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.