FinGoal = Financial·Goal
FinGoal= End·Goal (Fin is French word for end)
The year 2016. We just had our second baby and at the same time bought a house whose mortgage was significantly more than our previous rent was. In keeping up with the kids and expenses of purchasing a house, we realized we had $6,000 in credit card bills. We were stressed out knew we had to pay this off as soon as possible.
We had never really set a budget before. We had decent jobs and low rent and spent within our means. We had no reason to track our spending. Or so we thought.
We sat down and put down all the recurring expenses we had ( mortgage, car payments, insurance, utilities, childcare etc) and then estimated what we spent on everything else (groceries, kid stuff, entertainment, etc). We also signed up for the Mint app to track our expenses against these budgets.
To our surprise we were spending more than we thought in certain areas (groceries for example). It took at least 6 months to a year to really know where we were spending our money throughout the year. We adjusted our budgets for monthly expenses. We started budgeting for things we wanted to save for gradually (home improvement, vacations) And lastly, to budget for unanticipated expenses (car repairs, home repairs)
That is how we got a hold of our spending. But to do all that we learned how to cut corners and save within those categories. And to really think about every purchase made. When you are consistently seeing your transactions and having to assign them to budget categories it puts in another checkpoint of “do I really need this?” or “is there a cheaper way to do this?”
Is there a cheaper way to be doing this?
It’s that second question that we are really prioritizing here at FinGoal. We’re not here to tell you not to spend money. We want to help guide you to smarter spending so you can take advantage of deals, advice, tips that us and others may have that you never thought about. Small savings here and there that can enable you to reach other financial goals you may have ( paying off credit cards, saving for retirement, that big vacation, a house, etc)
While your personalized FinSights will give you specific and actionable advice targeted just to you, this blog will provide more general cost saving practices to better help you spend your money.