Friday, May 08, 2009

The Big Project

A few days ago, I mentioned The Big Project in a post of mine, and promised a bit more information.

As of now, I can not give any information regarding details. That will all come to light in approximately two months after we have shared the news with our family members. I can, however, give some information so I don't sound like I am talking like a crazy lady.

My husband and I have embarked on a new chapter in our lives. It is something big, exciting, scary, and full of ups and downs. We're looking forward to it, but it will take a big sacrifice on our parts. Mostly mine though, because I do all the budgeting.

Here is what else I can tell you. We need to save up $15,000 in the next 13 months.

Crazy you say? Perhaps.

Last night we worked out a budget for "The Big Project". It was really draining because we are trying to figure out ways to cut back and save, save save.

Here area few areas where we have already started saving:

1) We paid off our daughter's bedroom set, saving ourselves $110/MONTH
2) We cancelled our storage unit, saving ourselves $63/MONTH
3) We put our YMCA membership on hold for J/J/A and that will save a total of $225
4) We reduced our YMCA membership which will save $20/MONTH
5) We reduced our Netflix membership, which will save $8/MONTH
6) We're going to cancel our DISH Network Satellite as of June 1st, saving
us $83/MONTH
*we have to pay an early termination fee, but it will be less than $100

Those all added up for the next 13 months will add an approximate $3,800 to our savings account. We already have almost $1000 in there right now. Our tax return next year will be at least 4K, if not 5-6,500 like it was this year (we're low-balling so we save more). That will also help put a huge dent into what we have left to save.

My husband gets monthly and quarterly fuel/safety bonuses, so those will also be added to the savings accounts (not for the summer though, those are being put aside for school clothing for the kids). During the summer months though, we need to save as much as we possibly can. We're really cutting down on a lot of luxuries so that we can reach our final goal of $15,000.

Stay tuned for more information on "The Big Project", including updates to the amount saved. (I will be trying to add a savings tracker to the side, but I think it will take some time for me to figure that one out).


Liss said...

Teaser! Sounds exciting.

Good on you for all that saving/re-arranging!

Mama Bear said...

Ooooooh you TEASE!! Can't WAIT to hear more.

Dee-Zigns Handcrafted Jewelry said...

Well I'm so impressed with your savings and cutting back. It's not that hard, its getting the two of you to agree which you are doing! Cannot wait for more details - my mind is racing thinking of what it could be!
Happy Mother's Day!

Jessica - This Is Worthwhile said...

You sound just like me! I do our budgeting, too, and any time we have to save/pay off/whatever, I have an elaborate spreadsheet calculating everything down to the penny.

I hate it, but I love it :)