Skip to content
  • Blog
  • Categories
    • Health & Fitness
    • Personal Development
    • Finances
  • Archive
  • Shop
  • Blog
  • Categories
    • Health & Fitness
    • Personal Development
    • Finances
  • Living like Leila
  • Archive
  • Shop
Uncategorized

January 2020 Debt and Spending Update

February 7, 2020February 8, 2020 Leila Leave a comment

January always seems long but I don’t really mind.

I made amazing progress on my debt in January (I explain it below) and I made the payment about half way through the month.

It feels like weeks and weeks since I’ve made that payment so I’ve just been eager to make more payments (but I need to wait on income to come in lol).

I made this great progress with my debt but honestly it just doesn’t feel like enough.

I still have so far to go and this was just a tiny drip in the bucket.

DEBT PAYMENT/INCOME SPREADSHEET

Current FICO Score: 758
Current Debt: $53,650.96
Roth IRA Value: $2,941.93

THE GOOD NEWS

I paid off almost $4K of debt

WOW! This is the most debt I have ever paid off in a single month. I paid off a huge chunk early last year, but that was because my sister sold our house and I got some of the profit.

So what happened this time??

Well, some of you may know that taxes are not taken out of my income. Therefore, I have to pay them on my own throughout the year.

I save a certain percentage of my income each month based on my calculations. Well I forgot to consider the standard deductible!!

So I was going to end up paying taxes for an extra $12,200 in income, which was thousands of dollars.

This was like the best news ever.

I had extra money saved up in my high yield savings account so I paid off my whole Capital One credit card and about $900 of my Bank of America card.

My credit score increased

Due to paying off so much credit card debt, my score increased significantly. Last month it was at 723 now it’s at 758.

I stayed under my food/grocery budget

I set a grocery budget of $250 for the month and I spent about $241!

If you’ve been following my journey, you know I struggle with staying under budget so this is good news.

To be honest though I had a couple of VISA gift cards from Christmas AND a Target gift card which allowed me to stay under budget even though I stocked up on a few things (toilet paper, trash bags, etc.).

I made a decent amount of extra income

I didn’t make much from my online work (about $394), but I sold quite a few things between Poshmark, Ebay, and Mercari which is definitely helpful.

THE BAD NEWS

STILL dealing with legal issues

I actually have to go to court in February regarding this issue but I don’t really even know much.

I’m still dealing with all of it though and it’s REALLY annoying.

SPENDING

This looks a little different than usual because I added in my income, my budget, and the difference between my budget and what I actually spend.

Taxes: ($1,006) As I mentioned above, my calculations have been off so I don’t need to set as much aside each month.

Sinking Funds: ($200) I put $200 in my sinking funds (car maintenance, vacation, gifts, and medical/dental).

Investing: ($100) I automatically invest $100 into my Roth IRA each month.

Donate: ($50) Every month I donate at least $50. This month I donated to a rescue group called No More Puppies GA, but it was for a family who was highly involved in the rescue world. Unfortunately, the husband passed away from his injuries from the awful accident.

Rent: ($1,316) The cost of my one bedroom one bath apartment near Atlanta, GA!

Renter’s insurance: ($15.66) I am required to have renter’s insurance for my apartment.

Trash: ($35) Valet trash is mandatory at my apartment. Dumb, I know.

Wi-fi: ($50) I have Google Fiber. It is $50 a month.

Electricity: ($62.90) My electricity bill. A little higher than usual but that’s OK.

Water: ($35.41) My water bill.

Food: ($241.20) This is all on groceries and food out.

Gas: ($26.34) I only got gas once.

Car: ($382.55) My minimum car payment.

Student Loan Debt: ($301.14) This is my new minimum student loan payment. I didn’t put any extra toward my loans since they’re technically on my credit cards now.

Credit Card Debt: ($3157.47) I paid off a whole credit card and then some!

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.

Health: ($32.40) This includes my Ritual multivitamins.

Phone bill/car insurance/Dogs: ($230) My sister 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. I pay an extra $50 to help her out with our dogs. My dad and step mom paid off their phones so I offered my dad the $50 difference each month but he said to save it, which I’m so grateful for.

Business: ($19.99) This includes paying for Tailwind and GSuite.

