It’s almost the New Year again, and for me, that means reviewing the budget! As the nerd in the relationship, I honestly love studying the old budget and taking a look at some changes we can make in the upcoming year. I was pleasently surprised that my wife shared my same enthusiasm today and was ready to pencil down some options for our new revised budget.
Problems in 2010
This past year, we decided to use cash for most of our every day purchases such as clothing, food, and play money. This worked great because we could tangibly see how much money was left in our fund by taking out the cash. However, when we decided to use Mint.com as our budgeting tool, it was very difficult to track the cash.
Mint in 2011
We decided to utilize Mint.com to it’s fullest potential in 2011. In order to do this, we are not going to be dealing with cash any longer (no credit cards either, only the debit card). Each one of our budget categories is going to be posted on our Mint account and we will both be referencing it whenever necessary.
Pay those debts faster!
Also, in an effort to pay off our debts even sooner, we have decided to tighten our financial belt even further in 2011. Until our debts are paid, we are eliminating our clothes money, play money, and gift money. This will allow us to pay an extra $400 or so each month to our debtors!
If all goes according to plan…
If the unexpected expenses will stear clear of us for a while, we should have our debts paid in full by March, 2011!
What are your plans for 2011?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.