Staying Ahead on My Budget
 |
| Photo from pexel.com free photos. Love a good pen, paper, and calculator experience. |
I feel I'm back to using this blog as a personal finance/ thrifty living blog. Of course within that vein and in alignment with priorities there will be travel, retirement, and life updates/figuring things out as these all impact how I use money. I want to see money as a tool to support a good quality of life, not monetary acquisition as the goal. I've read too many blogs where keeping more money in hand, with very little joy reported as a reminder to this. Of course, I only read and see what they share and may well be completely satisfied and happy.
I've an expensive life budget the next 9 months, much due to a significant negative variance between my HSA and health insurance premiums. I knew this for 2026 going into retirement, but that doesn't make seeing the impact less jarring each month especially when premiums went up 17%. Add to just the increases in every spending category with little to no changes in what I'm buying, and no wonder I'm feeling the pinch like everyone else. I'm not miserable though as the expensive year in part is for some good things for my family. Also, I'm in a better position than many to absorb the financial strain and still enjoy life. I like a good challenge so am harnessing my inner frugal soul to act on strategies that hopefully help me ride things out.
- Deposit sinking, emergency, and long term savings immediately into the high yield new account I set up the end of February. While cash flow will be tighter, seeing actual dollars rather than pennies in interest at the end of the month is encouraging.
- Turn off the discretionary "faucet" and divert funds to basic needs. The cash for entertainment is finite and requires thoughtful rather than immediate spending. If there's anything leftover, I won't roll forward but subtract from what I take for cash the next month. I'm really looking forward to warmer evenings, a good bottle of ros`e, and having company at home. Walks that end with perhaps a coffee or pint of beer/ hard seltzer will fill up my social needs.
- Reduce spending target on all non-fixed line items, groceries and household primarily, but also clothing, gifts, and entertainment. Use up everything purchased. I hate wasting resources period as more production is needed to replace what will essentially be put in landfills. Challenge myself to tweak by 10-20% and see how creative, while still living well, I can be.
- Cut emotional, boredom, and people pleasing spending. I don't need or want and neither do family and friends, trinkets and doo dads, single purpose impulse items, or anything that just creates clutter. If gift giving, think needs, consumable treats like specialty food, beverage, preferred toiletries, or experiences.
- Review the month ahead for opportunities to both not spend (community activities, best prices on necessities, etc.)and earn bits of money/ rewards towards budget lines. Example, use the $5 Kohls reward mailed to buy Godiva chocolate for my MIL as part of her Mother's Day gift of a patio plant, which I'll buy at the school horticulture sale ( which are always gorgeous.)
- Assess gift card collection and those rewards earned to offset entertainment and gift giving for the rest of the year. Some are several years old.
- Incorporate any side earnings or windfalls as part of spending plan, not a free for all. Use these to cushion the rest of 2026.
- Set target goals for future purchases, vacations, home maintenance and other high ticket spends and visually track against progress.
You all are probably face palming at the simplicity of my list...of course I should be doing these things. Writing out a list helps me reference ideas as the month goes on and money runs low as it doesn't always come to the forefront without prompts.
Bailey feels the pinch from the cost of her health insurance too. When all combined together (home, auto, health, etc.) Insurance is our biggest monthly expense here. After seeing the excessive gifting at Christmas time for some family friends children, we will only be gifting them consumables this year. It was way over and beyond what any child needs. No face palming here, I like to add simple tasks to my lists too.
ReplyDeleteIt's really incredible how much individuals are expected to pay for basic coverage. The alternative is too much risk though.
DeleteThose all sound very doable and rewarding. I suspect you can still be very happy and social while achieving them.
ReplyDeleteI think Spring and summer should be easy enough as there's natural gathering opportunities. Come later fall, things get tight for awhile so I'm trying to get good habits now.
DeleteEaster started a family decision to stop all non consumable gift giving. Granted, the term is loose…new towels for their bathrooms? Yes. But no, as you put it, doo dads. Just four years into this move and I feel I am trying to rid myself of unnecessary items. Of course, I was always the mean mother who would wrap fancy shampoo and matching conditioner for Christmas gifts, so it’s not a big change.
ReplyDeleteIf I want to give a gift to a neighbor or friend, they get a hand poured beeswax candles, handmade card, or a baked good. If anyone is bored, they can go for a walk, NOT online shopping or the mall.
May is a no spend month. The boys are on board with the goals, Daughter not so much. I think my boys have a better sense of what’s going on in the world, as opposed to daughter who is in her bubble in campus.
I am also endeavoring to remind the family that no is a complete sentence.
-Meg B.
I agree to loose definitions. My kids likely have home good needs...towels, yes, a good set of flannel sheets etc. They all love movies and coffee outings, youngest very into getting theater tickets, son likes sporting events. Much better than yet another sweater on a shelf. Your neighbors are lucky recipients of such thoughtfully given gifts.
DeleteIt is very hard to "live now" while planning for the future that may or may not come. I retired in 2019 and took a fairly strict allowance traveling mostly to stay w/family and friends and covid prevented even that for most of those first 2y so this girl was livin' on the very cheapskate by default budget. I grew and preserved boatload of food stuffing my canning pantry and a 14cf freezer of vac-sealed foods.
ReplyDeleteIn fall 2025, I made the decision to spend down half my IRA in the next 5y. I turn 65 in 5 weeks. I know how to live like a miser and if I must hunker down and stop travel at 70, I will. I've attended 3 funerals in 5 months and I will not have regret of what I "could have done" as those 3 women had. :-(
You have my full cheerleading efforts to make the financial moves and life moves that give you joy and satisfaction as you move forward.
