,” although I wouldn’t say no, but if I could start off by earning $500 per month I would be extremely grateful. If that could happen by say, March, that would give me the extra $1000 I need to hit my target goal for my maternity leave. It would also give me an opportunity to work from home and still generate some income while on leave. Hey, a girl can dream.
All in all, it won’t be an easy goal to hit, but it’s not unattainable either. By setting small, realistic goals in each area of income I think I will be able to achieve my goal by the time I have the baby. The goal is to hit this milestone without having to tap into our savings or force T into working a ton of overtime and missing out on valuable family time. That alone makes it worth trudging through the next few months. I’d rather have him home with me and there for as many firsts as possible than emailing him at work to let him know what he missed.
Do you have a goal in mind for the year? What is it and how do you plan on saving for it?
Can’t wait to hear from you!