My husband and I are now six months into our debt repayment, and running up against something that I think is very common – lack of motivation. January and February have seen all of our progress and our momentum halting and its frustrating to say the least. The beginning of the year always seems to bring with it big expenses for us, and while we have cash flowed most of them, this month we have been totally unable to do that. I have been trying to come up a way to get us back on track, and I have come up with an idea I have affectionately named, Momentum Month.
Momentum Month [mo-MEN-tuh-m mon-th]
- Any month in a given year that contains one additional pay period. This month challenge is a short period of insanely focused intensity, used to make financial gains.
My husband and I are both paid bi-weekly on the same friday. If you are on the same payment schedule as we are, that would mean that both March and October this year have three pay periods instead of two. Since both of those months give us a little extra push anyways, we are going to use them to help us get a big boost.
If you are anything like me, every couple months you need to come up for air. I am not very good at being “on” all the time, and I need a break from being 100% restrictive. Having said that, I can be SUPER intense if I know its only for one month. One crazy month, where I work an insane amount, do all the frugal things, try experimental stuff with the budget, try a spending freeze, grocery challenge, and work every side hustle and angle I can think of. THAT my friends, is what momentum month is all about.
The beauty is this, when the month is over we can go back to our normal budget and feel like it is perfectly balanced.
Debt repayment is a bore… unless it’s a game.
Our Goals For the Inaugural Momentum Month:
- Get our buffer/emergency fund topped back up to $1000.
- Pay back the $600 we put on the visa for me to renew my nursing license.
- Make an additional debt payment of $200.
We have $900 set aside each month for debt repayment, so this goal is twice that amount. I initially had my goal set a bit higher, but I’ll write more about why I dropped that amount in another post. I want March to be one of the highest debt repayment months this year and I am setting the bar to beat for October, so I am rolling up my sleeves. Game on.
Can I participate even if my momentum month does not coincide with yours?
Of course! There are a couple ways to do this:
- Join the motherhood and money facebook group and jump in on the challenges along side our family for the month of March.
- If you get paid on the opposite Friday as us, your momentum month would be June and November. If you still plan to participate during those months use the hashtag #momentummonth. My hope is that we can inspire each other to try new ways of saving money, get creative and give each other ideas. The hashtag allows those ideas to be shared easily, even if we aren’t all doing it during the same months.
How do I follow along and watch Nikky lose her mind? Great question!
Join the motherhood and money facebook group. I am going to be posting every weekday showing you what our family is doing, and dishing out challenges.
Follow my brand new shiny instagram account @motherhoodandmoney.ca. I’ll be posting photo updates and stories of deals, side hustles we are trying, goal updates with each paycheck and more. She’s looking a bit sad over there for the moment, but March is going to make it more exciting I promise!
Use the hashtag #momentummonth to show us how you are winning this month. I’d love to know what you guys are trying, and how you guys are succeeding with your goals for March.
Are you ready to gain some traction? Let’s do this!
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What are some of the creative ways you have raised your income? Tell us about it in the comments below.