Happy August!!
We’re officially more than half way through 2020 and at this point I’ve gotten used to working from home.
Still no details on when we can return to work, but I am so, so grateful for my job.
In July I actually started a role in the Covid-Response. I still get to work from home (it involves public inquiry email triage), but it’s definitely kept me way busier these days.
It’s a 30 day response and then I am getting extended another 30 days.
July looks a lot like the last few months because I am still saving all of my left over money at the end of the month.
To be honest, I’m quite eager for September 30th so I can drop a few grand on my student loan debt!
Let’s get into the updates:
DEBT PAYMENT/INCOME SPREADSHEET
CURRENT FICO SCORE: 764
CURRENT DEBT: $47,748.27
ROTH IRA VALUE: $3,756.19
NET WORTH: -$33,455.46
FINANCIAL UPDATES
I put $1,200 to my emergency savings
Wow! This is huge to me and I’m SO excited to start paying down debt with such large amounts.
My emergency savings now has over $3,700 in it.
While student loans are deferred I have been saving anything extra each month (in my high-yield savings). Once I have to pay them again I will put whatever amount I have over $3,000.
I want a larger emergency fund considering everything going on.
I am now under $48,000 of total debt
Slow progress is still progress!
I only paid off about $345 this month (my car payment), but it still counts!
I started tracking my net worth (included above)
I think I actually started last month but I now want to include this number in my reports. I have been using Personal Capital and I think it’s been so fun to watch this number!
My net worth does not include the value of my car by the way.
SPENDING
Taxes: ($900) I put this money into my High-Yield Savings account until I have to pay taxes.
Sinking Funds: ($400) My sinking funds include car maintenance, vacation, gifts, medical/dental, and my emergency fund.
Investing: ($100) I contributed to my Roth IRA (VTSAX with Vanguard)
Donate: ($50) Every month I donate at least $50. This month I gave $50 to my friend who’s apartment complex caught on fire.
Rent: ($1,346) My rent for a one bed, one bath apartment near Atlanta, GA.
Renter’s insurance: ($15.50) 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: ($55) I have Google Fiber.
Electricity: ($61.05) My electricity bill.
Water/Sewage: ($43.57) My water/sewage bill.
Food: ($278.38) This is all on groceries and food out.
Gas: ($18.75) I got gas once and haven’t been driving much.
Car: ($382.55) My minimum car payment.
Student Loan Debt: ($0) As I mentioned, student loan interest and payments are deferred right now. I decided not to put anything toward my student loans.
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 stepmom 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: ($198.11) This includes paying for Tailwind and GSuite. This month I also had to renew my domain name ($15.95), upgrade my email subscription service ($131.18), and I also ran FB ads for my course ($30).
Spotify: ($9.99)
Gifts: ($39.00) I contributed $25 for a wedding gift for a co-worker and I bought a small gift for my boyfriend for our anniversary. I always pull from my gifts sinking fund!
Excluding my savings and debt I spent a total of $2,559.90.
As always, I upload videos every month with all this info on my Personal Finance YouTube channel!