I recently spoke about how I was having a serious case of the ‘‘iWants”. Thank you so much for all of your comments. Commenting and connecting with individuals is why people blog, it keeps us going. Your comments were exactly what I needed to hear. Though there was nothing revolutionary about them, sometimes you just need to hear certain things from other people.
I think a big reason me wanting stuff was making me feel kind of crappy was because I knew, based on our current budget, I couldn’t have these things. A tough reality-filled pill to swallow. They were not on the budget and there wasn’t really any way to make them work. None of them are necessary for my survival but a few of them will sustain my sanity, especially while living like such a self-confessed tight wad.
Over the last week or so, I’ve shuffled through my mental lists about what I want and justified why I want them and have decided I’m going to make them happen only if I can still reach my extra debt payment goal every month.
Until this point, any extra income I made was not going, for the most part, toward additional debt payments. With me being on maternity leave (which I wrote about a few times, here and here for example) any additional income I made mostly went to funding our family reunion and supplementing my lost wages a tiny bit.
Now that the reunion is over, I’m back to working full-time and we’re working on a budget that includes my new income time to make some get-out-of-debt-fast-magic happen!
Starting for September, my goal is to make a minimum of an extra $400 per month in additional income which 100% will be for extra debt payments. With this additional $400, we will be able to have our DMP paid off before Maria’s third birthday. Two years and four months before we’re projected to be done the program. (Note: total non-mortgage debt will be paid off about two years later)
Once my minimum $400 per month extra payment is satisfied, any additional monies I earn for side hustles (staff writing mostly, some advertising and selling crap online) will go towards buying stuff we need/want that isn’t in our budget. I’ve done a rough calculation and I think we can get most of the home spruce-up stuff done for $1,200-1,500 total. This includes everything from paint to replacing a few closet doors to finishing our deck. Stuff that isn’t eminent but needs to get done. Since we’re on a financial lock-down, these monies can’t come from our regularly budgeted funds so we have to go out and make it another way.
I also desperately need a new laptop, I seriously fear mine will blow up…I’ve seen smoke come from it…I don’t need anything fancy something in and around $400 will suit my needs.
Importance of Planning
Before writing my post last week I felt totally overwhelmed about thinking about all the stuff I wanted. I want to paint my bedroom, I want to fix the closet door downstairs and I want to finish the deck project we started two years ago but it felt totally impossible. I thought for sure my want list would total in the multiple thousands of dollars. But guess what? When I sit down and rationalize my list of wants I was pleasantly surprised to see I would be satisfied fixing multiple smaller things around my home and know I can make the money happen. It will take some time but with a concrete plan it seems so feasible now.
It’s amazing how having a plan can make your life so much better. I just hope I’m able to execute it!
And so I’m off to find ways to make this happen. I’ve already got a few staff writing gigs that I really enjoy which bring me close to my goal but could probably use one more guaranteed income source. I need to make a minimum of $400 but obviously would like a little more in order to satisfy these wants
How do you balance your wants while working towards more important financial goals?