Let’s Get Back on Track with our Finances

Hi friends! Welcome back to Pocket Change Lifestyle and the story of our journey to Financial Independence. I’ll be honest with you, I haven’t written a post over the past few weeks because life has truly been a rollercoaster. I have been mentally exhausted – and Baby Pocketchange isn’t even here yet! From traveling to celebrate our babymoon, to working through some stressful situations at work and more, these have added a few extra levels of stress. But – it’s time to get back on track, so we’ll start with a short post.

CHECK-IN

As we get moving let’s take a quick inventory of life and budget. We just hit the third trimester with Baby Pocketchange, and we’ve completed projects left and right to get the nursery ready. September is just around the corner! We’re also closing in on our Second FI goal of $40K net worth which is exciting. I mentioned I’ve personally felt a fair bit of stress at work due to semi-recent changes. While I won’t go into specifics on the big ‘ole world wide web, it solidifies our purpose on this journey and pushes us to look for other streams of income.

Baby Pocketchange
70%
First FI Goal - $25K Net Worth
$25,000 100%
Second FI Goal - $40K Net Worth
$35,384 88%

In the last few posts, I wrote extensively about how Budgeting Gives You Freedom. In fact, it was a three-part series that you can check out below if you haven’t yet! What I want to stress about budgeting is this: Without action, and sometimes sacrifice, creating a budget is worthless. You must understand and make changes to your lifestyle to make a budget function! This week, we discussed *EVERY* line item on our budget to evaluate its place and value. We reviewed three-month spending averages for each category to reflect on the amounts assigned and made adjustments. We determined that there are areas we need to increase, decrease, or cut out entirely. Overall, we’re making progress!

Another great reminder – failure to meet a goal (or a budget) isn’t bad in itself. The negative connections we make to failures are what drags us down. Let’s change that too!

BACK ON THE SADDLE

Now that our initial check-in is complete, it’s time to look forward and get back on the saddle. What I mean is to focus in on our plan again, especially as we inch closer and closer to Baby Pocketchange arriving in the world. We’ve got a budget set up, and are using YNAB to track during the month. We’re using Mint to review spending, and Personal Capital to track our net worth calculations based on our assets, including the mortgage and investments. So what do we do next since this is a “choose our own adventure” journey?

Find ways to bring in extra cash!

Of course, this sounds much easier on paper, err, text. Over the next few weeks, I’m going to hopefully look into ways to make some extra cash as a side hustle. Stay tuned, because I’m hoping to share a few of those ideas with you!

QUICK PICKS

Recommended Reading

This book started us on our journey to Financial Independence. It's simple, and a fairly quick read. Find it on Amazon with our referral link!

chase-freedom

Recommended Everyday Credit Card

We use this card for all of our monthly purchases, which we then pay off each month so interest doesn't accrue! If you sign up through our link you can earn $150 in bonuses and we also get a kickback!

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