Author Topic: Hello May! New month, new budget  (Read 4696 times)

payitoff

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Hello May! New month, new budget
« on: May 01, 2014, 10:38:43 AM »
i get very excited every time a new month kicks in, its like a fresh start, a chance to fix or make things even better. what are your goals for May? ill start:

May Action Plan:

Focus: for May i am starting to build more pre tax savings
Freedom: this month, ill set myself free from financial worries, will try to minimize looking at the retirement calculator to once a week
Finance: 20% 401K contribution kicks in, will pay off 2 credit cards
Fitness: first inversion class this Sunday, imma gonna do a handstand soon
Fun: kids first fun run this month, gotta start em early!


PlanB

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Re: Hello May! New month, new budget
« Reply #1 on: May 01, 2014, 10:44:26 AM »
Love that you're approaching a new month with a new mindset to start fresh! Must remind myself to do that more..

payitoff

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Re: Hello May! New month, new budget
« Reply #2 on: May 01, 2014, 10:50:36 AM »
Love that you're approaching a new month with a new mindset to start fresh! Must remind myself to do that more..

never too late to start your list ;)

homeymomma

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Re: Hello May! New month, new budget
« Reply #3 on: May 01, 2014, 12:53:36 PM »
What a great goal list! Mine are much smaller. Stay in budget. Don't succumb to morning sickness and die. Don't let my toddler kill herself. These are daily goals as well, but I also get a rush of enthusiasm as each month begins anew. :)

PlanB

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Re: Hello May! New month, new budget
« Reply #4 on: May 01, 2014, 01:18:30 PM »
You're right! Never too late... May action plan!

Focus: Read/learn more about Roth IRA contributions for my husband (SAHD) who also works very part-time. Is that still possible?
Freedom: Looking forward to building savings/reaching savings goals
Finance: Save 1 paycheck this month (I receive 3)
Fitness: Bike to work 3x/week consistently (I've been doing 1-2 days in April)
Fun: Head out to NM to celebrate my eldest brother's 40th!

homeymomma

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Re: Hello May! New month, new budget
« Reply #5 on: May 01, 2014, 01:20:57 PM »
PlanB, yes it is possible. I am a sahm and I have my own Roth IRA. Some sources call it a "spousal" ira but it's exactly the same thing.

Sonorous Epithet

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Re: Hello May! New month, new budget
« Reply #6 on: May 01, 2014, 01:25:02 PM »
Focus: Bicycling lifestyle up a notch -- get the girlfriend addicted.
Freedom: Rebuild big chunk of emergency fund after actually using it for an emergency car fix last month.
Finance: 1% more to 401k. Keep tightening the screws.
Fitness: Weekend bike trips with the girlfriend.
Fun: May would be a good month for a car camping weekend.

begood

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Re: Hello May! New month, new budget
« Reply #7 on: May 01, 2014, 01:38:26 PM »
I love this idea!

May Action Plan:

Focus:
1) Really dig in to figure out how much is coming in and how much is going out.
2) Continue to minimize eating out - last month we only ate out twice, which is a HUGE improvement over our typical pattern.
Freedom: This morning I set up a regular transfer of $75 a month from checking to savings - the amount we're now saving from reducing cell phone/satellite tv plans, dropping Pandora, Netflix, and XM, and canceling two magazines. I didn't want those savings to just get absorbed in other expenditures, so this way, they get saved automatically. Once we figure out the in/out equation I noted above, I hope to edit that amount and move much more every month. :)
Finance: Talk to the mister about trying to start setting aside the equivalent of rent or a mortgage payment - or half that, or even start with a quarter each month. Something so that we don't feel so stressed about what we would do in the event of a life change.
Fitness: Continue walking on the track in the morning with a friend on school days. Add a weekend day?
Fun: All I really want to do is curl up on my screen porch with my Kindle and read the e-books I've "checked out" from the library.
« Last Edit: May 01, 2014, 02:12:25 PM by janiebegood »

jexy103

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Re: Hello May! New month, new budget
« Reply #8 on: May 01, 2014, 02:04:36 PM »
Great idea!

Focus: My financial goal for this month is to open my first taxable investment account. I'm still wrapping my head around the tax implications and what funds/stocks I want to buy, so my goal for this month is to make those decisions and git 'er done!