Economy aside, I'm just making choices for now but expect my travel budget will expand in the near future. I feel like I need to fulfill some if my husband's plans he worked so hard for and didn't get to experience. At 66 I'll start taking my work pension as it'll be fully what I'm eligible for. That'll be a big game changer to my finances in the positive.
DeleteThey all sound very do-able. Roll on summer when we can spend more time outside an dnot need the heating on! x
ReplyDeleteYes! I'm keeping my eyes open to stock up on wine...can't really do for beer as it's more dated, but love the idea that afternoon happy hour is and cork screw away on any given day.
DeleteI share some of the same goals, particularly in connection with the gift cards. I also have some that are several years old. The more they languish, the less they will buy. FYI, I just discovered that you can do weekly quizzes on the AARP website and earn points for rewards. They have a few gift card options.
ReplyDeleteSorry-comment above was from me..
DeleteI'm bad about remembering I have them. Some were from thoughtful people after my husband died to get a no thought meal. Many gifts from retirement and some were earned. I didn't know about airport quizzes. I'm going to look.
DeleteRefreshing to see how you are approaching finances; I am doing a lot of the same figuring/thinking/calculating as prices go up, premiums go up...yep yep yep. Go for it, Sam!
ReplyDeletePremiums up, copay up, and deductibles up-Trifecta. April and May are a good starting point to reset my plans and mindsets.
DeleteYou have a great way of approaching your finances. As prices rise, most of us have to think harder about how and where we are spending our money. Looking for joy and travel closer to home is one thing we are going to be looking at closer after our (probably last big one) trip this August.
ReplyDeleteGod bless.
Had a nice dinner of cockpit curry, tons of leftovers, with my two oldest. Froze big portion for youngest. Not that I don't cook ever, but it would have been easy to just go out for dinner. This meal cost less than one dinner out for all four if us. Those are the tweaks I'll keep finding. I've got a short list of day trips and found a few options for a relaxing overnight that can include pup.
DeleteOkay…pretty sure you meant “crockpot curry,” but it came out “cockpit curry.” That has sent this pilot’s wife into coffee spewing peals of laughter at utterly inappropriate metaphors.
DeleteHave a wonderful week!
-Meg B.
Too funny! Darn auto correct on a phone but hey, maybe a new dish?
DeleteSounds like a good plan moving forward.
ReplyDeleteWe are definitely knuckling down on discretionary spending and trying for more purposeful purchases/spending. We do want to go away, we like going places and seeing things, but as a result of gas prices we are limiting the area we travel for our Sunday Adventures - best to save that money so we are able to go camping or such.
My camping in tent days might be done, but I've looked at inserts for my crossover to have a bed for perhaps a stare park jaunt with pup. He can't walk much though. It's choices isn't it.
DeleteA lot of state parks offer "yurt" camping or glamping nearby. Some of the ones we've stayed at have a charging outlet, a way to wash your hands, a mattress, etc & I'm willing to do that for a few nights. Tent camping would crush my back, but I'll happily glamp for a few nights. - Hawaii Planner
DeleteNo to the ground for me but I might be able to handle a cot. I'd have to bring pups bed along..he lives his place.
DeleteI like the feel of a calculator too, preferring it to the one on the phone. you are doing well being mindful of your money. Good for you I say !
ReplyDeleteIf I had a 10 key with a tape, I'd really be happy. Money really needs to be treated as a resource but not the goal. Seeing the most despicable miserable humans that belive value is in money reminds me what the real objectives in life should be. Still, it's easier to achieve the objectives and goals not worrying about paying bills.
DeleteI always feel you've got your financial situation under control and will definitely make it work, even if escalating prices are unpleasant for everyone (although much worse for those on lower incomes with larger families). I heat my home (and hot water) with fuel and just had to order 1,700 litres, all while praying they wouldn't limit me to 10 litres (they didn't)! An 80% increase has hit hard but what can you do? At least we're not those poor people getting bombs dropped on them and their loved ones! That definitely puts things into perspective!
ReplyDeletePaying ahead when possible is sort of inflation insurance. It helps me see the chunk out of the checking account and then balance the rest accordingly. My water bill skyrocketed due to increases and our water issue when I was gone. But it sure was good knowing I could pay it without sacrificing groceries. Sad that too many would have had hard choices. And yes, war and violence and fear of being bombed should not have to be faced by anyone. I've never had that kind of fear and am so sorry this is happening world wide.
DeleteNo face palming here either. The point that jumped out of your post for me was referencing people pleasing spending - last year I told my dear ones that I wouldn’t be buying gifts at birthday/Christmas for the foreseeable future. This felt hard and although some were ok with it I’m sure others may not be. But, it is saving some money and also saving me some anxiety about what to get thats acceptable and not wasteful . I always make and post appropriate cards so that folk know they are in my thoughts…….. if I suddenly come into money I’ll splash the cash again, but until then ……..
ReplyDeleteAlison in Devon x
Too bad not all accepted yout spending priorities. I love the thoughtful card, preparing a meal, a joyful bunch of wildflowers as tokens of care.
DeleteI definitely need to turn off the discretionary faucet, although I have justified recent expenses for my self and my home due to a large decrease in my house note. I am carefully setting aside monies each paycheck and each month, so I'm trying not to be hard on myself for expenditures.
ReplyDeleteTaxes, insurance, and utilities all keep going up by so much that even with no mortgage, it's expensive to live here. We can't be hard on ourselves though if we're living responsibly and paying bills and necessities first.
DeleteYour staying on track helps motivate me to me stay on track so keep these posts coming!
ReplyDeleteIt's a plan, but not there yet. Hoping I learn from others as well.
Delete