Picture from Pinterest. Photo credit: The Rambling Redhead
If I made an inspiration board it would have three things on it: a car (probably a Lexus), a picture of Australia, and a kitchen like the one in the picture above. A and I want to remodel our downstairs at some point, including a kitchen remodel. It will be a huge ordeal whenever it happens. We want new cabinets, countertops, sink, built in pantry, appliances, and flooring. When I get really crazy I start talking about taking down walls too. I wish we had an open floor plan. Our guesstimate of how much we will need, without having looked into any specific costs, is $40,000. I figure we are about 8-10 years away from really making this remodel happen.
But with A and I only $8,000 away from being consumer debt free it’s hard not to day dream. I think we will have it paid off by June 2019. Then our mindset gets to change to savings. I would love to see my savings account grow. It’s been sitting at $1,000 for thee years. I follow a lot of people on Instagram that their saving goal is half their income. That seems like such an insane amount to me but I would love to be able to do it. Recently, everyone was posting a picture of their “basic expenses”, meaning just the basics you pay to keep your house running.
I was surprised by mine. Mine is $2,500 which is almost 63% of my take home pay. To get to a savings rate of 50%, I would either have to increase my income or decrease my expenses. Since the expenses I have here are non-negotiable, I would have to increase my income. I think I’m 6 months away from my next raise so that will help. I’ve thought about signing up for Rover or Wag which are dog walking services, but I don’t want to do it right now while I’m working towards this promotion since I was so tired when I worked two jobs last time. I’ll see how I feel if I end up surviving this promotion.
When everything except the house is paid, I think I can reasonably save $1,000 per month. I need to save $7,000 to have 3 months of living expenses set aside for emergencies. That will hopefully be done by January 2020. After that it will be go time to save up for my car, and a kitchen remodel, and a trip to Australia and who knows what else??