The Debt Diet Challenge Week #3: Our Participants Weigh In

Chris

It was not a bad week. I had some small victories and a couple large expenditures, but I did not get out the charge cards. I was getting ready to take my broken mower to the repair shop. Instead, I got out the manual. I discharged the engine, I cleaned it, did some maintenance work and I got it started again. Victory!!! Then I mowed the lawn myself and saved an additional $40. I was hot, dirty and sweaty—but it felt good to save a repair bill and a mowing charge, too!

My two large expenditures: 1) my city-ordered sidewalk repair and, 2) dog grooming. I paid almost $900 in cash for these two things. The dog grooming was unexpected—he rolled in something foul and the smell did not dissipate with my home grooming effort. Since he is an indoor dog—money well spent!

I have decided to “borrow” a small amount from savings for two days, just to make sure that bill-pay payments were made far enough ahead of the due date to be received on time. That money from savings, however, was returned to savings on Friday, which was payday. My mortgage payment was due on the 1^st of August; my paycheck came on the 29^th of July. My primary bank bill-pay should’ve made it, but I didn’t want to worry or end up having it paid a day late. It is not worth it in the long run. My mortgage company charges $15.00 to pay by phone, so that is not an option I want to use, either.

A few more victories: Three days with no spending at all!! I also cashed in my change jar thinking it would be around $30-$40. It was a bit over $100. I will keep saving my change.

My goal this week is to develop a budget. I am reviewing last year’s expenditures and calculating occasional bills such a bi-annual auto insurance; auto license registration; and pet expenditures for veterinarian bills, food and supplies. I am in a period of low gas and electric bills, but this winter will be more expensive. I need to understand my occasional and fluctuating costs, and make sure I transfer additional funds to my savings each month, too, so that these types of items don’t surprise me. I have never had a real budget before, and I am learning about some of my spending patterns in the process. It is a good exercise and long overdue.

This program and my discussions with Jean are focusing me on results. I know the balances in my accounts on a daily basis. I keep my goals in front of me. I share my progress with family and friends. Jean reminded me to include holiday expenses in my budget—good point!! And, I am still losing weight!! What a great bonus!!

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Read Melissa’s story »

Image courtesy Debt Diet Challenge blogger Chris