January 2019 Debt and Spending Analysis

Hello February!

You know, this debt free journey is truly a roller coaster. Last month I felt super positive and relieved about my finances.

Currently, I feel overwhelmed and stressed.

Overwhelmed because I feel SO far away from being debt free. Stressed because of all the uncertainties going on in my life right now.

I’ve been writing down my budget and my expected debt payments over and over…trying to see where I can really make or save more to get rid of my debt faster.

The house I live in is under contract. At this point I did not want to move…it’s stressful and unnecessary. However, because of my living situation I don’t have control of any of it. It sucks.

As of right now, I’m not sure if I’ll be moving to an apartment on my own, or moving with my sister and her boyfriend to wherever they decide to move. The main thing I am concerned about is my commute to work. I already drive 22 miles to and from work, and I don’t think I can go any further. So if it’s too far I’ll likely move on my own. I DON’T KNOW. It’s stressing me out.

If I move on my own that sets back my debt payments significantly. I’ll also be further from my boyfriend, which really upsets me.

There’s many things that need to be considered here though, so I’m trying to stay calm and just focus on my work (so I can increase my income).

Uncertainty is inconvenient, but I guess that’s just life. The important thing is that I am safe and healthy. Either way I will be able to make it.

Anyway, January was great financially. I have lots of good news to report.

DEBT PAYMENT/INCOME SPREADSHEET

*This spreadsheet does not include payments for my insurance (life, health, vision, dental)*

CURRENT FICO SCORE: 724

THE GOOD NEWS

My credit score increased

I paid off a WHOLE credit card so it went up 11 points! I’m so glad to see this number continuing to go up. It’s not done yet!

My Mediavine ads went live

I know, I know. More ads may not be good to you, but it’s income for me for writing these blog posts! My ads went live on January 16th, and in less than 15 days I made over $300! That means I should make at least $600 each month from ads alone, but hopefully I can increase that number significantly! Thank YOU for helping me get to this point.

I won’t see my first paycheck from them until April though.

I replenished my $1K emergency savings

Last month I used my emergency savings to pay majority of my root canal bill. I got a 3rd root canal on the same tooth. It cost a total of $1250, luckily I had an old HSA card to pay my $300 co-payment. My emergency fund went to the remaining $950. With my January paycheck I replenished it though which is amazing!

My debt decreased

I didn’t pay off much, but my debt still decreased which is great!

I was under budget on food

WHAT?! This is a rare event people. I was under my food budget!!! I’ve got to keep this up from now on. I’ve been on a meal plan with pretty basic food, so I figured this would happen. I went to Chipotle once though and paid for myself and my boyfriend.

THE BAD NEWS

I still can’t pay off my credit card

I still have almost $1700 left to go on my credit card…and now I don’t think I’ll be able to pay it off until March. HOWEVER, my major goal this year is to pay off my car by December 2019. If my calculations are correct, that will still happen 🙂

SPENDING

Savings: I’m not including this in my “spending” total because it’s not actually spending. I transferred $1200 to my Marcus online savings for my taxes, $181 went to my sinking funds (see last month), I invested $103 in the stock market, and the rest saved is automatic from Bank of America and Acorns.

Rent/Utilities: I live with my sister (and her boyfriend) so $600 goes toward the mortgage, electricity, internet, etc. $100 goes toward the money I owe her!

Food: I spent $290.54 so I STAYED UNDER BUDGET WOOHOOOO!!!

Gas: I drive 22 miles to and from work Monday-Friday so I have to get gas every weekend. $118-$130 is expected for gas each month. With a few extra days off this month I spent WAY less on gas! Plus gas prices are quite low right now and I love it.

Health: This includes my multivitamins (which now has added tax) and my gym membership. I also got a massage, which I get just about every month because it’s important for my muscle recovery/health.

Car: My minimum payment for my 2015 Toyota Camry.

Credit Card Debt: 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.

Student Loan Debt: I pay $288.37 every month.

Insurance: This includes vision, dental, and life insurance. I have health insurance through work on top of my salary which is really nice.

Business: This includes paying for hosting/my domain for this blog and G Suite (by Google), which is now $14.12 and $5 each month. I also pay for a Tailwind membership ($15). I redesigned my blog with a new theme which cost me $49.99.

Other: This category basically includes unnecessary spending. I wanted to break this down to exactly what I spent my money on.
Google Play – $9.99
CVS (Lip balm and a protein shake) – $10.70
Donation – $50
UDemy course – $9.99
Acorns Fee – $1
Amazon (protein powder, electric toothbrush, probiotics) – $103.35
Mario Badescu (needed new skin care) – $77.35

Excluding my debt I spent a total of $1,707.04. Which is the lowest I’ve spent in a LONG time. 🙂

Let’s review my January goals

• Get my emergency savings back up to $1000 CHECK
• Invest another $100 in the stock market CHECK
• Make at least $400 in extra income Kind of? I made over $400 but won’t get paid all of it yet.
• Spend less than $300 on food CHECK
• No buying clothing or other unnecessary things FAIL…I really didn’t do too bad though, but I guess fancy skin care is kind of unnecessary, no clothes though!!

February Goals

• Invest $100 into my Roth IRA
• Pay off at least $1500 of my debt
• No buying clothing or other unnecessary things
• Spend less than $300 on food
• Make over $600 from Mediavine