I just put $997 on my car loan and have $3,600 left on the loan, I’m trying to pay it off by the beginning of next year and would like to use some of that money to invest!! Great video
I think that one of the hallmarks of someone destined to be successful with money is organization and you Katie are organized! Today Sue and I hit a milestone, our middle bucket, (our former emergency fund) hit $50K today. This seems impossible but here we are. Dream Big!
I like the changes. I just list quarterly/semi-annual/annual bills (divided by their respective pay cycle) and a home maintenance line item under my fixed costs. I have a travel fund that's listed under savings, but I consider as guilt-free spending when I look at my percentages. But we aren't managing cash flow right now, it's all just accounting, otherwise I'd be more careful about the infrequent bills.
Always great to refresh the spreadsheets and start the new year with a different perspective. I get bored every once in a while and change things up just to keep me engaged 😊. Keeps things interesting! I like the changes, hope they work out great for you!
Thank you, Laura! I think boredom is definitely a huge contributing factor for me as well. I like to change things up every now and then because it keeps me excited 😄
I went back and peeked at the Q3 Update video and the Highlander numbers. Yes, they are older but in Q3 you paid off a rough @$2100 during the whole quarter of 3 months. Per this budget, you're on target to pay off a rough @$2100 in one month! Its astounding what the snowball method can do for traction on the bill of emphasis.
Really like your idea of the “revolving funds” label! Definitely going to incorporate that in my own budget, as it’s been annoying me calling sinking funds “savings” when so short term. 💚
I love this part of budgeting when it can show me when something will be paid off…. I love how you know that November is the date for this loan to be paid off and you will move any money around to get it done.!!!
Morning Katie!! Trying new things is always great. I plan on trying out some new things especially with sinking funds and being more intentional! I’d pay off the car loan first too!! 🌻💜🌷Have a great week!
Great way to update your spreadsheet as you need it! It's always nice to see improvements. I update ours as needed as well. I agree on the order for the debt payoff, but then what I say isn't important. What's important is flow you guys feel about it. Can't wait to see how much you guys can put towards the highlander November as that would mean that you're done with Mohela🎉
Thank you, Sara! I always love hearing different thoughts and opinions on finances because sometimes people do bring up solid points that I did isn’t think about before. I’m already looking forward to Marc’s first November check. If all goes well, we’ll be able to say goodbye to Mohela with that check 😄🙌🏼
I like it Katie! I pointed out a couple months ago that labeling sinking funds as savings doesn't really show an accurate picture because sinking funds is just deferred spending. At the end of the day, money is just money...we can label it however we want but I agree, this will show you a more accurate picture of what you are really spending.
I'd probably put boy school saving into revolving fund as well, that is all getting spent within a year. But however it makes sense to you makes sense.
Yes! I remember! You were one of the people who got me thinking about making a change. The only reason I’m hesitant on switching that school to revolving is just for privacy. I’m not sure I want to share the total cost of school, so having it in savings kind of prevents that, but you are right that it would make more sense as a revolving fund as far as it being more short term savings.
Hi Katie! Paying off the Highlander first is a great idea. Christmas is for kids! Spend what you want!🥰 I do love the revolving funds versus sinking funds. You are doing a great job! By the way, I learn a lot from your comment section too.
I like tne refinement of the sinking versus revolving funds. When a person starts out with minimal savings and minimum payments up the kazoo every dollar set aside IS savings. Then as they get to the point they can breath a little with a puddle of money likely to cover thier revolving expenses on time without a couple of mestless meals plus get into a rythmn of allocated set-asides so that the next time wont be a scramble, then tranditioning into revolving funds makes sense.
Love the new temple colors combo and layout. And yes claim it into existence that you are going to pay off that loan even before your deadline. Working on my November budget as we speak ! My husband is also geeking out for his new game and set up like Mark
A budget and budgeting format are your tools, you own, and ypu get to make the rules for. (When starting out there is a definite advantage to utilizing other's forms as you learn the process of purposeful spending as well as budgeting; switching up forms until you find what works is often a good thing too.) Overall, i do like the new spread sheet. I recommend that at least once per year you do a full break-out of your subscriptions in a set of cells off to the side, aniyher attsched slread sheet, or evennin a separate slresd sheet. Also that you update the subscription break out at the time things change. Once a quarter, do spend the time to read through the subscription breskout list. Optionally, keep all the subscription breakouts off camera.
We spend a lot on Christmas too. Kids are only little once and while we spend a lot on holidays in the last quarter of the year, we make up for it by being more frugal from Jan- June
Oh thats interesting i just revamped my spreadsheet as well. It was driving me nuts that i just had one big lump sum in my hysa i kind of has a few categories for yearly things and i never really liked sinking funds but something marissa said in her last video really got me thinking that i need to keep better records of what my money is sitting there for so i have some revolving funds now too which are medical car insurance rental property balance and savings not categorized. Its a bit messy at the moment but its already very helpful.
I’ve thought about just having one big fund for everything, but I know I wouldn’t save enough if I did it that way. I really like having assigned categories. I’m glad you are finding it helpful, too! I love Marisa’s channel by the way 😄 she was one of the first finance channels I started watching 💕
I agree in the order. Fed 5, Highlander, then lastly SOfi. Sofi, is the one I have mixed opinons on. Whether you focus on that, or just pay min. and iveset the rest. Whatever makes you the most comfortable is probably the answer. I would try however to get the car loan paid off in 2025.
Stick to your plan and pay off the Highlander! You did the hard work to refi the big sofi loan would I would take advantage of that for as long as possible
This just went through my head... "Ninety-nine thousand of debt on the wall, ninety-nine thousand of debt, take one down, pass it around... ninety-eight thousand of debt on the wall!"
Hey Katie! Happy Monday! ❤😊 I hope you do like this tracking set up! I have to put revolving/sinking funds as a different line item too so I won't get sad when my cash reserves total goes down 😂😂😂
I like the changes. Would you be willing to share this spreadsheet with me? Not for my channel but for personal use? It’s ok if not! Still here cheering you on! I feel the same way about Christmas, judge me but I love Christmas! Ps that mandatory donation is crazy!!
Of course, Ang! And I don’t even mind if you use it in your channel. Can you just email me and I’ll send you a copy? It’s my channel name katieofthehosue @ gmail ☺️
OMG - Per the budget, clearly Fed loan #5 will be paid off in Nov '25 even if the numbers make you shuffle funds a little between Fed loan #5 and the extra to the Highlander. Always, it is a good thing to call creditors to find out what the final payoff amount will be and by which date. Given what all ive heard and read, this is all the more important with Mohela; there are a few personal debt creditors whose reputation proceeds them as well. IF there is a hiccup with a Nov payoff of Fed loan #5, don't beat yourself up. Potaetoes, po-tat-oes, it looks like the sum of the debt payoff money will be going to extra Fed loan #5 and extra Highlander debt either which way.
I’m so excited for that one to be gone, Terry! I really do want to be done with Mohela. However we have to shuffle money around, it’s going to be gone in November for sure 😄
