Wow. It’s March. Of 2019. CRAZY.
Well A LOT has happened since I last updated you on my finances. The biggest change is that I moved into an apartment all on my own!
Also, last month I said I felt stressed/overwhelmed about my finances…now I feel at ease lol. I told you it’s truly a roller coaster!
I shared something on Instagram that I realized lately which caused this shift and I thinks it’s worth it to share it here.
This is what I said:
“Before moving, I was really stressed about my finances. I knew I could afford living in an apartment on my own, but that would mean I can’t pay off my debt as aggressively. Each month I’ve been putting well over $1000 toward my debt, so thinking of putting less toward my debt put me into a “lack” mindset.
Then @CaseyNeistat uploaded his recent video called, “Being Rich vs. Being Poor – A Video Essay.” He talked about a blog post that shared the life of a millionaire who was miserable. Of course many people would kill to have that type of money, so basically he talked about money and happiness. Money does not equal happiness or solve all problems, but when you are struggling financially, typically ALL of your problems can be solved with money.
This made me realize, I don’t have a money problem at all. Sure, I have a lot of debt, but I don’t worry about how I’m going to pay rent or where my next meal will come from. I can’t go on lavish vacations all the time or buy anything I want, but I can do/buy little things I enjoy. I do not have a money problem. I am aware of my debt and I have a plan to pay it off. This completely switched me to an “abundant” mindset.
A year ago, I was living paycheck to paycheck. In 2017 I even overdrafted my bank account, my credit cards were maxed out, and getting out of debt felt so unreachable.
I’m in a much better place financially and I’m still on track to pay off ALL my debt by 2022. I’ve known this all along, but his video really made me realize that and I feel even more grateful for all that I have.
Some of you may have a real money problem, but like all things in life…it is temporary. Take control of what you can, work hard, and keep going.”
I think this round of feeling positive about my finances will last a lot longer. I’ve got this under control.
Let’s get into my February updates!
DEBT PAYMENT/INCOME SPREADSHEET
CURRENT FICO SCORE: 725
THE GOOD NEWS
My credit score increased
Well it increased 1 point for Transunion and decreased 1 point for Equifax because the apartment lease checked my credit of course. It still went up though 🙂
February generated over $650 in Mediavine ad revenue
Over $650 and this was with my pageviews dropping pretty significantly! I’m still so grateful that my blog is now generating somewhat passive income for me. I’ve worked very hard for this.
I moved out on my own
I was really nervous to move on my own. I’ve never been completely alone, plus paying rent meant I couldn’t put as much toward my debt. However, since I’ve moved in it’s been great! I am able to sleep longer, my commute is over 20 miles shorter, I have more time to work on my side hustles, my apartment is beautiful, I can walk to multiple grocery stores/stores, etc.
It is expensive, but I can afford and I’m still on track to pay off my car by December which was my goal!
My debt decreased
With the move, I wasn’t able to put much toward my debt in February. I put about $883 toward my debt, but after interest my debt only decreased by about $619. More than last month though! I’m hoping this trend doesn’t continue, once I start seeing my Mediavine income, I’ll be able to pay off more debt!
THE BAD NEWS
I spent lots of money
You’ll see down below, but with the move I had to pay for my security deposit, prorated rent, a moving truck, new home supplies, etc. I charged over $800 to my credit cards (which I have already paid off) AND I had to dip into my savings again. It will be 100% replenished in March though!
My final credit card debt still isn’t paid off
It will be paid off in March though! I’m so excited.
SPENDING
Things are changing a bit here! Now that I’m on my own I have big girl bills in my name! Rent, trash, electricity, water, renters insurance, etc. My spending list is now a bit longer!
Savings/Sinking Funds: ($1303.99/$180) I’m not including this in my “spending” total because it’s not actually spending. I transferred $1300 to my Marcus online savings for my taxes, $180 went to my sinking funds which I’m SO GLAD I’m doing (I use Qapital for sinking funds), and BOA automatically transfers some of my money to my savings for me.
Investing: ($0) My plan is to invest $100 every month into my Roth IRA or the stock market. I decided to skip February because of the move.
Donate: ($50) Every month I want to donate at least $50. This month I donated to RieFosters for a little kitty named Charlie. He was thrown against a wall and is partially paralyzed. Please consider donating he’s so sweet!! This link will take you to their IG page, you can donate through the link in the bio!
Rent: ($880.76) My rent is $1316. I moved in on February 17th so this is a prorated amount plus my security deposit! This amount also includes my trash fee.
Renter’s insurance: ($17.66) I will be paying a little over $16 each month for renter’s insurance through Statefarm. This extra dollar included a service fee I guess (eye roll).
Trash: (Included in prorated rent) Valet trash is mandatory at my apartment, it was included in the prorated amount but it will be $35 every month from now on.
Wi-fi: ($0) I got Google Fiber which will be $50 each month. I’ll be paying for this starting in March!
Electricity: ($0) Again, I will be charged for February and March at the beginning of April. So nothing this month.
Water: ($0) Same thing applies.
Food: ($378.52) Well I’m a bit over budget but I did stock up on some vegan staple items so that is mostly why.
Gas: ($67.65) I USED to drive 23 miles to and from work Monday-Friday. My commute is now 2.5 miles and I only expect to get gas about once a month 🙂
Health: ($57.40) This includes my multivitamins (which now has added tax) and my gym membership. My gym membership is canceled as of now (my apartment complex has a bomb gym) and I also canceled my massage for February!
Car: ($358.11) My minimum payment for my 2015 Toyota Camry is $315.73. I also paid $42.38 for a tire rotation, car inspection, and new windshield wipers. HOWEVER, since I’ve been saving money for my car with my sinking fund, I was able to replenish the money!
Student Loan Debt: I pay $288.37 every month.
Credit Card Debt: ($79.24) Self-explanatory. I do still use my Bank of America credit card and Capital One Card for the rewards. I now pay off both right after using them.
Insurance: ($147.15) This includes vision, dental, and life insurance. I have health insurance through work on top of my salary which is really nice.
Business: ($45.92) This includes paying for hosting/my domain for this blog and G Suite (by Google), which is now $12.99 and $5 each month. I also pay for a Tailwind membership ($14.99). This month I bought an SD card for filming which was $12.94.
Google Play: I pay $9.99 to listen to any music ad free.
Lor (Phone bill/car insurance): ($420) Lor = my sister. She pays my phone bill so I pay her for that. I also pay for my dad and step mom’s phone bills because my dad pays for my car insurance…the costs basically equal out. That will be about $220 each month. The extra $200 is the last of what I owed her for my study abroad trip YEARS AGO! Lol finally.
Other: ($397.80) This category basically includes unnecessary spending. I wanted to break this down to exactly what I spent my money on.
CVS (Lip balm and a protein shake) – $10.70
Parking – $6
USPS Address change: $1.05
A used book – $9.67
A moving truck – $62.10
Stuff for my apartment – Everything else
Excluding my savings and debt I spent a total of $2,297.57.
Let’s review my February goals
- Invest $100 into my Roth IRA NOPE
- Pay off at least $1500 of my debt NOPE
- No buying clothing or other unnecessary things NOPE
- Spend less than $300 on food NOPE
- Make over $600 from Mediavine CHECK
March Goals
- Invest $100 into my Roth IRA
- Pay off my last credit card (over $1600)
- Make over $600 from Mediavine