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Financial Plans Require Adjusting

Financial PlansWhen you create a plan of any kind, especially financial plans, you have to be ready to adjust. At the beginning of this blog, I had set out for a plan to kill my car loan by the end of year. Well, that plan has changed and its time to adjust. These changes have also led to a less frequent posting on the blog, but it’s only temporary for now!

Let me explain that the plan of killing my debt is still the same, but the timeline in which I can reasonably do so has changed. There are some big moves coming up in the next month or two.

Financial Plans and Big Moves… Literally

Ever since I moved out at 22, I’ve had a roommate(s). The time has come, this year, to get my own place. Me and my roommate have been friends since 6th grade, so while it’s a big change for both of us, it’s an amicable split.

My financial plans have been pretty easy to achieve and follow, for the most part. Splitting bills and rent definitely helps out when it comes to having extra cash. At the same time, I’ve been yearning for my own space. Living on my own (and paying the full share of bills) will be a huge change, but without change, we stay stagnant. I’m equally excited and nervous.

I’ve found a small 1 bedroom/1 bath that is a little higher on my budget(still under 30% of income) than I had initially wanted, but the apartment comes with a hot tub and a sauna. I’m justifying the higher spending with the amenities and close proximity to work (literally within a 2 minute drive, no exaggeration).

The Emergency Fund Cometh and Goeth

While a lot of people will disagree with using this money for a move, as it’s not an emergency, I’m going to. Every one knows a move comes with a lot of upfront costs. Between the expenses of breaking a lease, moving out costs, and moving in expenses, I’m glad I have the breathing room financially.

The good news is this won’t fully drain my E-fund, and should only take a few months to regenerate.

I think moving forward, however, I’ll be keeping my E-fund smaller in support of investing more.

Minimalism, Finally.

After watching a documentary called The Minimalists on Netflix a couple months ago, I’ve really wanted to dive into having less. If you haven’t heard of these guys, I suggest checking out the documentary. It all falls in line with being frugal, obviously.

I’m taking only a few things with me on this move and ditching the rest.

I’ll be buying only things I need and use.

Another plus side, since I’ll be so close to work, I’m going to try to use my car less (when weather permits). I’ve debated buying a bicycle to get around since I’m so centrally located in my town. For now, I have a skateboard I’ll be using to test it out.

Adjusting My Financial Plans

Given the expenses coming up really soon, I’ll have to adjust the budget and see what free cash comes up after a month or two. My expenses will increase by a few hundred dollars going forward, so the amount I save may not be as extravagant as previous months.

Things like this are why you should always keep your budget tentative. I’ve allowed myself enough wiggle room and if I have to, I’ll spend less in a couple areas to meet my goals.

I’ll try to be as frequent as possible with posting as I can. In the mean time, I have a few guest posts from some other great bloggers to help keep you guys financially informed.

Once I’m settled in, I’ll get back to the originally irregular regular schedule.

I forgot to mention, my girlfriend has also started blogging. As a Mom, juggling work life, social life, and raising an 8 year old on her own, she has a lot to talk about. From finances, finding side hustles and just general life happenings, be sure to check her blog out!

Fairly Frugal Fella

3 Comments

  1. This is a great article that everyone should read quarterly and reassess their portfolios.

    I believe Mike Tyson said it best, “Everyone has a plan until they punched in the mouth”

    Market meltdowns, sector bubbles, and unplanned expenses/events are all examples of punches being thrown. If we are constantly aware and adapting to whats going on, we might dodge a punch here and there in life.

    Thanks for posting this. I just set a calendar reminder for myself.

    • It’s definitely something I’ll be keeping in mind from here on out.

      But you’re right, it’s super important to remember that these things happens and you have to absolutely be adaptable otherwise this is when you make costly mistakes (the 2008 crash when people cashed out).

  2. Great information for everyone. Good Job, James Clark. Great financial advice!

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