Freedom: I have a lot of changes happening in my personal life, so this month will be an adjustment period and settling into my new, happier, less stressful life. :-)

Finance: I changed my TSP (401(k) equivalent) contributions a few weeks ago, and it will take effect on my first May paycheck. I was on track to max it out this year for the first time ever, and now I'm on track to front-load max it out by July/August. :-) I'm excited to see what my new net paycheck will be. ;-)

Fitness: May is National Bike Month, and I plan to get my bicycle up and running this weekend (WD40 the chain and inflate the tires) so I can test out riding to work. I'd like to bike to work at least twice a week to start.

Fun: I have a week off between classes, so I'm going on a mini-vacation. I know the when, but not the where yet, so I have some planning to do!
 

Cheddar Stacker

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Re: Hello May! New month, new budget
« Reply #9 on: May 01, 2014, 02:52:50 PM »
Focus: Complete a deck renovation (downsizing to expand kids play area) using only the materials I already have.
Freedom: Take at least 1 week off work to work on deck project.
Finance: Finally open a Vanguard account. Already cutoff automatic monthly withdrawals going to my financial advisor which was a tough call to make.
Fitness: Get back on track with low consumption (food/drink) and take at least 2 long walks/week with family.
Fun: I need to brew some beer. It's been too long. Hopefully I can have it ready right when I finish the deck.

Now, someone needs to report back on June 1 so we are all reminded to post an update. Who wants to volunteer?

Thegoblinchief

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Re: Hello May! New month, new budget
« Reply #10 on: May 01, 2014, 03:06:15 PM »
Fitness: May is National Bike Month, and I plan to get my bicycle up and running this weekend (WD40 the chain and inflate the tires) so I can test out riding to work.

WD40 is NOT an appropriate chain lube. Everyone has their preferences. I've been using TriFlow myself.

But get on that bike!

Badass by 41

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Re: Hello May! New month, new budget
« Reply #11 on: May 02, 2014, 10:51:46 AM »
This is a cool idea.  I'll take a shot.

Focus: May is our first full month after getting our Mustachian Financial house in order, so we'll be monitoring that.
Freedom: This month we will free ourselves of our $140/mo phone bill.
Finance: Stay on budget this month.
Fitness: Ramp up miles/time on the bike. Tu./Th. add 30mi morning ride, Sat. add 3hr ride.
Fun: Commit to bike errands/library with the family every weekend.  Extra time with DS at the BMX track.

payitoff

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Re: Hello May! New month, new budget
« Reply #12 on: May 02, 2014, 10:56:24 AM »
You're right! Never too late... May action plan!

Focus: Read/learn more about Roth IRA contributions for my husband (SAHD) who also works very part-time. Is that still possible?
Freedom: Looking forward to building savings/reaching savings goals
Finance: Save 1 paycheck this month (I receive 3)
Fitness: Bike to work 3x/week consistently (I've been doing 1-2 days in April)
Fun: Head out to NM to celebrate my eldest brother's 40th!

your list looks good! 1 extra paycheck will be a great headstart!

ethereality

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Re: Hello May! New month, new budget
« Reply #13 on: May 02, 2014, 11:15:13 AM »
Focus: Reducing sugar from my morning routine to avoid crash in the afternoon. Do stretches to help deal with tendinitis.
Freedom: Cancel that darn cell phone and switch plans!
Finance: Reach $30,000 net worth. Maintain $5000 in cash, keep the rest in investments. Qualify for Admiral Shares. Pay off $500 in student loans!
Fitness: Bike twice a week to work.
Fun: Vacation with college friend! Be able to actually seriously take time off and not be half-working the whole time.
« Last Edit: May 02, 2014, 11:35:34 AM by ethereality »

marblejane

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Re: Hello May! New month, new budget
« Reply #14 on: May 02, 2014, 11:22:20 AM »
Great idea!

Focus: Putting my out-of-state rental property on the market this month
Freedom: Hopefully, getting an offer and counting down the days to no more mortgage payment
Finance: Pay off $5k of remaining cc debt
Fitness: Continuing riding my new road bike and practice bike handling skills (signaling, etc)
Fun: Mid-month vacation to visit friends in Chicago and family in Boston