Back in Budget Lockdown | brokeGIRLrich
Last summer I wrote a post about going into budget lockdown for the first time since paying off my debt.
Sad to say, I’m back in the same situation again. I was riding pretty high when I calculated my net worth in April, but I have several large expenses (already saved up for) coming up in the next 2-3 months and my regular full time job has just ended.
That delightful summer period of watching it slowly plummet is coming. Ugh.
I’m on contract now working on a really cool show, but it’s got stipend pay so I won’t see a penny of that money until mid-July. I also have to pay my own travel expenses (although $300 of that gets reimbursed – also in mid-July) and front any of the money I spend for the show (on exciting things like spike tape and ice packs) until that same date in mid-July.
I’m also going to make over two months what I usually make in about one, so that’s cool too.
Anyway, being on budget lockdown isn’t the worst thing in the world, but it certainly doesn’t get any more fun each time. The goal is to keep the spending to around $500 a month.
So far this month is already looking grim. That ticket I got last month, combined with one from several years ago that I thought had already fallen off my record caused me to get hit with the NJ surcharge to keep my license. So there goes $175.
Normal Mel thinks $175 is a pain in the butt, but Budget Lockdown Mel thinks… a lot of profanities about that. Although the entire thing is 100% my fault.
We also just booked all our Hawaii vacation stuff, which was definitely a huge dent in the net worth. I’d already saved up about $1500 and I had about $1500 sitting in my checking account, but that pretty much covers everything I just bought.
Here are a few things I learned from my last round of budget lockdown:
- It doesn’t actually get any easier. Restricting your own spending, even voluntarily, sucks.
- Hustling is the most amazing thing (seriously, anyone looking for a writer?), because when you’ve really tightened your belt, even an extra $20 can seem like magic.
- Successfully getting though a season of minimal income without really damaging your financial state is worth it.
- There are a ton of free things to do everywhere and it’s even easier in the summer when the weather is good.
- Emergency savings account are worth all the fuss it takes to build them up, because having one you can dip into if the budgeting plan falls apart makes everything less stressful.
- But try to remember what a pain it was to build up that account, so it stays a last place resort.
Anyway –what doesn’t kill you makes you stronger right?
It will be tough, but you can do it!
I definitely agree on your point about hustling – to me, every $20 carries a lot of weight.
Just think of how good you’ll feel in mid-July when you get paid 🙂
Elle @ New Graduate Finance recently posted…Thoughts From the 2016 Berkshire Hathaway Annual Shareholders Meeting
You got this!
Miss Thrifty recently posted…College Tuition Crisis
Good luck. Hopefully this is the bottom and things go on the upswing from here!
Money Beagle recently posted…When You’re Not Sure Whether To Laugh Or Cry
Budget lockdown is a great term. In our house, we call it the Austerity Program. Whatever you want to call it, it may not be fun, but it guarantees fun in the future! A vacation in Hawaii certainly fits the bill. Based on several months of awesomeness in the austerity department, we’re seeing if we can squeeze in a trip over the summer as well, perhaps to Mexico.
Gary @ Super Saving Tips recently posted…“The Nattering Nabobs of Negativism”
Mexico is pretty cool! And you can definitely find some good travel deals there too.
I like the sound of the Austerity Program. It sounds very posh.
Lockdown is never fun, but reading your blog makes me believe you can do it. Thanks for writing to inspire others.
Even though we are out of the US right now doing some traveling, we are on lockdown too. Yes, we are having fun and spending some money, but we are only wanting to spend our regular amount this month while we are gone since we don’t have any rent or utilities to pay this month.
Catherine Alford recently posted…3 Ways To Stay Calm and Happy During a Major Life Uproar
That’s awesome though! Freeing up rent and utilities usually frees up a nice chunk (perfect for a little traveling)!