Sunday, July 24, 2016

Savings Down, Spirits Up!

Some months are better than others. That month is not this month. I've just finalized the budget from June so I could see how much could be transferred to the various accounts that the wife and I hold and let's just say that this month was a little slim on the transfers. That's life though I suppose.

We can't go backwards in time currently so I have to simply accept that we had a bad month and analyze why and how we came to be where we are. Once the analysis is complete, we can attack the problem and hope to change some habits so that moving forward we do not find ourselves in such a position. That being said, there were quite a few problems this last month when it came to saving money.

First off, we were part of a wedding. Normally this doesn't mean too much but my wife was the matron of honor. This means taking the bride to be out on her bachelorette party (funded by us) and of course hosting the bridal shower, and not be forgotten is the task of buying the necessities such as a dress for each occasion and bringing food as well. Couple this fact with the fact that June was my birthday month where I bought an electric guitar (used - that way I could save money and get more for my purchase) and also that I was a groomsman for the very same wedding and you've got some money flowing out of the bank account.

I believe that this is where the large cash bust in our bank account came from. Some might argue that a lot of this are costs of being in a wedding. I would argue on the other hand that it is an opportunity to see where funds could be cut in future if we ever find ourselves part of a wedding again. First off, food management. If we are to host parties again for bridal showers or bachelorette parties, we need to figure out a cheaper way to manage food costs. Each night these occasions came up, there was at the very minimum $100 spent. Maybe there is a way to cut down here. We will have to see.

Also, any costs that could be cut out of the tuxedo rental are welcome. Maybe forgoing the shoes that are optional and also foregoing the extra shirt that comes with the order just in case the weather is too hot and you need a change of shirt. It isn't much but it can be handled one way or another. By cutting some costs out, we could at least lesson the impact that weddings can have on the account. It's key not to cut out certain costs as you do want to spend what is needed to have a good time. Weddings don't come around often and it's best to remember that.

Moving forward, there is still money that has been transferred to the investing account. This leaves me ample capital to continue investing in the activities of the dividend scythe. I don't know what I'll be grabbing this month but I hope that I can find something that is down right now and ripe for the picking. Anybody have any outliers that I maybe haven't taken a look at yet?

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