Spotify: ($9.99) My free 6-month trial of Spotify ended so I am now going to be paying for it monthly!

Grow You: ($49) Group coaching program with Natalie Bacon.

Other: ($0)

Excluding my savings and debt I spent a total of $2,321.04.

Let’s Review my January Goals

  • No spend CHECK
  • Less than $250 on groceries/food out CHECK
  • Continue to work on my money mindset CHECK

February Money Goals

  • No spend
  • Less than $250 on groceries/food out
  • Post at least 1 thing for sale

Post navigation

My 2019 Year in Review
My Beginner Bullet Journal to Increase Productivity [minimalist]

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hey, There!

Hey, There!

Leila, Owner

Welcome to my blog! I’m passionate about inspiring others to reach their full potential by overcoming their own excuses.

Click here to learn more about my blog!

livinglikeleila

You don't have to chase happiness or success. Just You don't have to chase happiness or success. Just confidently move forward with your dreams and with whats important to you, and it will follow. - @tatianajames26 ❤  #ptulaactive #ptula #ptulafamily #ptulalove #vegan #veganweightlifting #quads #gym #healthy #fit #strong #flex #girlswholift #vegangains #hydroflask #adidas #fitness #happiness #success
Waiting on Spring like... 🌷⚘ #ptula #ptulaac Waiting on Spring like... 🌷⚘  #ptula #ptulaactive #ptulafamily #ptulalove #vegan #veganweightlifting #fitness #fit #health #healthylifestyle
Finished The Secret this morning!! I watched the Finished The Secret this morning!!  I watched the documentary awhile ago but never read the book.  I know not everyone believes in Law of Attraction, but I really appreciate how uplifting the content is.  It also gives YOU the power. As someone who isn't religious this is what I've always believed. I have more control in my life than anything/anyone else.  The most important part is that it's more so about happiness and positive energy. When you feel like shit, everything else adds on to that. When you feel good, you keep feeling good.  I'll do a full review on my blog and YouTube soon 😌❤🙏  "You want to be high, happy, and in tune as much as possible."  #thesecret #loa #lawofattraction #rhondabyrne #read #book #readbooks #bookstagram #bookaddict #booklover #booknerd #books
Now that my no spend year is over, I really want t Now that my no spend year is over, I really want to focus on shopping more sustainably.  Thrifting is where I prefer to start because even the production of {new} sustainable clothes is not as sustainable.  And I found a Poshmarker who sells the crops of my DREAMS 🥺  High neck, fitted sleeves, and cinched at the waist!!  She buys items used and customizes them herself. Search 'Project Papaya' on PM. This isn't an ad I promise lol  Shopping sustainably isn't always easy, but I'm going to do my best!  #sustainable #thrift #sustainableshopping #vegan #thriftshopping #poshmark
Thank GOODNESS my muscles maintain so well 🙌 Thank GOODNESS my muscles maintain so well 🙌  I've lost so much strength over the last year and I'm eager to get it back!  I was always active throughout the last couple months, but that consisted of mostly Sydney Cumming's workouts, long walks, and jogging.  There is nothing wrong with that, but I want to fall back in love with lifting.  2020 was great for me, but the hardest thing for me was not having my usual routine. However, I'm learning to adjust and will be getting back to it.  I'll be documenting my journey on YouTube and here on IG while I work on my strength, my health, and all my other habits!  #fitness #health #lift #vegan #veganweightlifting #girlswholift #ptulaactive #ptula #2021healthjourney #2021goals
Merry Christmas Eve! -2 more days of Vlogmas -12K Merry Christmas Eve!  -2 more days of Vlogmas
-12Ks of Christmas is done (run 1+ miles for 12 days)
-and 12 Days of Money Tips is complete! (Check out my finance channel)  I feel proud for committing to each AND following through. And I'm excited to start prepping for the New Year 🤗  #merrychristmas #youtuber #blogger #12KsofChristmas #LivinglikeLeila
Load More... Follow on Instagram

Affiliate Disclosure

This blog post may contain affiliate links. If you make a purchase through that link I receive a small commission at no extra cost to you.

Thank you for your support.

For more information please read my full disclosure policy.

  • Disclosure & Privacy Policy
  • Contact Me
© 2021 | Designed by Little Theme Shop