I was going through April’s income and expenses this morning. We’ve accomplished a few of our goals last month. After buying a car our account balances are looking a bit lower than I’ve been used. However it’s expected and we are working on our other financial goals.
One of the remaining goals is paying off the student loan debt faster (hopefully get the balance down by 20% by December). One source of extra income has been net income from ads here on My Financial Reviews. While that’s been off to a good start, I’d like to speed up the process.
May Financial Goals
For May, my goal is to cut our monthly expenses – intead of looking at everything at once, I’m going to focus on one or two expenses each month. For May I’m looking at cutting back on food expenses and gas expenses. With food expenses I’m going to only use cash. That means visiting the ATM once a week to grab my eating out money. Once it’s gone, it’s gone until the next week. I’m going to see if I spend less with cash, if I do, any money I have left over that week will be tucked away for an extra student loan payment. I will not roll over any savings.
As for cutting gas expense, I’ll be working at increasing the gas mileage I get with the Honda Accord and reduce the amount of fill-ups for the month. My goal is to save on at least one fill -up which will too towards paying down the student loan. The fun part for the gas mileage is that it’ll be the first contest My financial Reviews will be jointly hosting (along with Couple Money). It’s my hope that a little friendly competition along with prizes will spur people to join in and save some money.
Thoughts on Saving Money
Do you have any goals on cutting back on expenses or saving money? Let me know in the comments!