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Savings Update/New Phone/Bathroom Remodel

March 11th, 2018 at 10:48 am

Every payday I sweep money into my savings accounts. I have what I call an escrow account (just a regular savings account) from which I pay my yearly property taxes, car insurance and condo insurance when they come due. I currently have just over 16k in this account, which covers about 3.5 years of those expenses. I also have my emergency savings account, which stands at $27,500. I'll update my retirement accounts in a future post.

My $1000 a month spending budget was established mainly to see what I could live on each month to pay my bills and have some fun. It's a somewhat tight limit, but I wanted to see if it was reasonable. So far so good, although I will go over this month.

My 6 year old, Samsung Galaxy S3 smartphone is on its last legs. This was my first ever smart phone. It has served me well, but it's time for a new one. I decided on the Samsung Galaxy S7. Not the newest model, but it meets my needs. I had to order it so as soon as it comes in to the Verizon store I'll update on the final cost with taxes and fees.

Since my savings accounts are pretty flush, I have decided to start pushing my savings into an account to remodel my master bath. I want to have the tub removed and convert it to a walk-in shower, replace the tile flooring which is cracking in several places, and probably replace the vanity and sink. I have a second full bath with a tub so there will still be one if needed. I'm not a big bath person anyway, preferring showers. I think summer of 2019 gives me plenty of time to save for this so that will be my goal. I do intend to age in place in this condo, and the walk-in shower will be easier to maneuver in and out of in the future. And I want to have it done while I'm still working and have the income.

I did some CVS shopping this morning. I stocked up on tissues, fabric softener, TP, Paper towels, toothpaste, and a 12 pack of diet sprite. The total before coupons and extra bucks was $34.30. I had $17.50 worth of coupons and extra bucks to apply, so my total came to $16.80. I used a swagbucks CVS gift card to pay the balance so this purchase was free. And I earned another $9 of extra bucks to use on a future purchase.

I'm spending the rest of my Sunday relaxing, and just getting some things ready for the upcoming week.

Have a good week everyone!

7 Responses to “Savings Update/New Phone/Bathroom Remodel”

  1. rob62521 Says:

    You are doing well. I'm glad you can stick to your budget. Although tight, you are showing what you can do. I like your idea of saving for the remodel. We do that for stuff around the house. We saved up for a new roof a few years ago. We are now saving for a new driveway.

  2. snafu Says:

    I've noticed a rapid increase in costs for typical components needed for a bathrm update/renovation. I'd bought new tap sets two years ago and happened past same brand, same model, featured 'on sale' the other day at double the price. We replaced our toilets several years ago when the water efficient models garnered a $ 50. rebate from the city an an environmental improvement. It was an easy, DIY project tariffs being threatened will likely the increase the cost 25%. If you have the funds at hand, you might start checking pricing.

  3. FrugalTexan75 Says:

    Seeing what people spend on remodeling scares me ... we need to replace the flooring in our upstairs bathroom, living room and bedrooms - not quite sure with what. Then the downstairs bathroom/kitchen need some serious attention. Who knows when any of that will happen.

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  7. Fred Says:

    I am really impressed by how you have managed your savings and how well you have utilized the google chrome keeps freezing savings. I think this is the best way to spend money safe. I think this way one would never come into a financial cringe.

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