Frugal and Fabulous!

10K in Savings and Debt Free by January 2010!

I'm a 26 year old woman on a mission- to save as much money and sacrifice as little as possible, because the more you stretch your dollar, the further it goes!

My DH, Ryan and I sat down yesterday and worked up a new budget and new goals- to have 10k in savings a be debt free by January 1, 2010. Part of prepping the budget was to write out everything we spend on a monthly basis for bills, utilities, and miscellenous things.

In addition to the typical bills for the mortgage, car and utilities, and figured in $120 a month for groceries and household items for the 2 of us. This doesn’t include eating out- we included $150 a week for the 2 of us for miscellaneous expenses. Here's what a typical month for us looks like:

Mortgage- $1400
Car pmt- $ 250
Insurance- $160
Water- $60
Cable- $110
Power- $140
2 Cells- $160

I know $120 sounds really low, but thanks to everyone at www.hotcouponworld.com this is 100% possible, and some months I may not even spend $120. I’ve been couponing hard and heavy since July, and you would not believe some of the amazing deals to be had out there.

Another part of this plan is that we will need to be putting at least $800 in savings- not an easy feat in this economy.

We decided to make our start date for this December 1, 2008 to give us time to (a) get adjusted and (b) get through all of the festivities and events we have planned next month- Disney World, DH’s birthday, his sisters birthday, and Thanksgiving to name a few.

For the next month I will be doing deals to share and gearing up for day 1 of our new budget!

Current Debt- $4,851.10
Current Savings- $901