This year my discretionary spending has skyrocketed. Year-to-date I have spent over $3,500 on travel, $2,000 on gifts and $1,800 on the financial planner. That is $7,300 that did not go into my savings account. I am also over $1,300 on my clothing budget.
Fortunately over-budget does not mean in debt. I am paying all of this off as I go along and have not accrued any credit card interest. That’s the good news. If my monthly stipend to my son ended, this would be a non-issue – another glimmer of good news.
Right now, I still help my son out financially. I pay for his cell phone ($50/month) and send him $650 a month for living expenses. My plan is to continue this until the end of the year. I think he will be launched by then, so we should be fine. He knows the stipend will be ending then.
Although I enjoyed all of these trips and the bulk of these gifts were for milestone events for my kids (graduations, new baby), I also need to rein it all in once again. I have personal financial goals including purchasing a home.
I am anticipating a steep rent increase in December when my apartment lease expires. I am not anticipating a robust raise. I am hoping that it outpaces inflation, but at best it will keep me level with it.
I make a good salary. If I reduced my savings and eliminated my son’s stipend, I would have a hefty amount of discretionary income. But those are non-negotiable right now. I haven’t been able to save much this summer, so I need to get back on track with that.
I still have another trip when the baby is born. Fortunately, my daughter and her hubby will take care of my lodging for that visit. Then we will have the holidays. Will I return to see the new family? Possibly. Hopefully they will handle my lodging again.
My house fever hit me again, so that will help keep me on track. I really want to buy a townhouse in a particular neighborhood. Right now there is not one for sale with the floor plan I want. I’ll consider that a win because it keeps me in check. LOL
Focus. I just need to keep my eye on the prize 😊