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Finances

March 2020 Debt and Spending Update

April 4, 2020April 4, 2020 Leila Leave a comment

March felt pretty long but also it’s April?!?

The world is truly in chaos right now and it’s been interesting to see how much that has changed day by day, week by week.

To be honest, I haven’t been greatly impacted by this crisis. Obviously I’m limited in what I can do, the places I can go, and seeing people, but things have been OK for me.

Things are actually working in my favor…I’ll get to that in a moment.

I’ve decided I’m going to start just writing “Financial Updates” for these posts rather than ‘Good News and Bad News.’

There are quite a few updates this month.

DEBT PAYMENT/INCOME SPREADSHEET

Current FICO Score: 759
Current Debt: $52,473.16
Roth IRA Value: $2,530.05

Financial Updates

I still have my job

I’m grateful to say I still have my job. I’ve actually still been going to work up until April 3rd.

I am a bench scientist so majority of my time is spent in a lab and obviously I can’t bring that home. However, I now have to start working from home.

I know so many people have been laid off or effected financially and I can’t express how grateful I feel right now for my job.

My side hustle income has decreased a bit, but that is no problem.

My extra income was higher

I got paid out by most of my income sources (Adsense, Teachable, Mediavine, and Amazon). This is probably the highest amount I’ll see for a few months.

I’m pausing all extra debt payments

I still have my job and I won’t lose my job, however, I still want to save as much as possible right now because nothing is certain.

I am now only making minimum payments on all my debts.

My plan is to completely pay off my credit card (balance transfer) in June. After that I will continue to save, invest, and put extra money to my debt.

My total tax refund is $2,314

I did my taxes late March and I overpaid!!

All of my income is untaxed so I have to pay estimated payments each quarter. I wasn’t sure how to incorporate the interest I paid on my student loans or writing off business expenses.

After those two things are considered it lowers what I owe so I am getting back $884 from State and $1,432 from Federal. THIS is why I’ll be able to pay off my balance transfer in June (before the interest hits) and I’M SO HAPPY ABOUT IT!

My emergency savings is funded again

Due to my tax refund my emergency fund is now back up again. Thank goodness.

Before I had about a month of living expenses saved and I added to it each month. Now, I want to continue to add to it and eventually reach 3 months of expenses.

After I pay off my debt I want a year of living expenses saved up.

Student loan interest is waived

As I said, this crisis has been working in my favor.

Student loan interest is waived through September 30th and there is also the option to pause payments without penalty.

I will continue to make my minimum payment but this is going to save me $120 in interest per month!

I’m also going to pay extra to my student loans after June so it will save me even more money.

I qualify for the stimulus check

I also qualify for the $1,200 stimulus check that’s supposed to go out. Obviously I’ll believe it once I have it, but that money is going straight into my emergency savings OR I may invest it.

My Roth IRA dropped but is going back up

My Roth was over $3,000 in January. It dropped to $2,100 mid March but now it’s back up to $2,500.

I’m planning on calling Vanguard this month so I can transfer it over there!

I went over my grocery budget

(Again). However, I didn’t go over by much and I stocked up on quite a few things due to everything going on.

I don’t think a stockpile is necessary at this point so I can use that food for the next couple weeks.

I got my tooth extracted

At the start of March I was a bit stressed because I thought I would need another root canal. I had no emergency fund and another root canal/crown would cost ~$800.

However, the problem turned out to be an old root canal tooth (had a root canal THREE times).

The consultation, extraction, and ozone injection cost about $300 and I’m just glad the tooth is out. For now I’m just leaving it empty (it’s a back tooth).

SPENDING

Taxes: ($1,088) I put this money into my High-Yield Savings account until I have to pay taxes.

Sinking Funds: ($300) I put $200 in my sinking funds (car maintenance, vacation, gifts, and medical/dental), I added an extra $100 to save more to my emergency fund.

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 Two Tailz Rescue. Please consider donating if you can!

Rent: ($1,316) The cost of my one bedroom 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. It was recently increased to $55 per month.

Electricity: ($65.21) My electricity bill.

Water: ($36.71) My water bill.

Food: ($276.02) This is all on groceries and food out.

Gas: ($34.44) I got gas twice.

Car: ($382.55) My minimum car payment.

Student Loan Debt: ($127.86) I decided to apply for the graduated extended repayment plan which lowers my minimum payment from $301 to $127. I did this so I could pay off my credit card balance transfer quicker.

Then once I pay the card off I’ll be able to put more money to a specific student loan.

Credit Card Debt: ($3.83) I still use my credit card for purchasing groceries/gas but I pay it off immediately. I have a minimum payment of $32 but when I make those payments mentioned it counts.

As I said I am now pausing extra debt payments but paid a tiny bit extra on this.

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: ($377.25) This includes my Ritual multivitamins ($32.40), my tooth consultation/extraction and some vitamins and medicine.

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: ($578.45) This includes paying for Tailwind, GSuite, hosting renewal, and a logo design.

Spotify: ($9.99)

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

Interest: ($1.50) I’m not sure why but Bank of America keeps charging me minimum interest even though the balance on my card is a 0% balance transfer. I’ll have to call them.

Excluding my savings and debt I spent a total of $3,272.64.

Let’s Review my March Goals

  • No spend CHECK
  • Less than $250 on groceries/food ALMOST
  • Post at least 1 thing for sale FAIL
  • Put at least $200 to my emergency savings CHECK

April Money Goals

  • No spend
  • Spend less than $250 on groceries/food out
  • Save all leftover money
  • Create my 3-year plan (money and business)

As always, I upload videos every month with all this info on my Personal Finance YouTube channel.

