I Ate a Car

No, I really didn’t eat a car, but that’s what it feels like.  I decided to start this blog because I am sick and tired of having my money control me and not me controlling it.  My husband and I have good paying jobs and yet we manage to never save a dime.  We live paycheck to paycheck and don’t really have a plan to save for the future.  Sure, we invest 6% of our gross salary into a 401k fund, but other than that we don’t save much.  We also have debt.  A butt load of debt!  Although some people consider the student loans “good debt”, I consider any and all debt bad.

To give you a sample of how out of control our spending is, after downloading all of my transactions into Quicken for 2010, I discovered that the amount we spent on dining out and groceries was equal to the cost of a new car.  The cost of a new car!  We spent $7,804.83 on dining out and additional $8,570.03 on groceries.  If you do the math, we spent $16,374.86 on eating! EATING!!! We didn’t spend this money to repay our debts, nope! We didn’t spend this money to pay down our mortgage, nope!  We spent this money on eating out with our family and friends.  In hindsight, I know we could have done better had we been aware of where our money went.

I don’t talk about money to any of my friends or co workers.  I figure this blog will give me some anonymity and allow me to talk about money.  Right now, my goals are as follows:

  • Create a realistic budget/spending plan without taking out all the fun in our lives.
  • Follow Dave Ramsey’s Baby Steps to get rid of our debts.
  • Hold each other accountable for our spending.
  • Save money while paying down our debt.
  • Look for fun and free things to do as a family.
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3 thoughts on “I Ate a Car

  1. It’s amazing what we can learn from our finances once we start to track it all! I was also shocked at the amount I spent on food and entertainment when I first plugged my numbers into Quicken.

    I am excited to read about your journey out of debt. The first step is acknowledging and facing up to it, so good for you! 🙂

  2. Glad you’re onboard with us budgeting folk! I have done the living from paycheck to paycheck thing and like you decided enough was enough. I can’t believe you ate a car though!

    I guess you should be thankful you earn enough to have been able to – but you’re right, you need to know where things go more and save more.

    Looking forward to reading about your own personal developments in personal finance 🙂

    • I can’t believe it either. But the numbers don’t lie. Ever since I discovered that I’ve been super aware of where money is going. I am hoping that awareness will lead me and the husband to make more frugal decisions.

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