Savvy Budget

Day 57 -Evaluating Projects

The August challenge is finally winding down. I learned a few things from this project. Mostly to take things in stride, learn, be flexible, then move forward.

1. Be precise. Set down a measurable goal. I set an amount, a date and a precise goal. -I was trying to save $80 , one quarter at a time all within one month. To earn each quarter I had to save $1 minimum in one action, inaction or substitute. I did not get $80 in one month BUT I did save more than if I had said, " I will save as much as possible." With a precise number it caused me to push, push, push toward that number. When I do this challenge again, I will set my measurable goal with what I learned in mind. I am thinking of raising my long term EF to $450 by Christmas. The previous challenge was part of raising my long term EF to $400. ( I do have the baby $1000 EF but that is separate to my long term EF)
2. Set priorities. I have many goals. I choose to prioritize them. As I mentioned earlier, I have the baby $1000 EF. One of my priorities is to have a fully funded long term emergency fund. So after funding the baby emergency fund, I started a long term emergency fund. During this project there were times when it felt like it was a better choice to go ahead and spend some money rather than suffer. An example would be eating out at a cost of $8 when I had good food at home. The problem, it was 8:00 at night and I was starving! I chose to give in at those times. After this went on a while, I have been prioritizing cooking ahead and making food for travel. My current craze is zip lock bags of dry Cheerios . I have a few bags and boxes in the pantry and this has been a great way to use them.
3. When choosing a project such as this, make sure you run the numbers well and check all your math. Seems, I was a little off. I knew it was going to be a hard challenge and that I was pushing myself. I discovered my numbers were off but no harm, no foul this time. I lived, I learned.
4. Push yourself a little- Know your baseline ability and when you set a new goal consider what environmental factors ( upcoming bills, time restraints, events etc) are most likely to come into play. Then push yourself a little. You can amaze yourself with what you can do when you push yourself. I set more aside during the August challenge than I would have otherwise. I have learned that my EF jar baseline is $40 if I am PUSHING. I learned a few new tricks to saving money. I also improved some of my other personal habits.
5. Don't set yourself up for major disappointment. My August challenge was not a failure since the idea was to maximize my saving every day and maximize my contribution to my EF. Be careful, if you are like me, I take not meeting a goal personally. It hurts and can be potentially a de-moralizer. I had to self talk myself out of feeling like a failure. I focused on the progress and the lessons learned.
6. Put it in writing. I wrote down in my blog. The next project will include a few extra reminders. Some examples: Post it note on my mirror, specially crafted reminder on the from of my work notebook and a note in my car.
7. Accountability- I like to post my goals here on my blog. I also like to post my progress. I love the motivation of being to say I made amazing progress. I accept that at times I will have admit to baby steps toward progress. I will humbly admit to not meeting a goal. If anyone is wondering, I am 6 Quarters away from my goal. I plan to make my $80 deposit this week will bring my long term EF up to $400.
8. Be a little flexible. Ok, I did not meet the deadline and those who read this blog know I extended it until I met the financial portion of the goal. In my defense, I did not give up. I chose to continue until I reached the set amount. YEAH ME!

posted by Casper @ 3:34 PM