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How to Cope with Financial Concerns and Anxiety During a Crisis
Monthly Debt Analysis – My Debt Free Journey

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I've been vegan for 5 years as of yesterday. It's I've been vegan for 5 years as of yesterday.  It's still the best decision of my life.  I've gained the most strength and look my best as a vegan.  It's also worth mentioning I was vegetarian for 13 years before going vegan, which is why I had to bust out a double bi in photo 3 lol  So yes, I do get enough protein despite not eating animals 😏  As a vegan I've also learned to cook better, eat more types of foods, and have discovered amazing restaurants, recipes, and vegan alternatives all without harming animals.  I never want to push veganism on anyone, but I encourage everyone to explore this lifestyle.  Personally, having an animal suffer for my food, clothes, and products just isn't worth it. Being a perfect vegan isn't necessary, but even small changes can make a large difference.  My sister (@loka1089) made this shirt for me for Christmas by the way!!  #vegan #bekindtoeverykind #veganfortheanimals #veganweightlifting #vegangains #strongvegan #veganwoman #vegananniversary #GoVegan #veganbodybuilding #anythingyoucaneaticaneatvegan #LivinglikeLeila
Happy March!  An update on my February goals:
▪️Pay off my car ✅✅✅🙆‍♀️🙆‍♀️🙆‍♀️  ▪️Jump rope for at least 2 minutes daily ✅ (Well, I missed ONE day but otherwise I enjoyed this challenge a lot)  ▪️Start 'Phase 2' of my training program ✅ (it's more intense than I expected but my strength and body are improving!)  ▪️Finish reading 2-4 books ❌ (I finished 0. I stopped reading a fiction book because it was boring. I've been taking my time reading The Brain That Changes Itself because it requires focus lol)  ▪️Stick to my usual habits better ❌ (Feb was tough for me honestly. Sometimes I have bouts of intense fatigue and lack of motivation which I believe is associated with PMDD. Idk honestly)  March is usually a pretty transformative month for me, so here are my goals:  ▪️Put at least $600 to student loan savings
▪️Make over $1K online
▪️Finish The Brain That Changes Itself
▪️5 minutes of abs daily (new challenge!)
▪️Walk 10K steps daily again
▪️Stick to my habits/routine (for real this time!! I'm feeling better 😊)  #NewMonth #debtfreecommunity #debtfreejourney #blogger #youtuber #goals #february #habits #march #personaldevelopment #strong2021 #fitness #vegan #fitnessgoals #health #healthy #LivinglikeLeila #DebtOverIt
I just wanted to say a big thank you for all the l I just wanted to say a big thank you for all the love and kind words on my previous post ❤🥺  It amazes me that I have this growing community of support and I'm so grateful for it.  I know paying off a car and paying off debt isn't a big thing for everyone, but it's a huge part of my life and I genuinely appreciate that everyone is proud of me and celebrating with me!!  I do hope my progress and my openness on my finances encourages more people to look into theirs and improve it. Improving my finances has made a HUGE difference in my life.  No, money may not buy happiness. But when shit is in order you have less stress, more clarity, and more faith in what's to come👌  These blue light glasses are from @tijneyewear 👓 (gifted)  #thankyou #financialindependence #finance #debtfreecommunity #debtfreejourney #DebtOverIt #blogger #financialcoach #debtcoach #personaldevelopment #neverstopimproving #LivinglikeLeila
I paid off my car today 🙂 27 months EARLY!!! T I paid off my car today 🙂 27 months EARLY!!!  This car should have cost me about $22K, but it ended up being about $30K!!! I'll break down why that is in a future video.  But for the first time in my adult life I am paying $0 in interest right now 😭  I started my debt free journey in June 2018 with $82,200 of debt... I'm now down to ONLY my student loans of $36,200. Which are in forbearance and at 0% interest right now.  This is like a little preview of the debt free life 🥺  Not to mention, my minimum car payment was $382.55 and if I invested that monthly, it would grow to over $200,000 in 20 years.  You may be able to afford that car payment, but it comes with a HUGE sacrifice.  My debt free journey has changed my life and I'm so, so excited for my financial future. 🙏💰  #cardebtfree #finances #debtoverit #cardebt #debtfreecommunity #debtfreejourney #money #finance #studentloandebt #financialfreedom #financialindependence #firemovement #financialindependenceretireearly #TransferTuesday
'Living like Leila' will always be my first born b 'Living like Leila' will always be my first born baby business, but as my personal finance business has significantly grown I've realized I just want LLL to encompass Me.  If you haven't noticed, I am VERY multi-passionate. I love fitness, finance, personal development, veganism, plants, books, food, planning, habits, business. I literally lose sleep at night because I CONSTANTLY have ideas lol  So I know this IG and my LLL YouTube covers everything under the sun, but that's exactly what I want it to be. It's just a digital journal of my life and even though it can be a lot, it's just a reflection of my life and the things I value.  This has allowed me to put less pressure on myself for the content I create, and I truly just enjoy it all as a hobby now.  So I understand that some of my content may not resonate with everyone, but I appreciate ya'll being here 😊❤  And as a side note, if you decide to start an online business...niche down to ONE topic. It will go a lot further, at least from my experience 👀  #multipassionate #livinglikeleila #vegan #personaldevelopment #books #debtfreecommunity #finance #debtfreejourney #business #onlinebusiness #habits #fitness #life
Post-filming, pre-workout selfie ✌ hence the mes Post-filming, pre-workout selfie ✌ hence the mess.  My January finance update and February budget will be up Friday 😊  Also these are the best leggings ever from @ptulaactive  #ptulafamily #ptulaactive #ptula #youtuber #health #fitness #vegan #fit #igfitness #blogger #debtfreecommunity #debtfreejourney #debtoverit #budget #finance #livinglikeleila
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