Our Bill Pickle

January budget forecast (+ other notes)

January 6, 2022

Our monthly budget forecast includes wins from the previous month, noteworthy expectations and focus areas for the month to come.

I used to start all my monthly budget posts with a note about how our monthly budget doesn’t change much.

So it only makes sense to start this one by telling you our monthly budget has changed. A lot.

There are two key factors that drove the changes: in March 2021, we had a kid. Then, in July 2021, we bought a house.

What can I say? We apparently thrive on chaos.

Add in the fact that my income is significantly reduced while on mat leave and, well, our budget needed to change.

So, too, do my budget updates — something I realized quickly when I sat down to brainstorm this post. The old format doesn’t make much sense for our current reality.

Today, I’m sharing my first refreshed budget update. My plan is to focus more on the wins coming into the month, any noteworthy expectations and areas I want to focus on in the month ahead. I know I like reading about how people budget their money so hopefully this will be at least a little interesting.

With all that being said, here’s my January budget forecast.

On losing (and finding) your way: my 2021 reflection

December 24, 2021

My 2021 reflection. This is what I got up to in 2021 and what I have planned for 2022.

I’ve been struggling with how to go about writing this 2021 reflection for weeks.

Taking time to reflect as the year draws to a close has been a regular practice for me for…well, years. I find the practice therapeutic.

Writing things down helps me process my experiences. It helps me make sense of things I go through.

It helps me move forward.

It’s not surprising that this 2021 reflection didn’t come easy. Because for all the good that came out of 2021 — and there was a lot of good — there have also been challenges that required significant processing.

So, after several weeks of writing and rewriting, here’s my attempt at doing some of that work (and a preview of what’s ahead).

Repaying the student loan: an update

November 25, 2021

Paying off the student loan has been our top financial priority over the last few years. But lately, we have slowed our progress. This is why.

Repaying the student loan has been our top financial priority for the last few years.

Like many others, we started our adult lives in the red. Our $65K-ish starting debt wasn’t entirely student loans. We had a couple small credit cards, a car loan and a credit line balance from a previous vehicle, too.

But the majority of that $65K — close to $48K — came in the form of student loans.

While I can’t deny student loans made it possible to finance an education that has opened a lot of doors for us, I also won’t pretend they are not the actual bane of my existence.

I want these loans gone. And we’ve put a lot of work (and money) into making that happen.

Until recently.

Lately, we’re less focused on the student loan. In fact, for the better part of 2021, we’ve only made minimum payments. This has slowed down our progress significantly.

But it’s OK. And today, I want to talk about why.

My six most surprising maternity leave expenses

November 11, 2021

Even though I knew maternity leave would be hard on our budget, that has not stopped me from being surprised by some of the maternity leave expenses we incurred.

I knew maternity leave would be hard on our budget, but that has not stopped me from being surprised by some of the maternity leave expenses we incurred.

Almost eight months in, I’m relieved things have started to slow down in terms of our spending and hopeful it will remain that way.

But those first few months?

Yikes, my dudes.

In keeping with my philosophy of keeping it real in this space, here’s a look at some of the expenses that surprised me during my maternity leave so far.

$1K is still not enough for an emergency fund

October 28, 2021

$1K is not enough for an emergency fund, especially if you're in debt. Here are three reasons why you should save a bigger emergency fund.

My thoughts about personal finance have evolved and changed over time, but one thing has stayed consistent: I don’t think $1K is enough for an emergency fund.

Saving an emergency fund was the first things we did when we started paying back our debt. It was the move that made the most sense: the emergency fund created a cushion in our budget that helped us avoid accumulating more debt when unexpected situations arose.

But when I saving, I quickly realized there are very different opinions about the “right” amount to have in your account when you’re in debt.

One popular idea is to have a $1K emergency fund while you pay back debt. I get the logic: keeping your emergency fund small means more money is available to pay off debt. More money to debt means you pay off the debt faster. Makes sense, right?

Maybe for some. But I never bought into the idea that $1K is enough for an emergency fund. I didn’t believe it at the start of our journey and I still don’t believe it today.

Here’s why.