minimalism · Personal Finance

Challenge Every Expense: Week 1 Update

In order to pay my mortgage off by June 2020, we will need to reduce our monthly spending quite significantly. We currently have $300 in our budget allotted to savings, so that leaves $1,020 for us to find. Here is where I am at with in my challenge:

  • Gym membership – I haven’t used it since February. I truly love attending classes, but my schedule hasn’t allowed for it. I have paid up until June 15th and have until September 15th to reinstate my membership at the current rate. Lets see if I use it before June. Savings: $30.00
  • Piano lessons – Prior to making the decision to pay off the mortgage in 4 years, I was hesitant to pull the kids’ pianos lessons. Now, I feel confident that we can skip a few years of lesson and return if they are still interested. I told the piano teacher that we will be breaking for the summer, but I will lay the bad news on her soon. Savings: $120.00
  • Cable and Internet – If it was up to me, I’d get rid of cable entirely! However, my husband is addicted to having the TV on. I think he doesn’t feel comfortable with the sound of silence that I crave for. When he leaves, I immediately turn off the TVs even if the kids are watching (they love when I do that). Last Friday, I called the cable company and after 20 minutes, I was able to reduce our bill for the next year. I’ll have to call back next year but I am happy. Savings: $24.00
  • College Funds – Each month, we have been putting $100 into our children’s 529 college savings accounts. This was one of the more difficult decisions to make. However, time is still on our side and we are still investing $25 a month for them. My daughter will enter her freshman year in 9 years. Our plan is payoff the house and then aggressively save for her college next (well…after maxing out our retirement). Worst case scenario, they can take out loans. Savings: $150.00
  • Kindergarten – This doesn’t really count, but I thought I’d add it to this list anyways. Currently I am paying for my son’s extended day in kindergarten since his school only offers free 1/2 day programs. We are in the final month of paying this, so school should be free (except for fees) for the next 12 years. Savings: $175.00

Savings total: $499.00! I am almost 1/2 way through finding the savings we need. I am feeling very motivated, however I chose to focus on the ones listed above since they were the easier decisions to make. Lets see if I can keep this going find the rest of it.

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9 thoughts on “Challenge Every Expense: Week 1 Update

    1. Lol! They are not. My son is too young to really be getting anything out of it. He comes back with drawings he’s made for me. lol My daughter loves it at first but she’s over it now.

      Liked by 1 person

  1. Yes I second the piano lesson – I hated it as a kid. I dropped my gym membership and bought a second hand cross trainer for $60 and I also have weights set up in the garage and I do classes along to You Tube – all free. Might be something to think about.

    Liked by 1 person

  2. Great job! Cutting cable was one of the harder things that we did when we started cutting expenses. We were used to having the TV on for noise too and it mostly stayed parked on 2 channels all the time. It’s been 2 years now since we cut the cable cord and we have no regrets.

    Liked by 1 person

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