The final month of 2019 is here!
November wasn’t bad, but it wasn’t great either.
This update is going to LOOK bad since my debt increased, but that is because I have not transferred my sinking funds over yet to cover my purchases.
Side note: I have multiple sinking funds in a high-yield savings account (Marcus by Goldman Sachs) that I fund automatically on the 1st of every month. I keep the money in there to accrue interest and then it takes a few days for the money to become ‘available.’ That is why I wait to cover my charges.
However, I have realized something REALLY needs to change.
Due to multiple setbacks over the last few months, I’m having a hard time getting ahead or back on track.
These setbacks include legal issues, car problems, and a root canal.
I’m feeling hopeful though and I know what I need to change.
I will still make some progress by the end of the year and that’s all that matters.
DEBT PAYMENT/INCOME SPREADSHEET
Current FICO Score: 701
Current Debt: $58,943.71
Roth IRA Value: $2,706.63
THE GOOD NEWS
My credit limit increased on 2 cards
My total credit limit increased by $3,600 on 2 of my credit cards. I don’t plan on using this increase, but it will help my credit.
I’m realizing what needs to change
I’m committing to a No/Low Spend 2020! I have some exceptions, but I think this will help me a lot. I will write a separate post on this.
I am also going to start taking my budget seriously when it comes to groceries and want to see if I can reduce my electricity and water bills at all.
I need to work on my money mindset as well because I CONSTANTLY think about money.
THE BAD NEWS
My credit score decreased
My credit score decreased because I charged all of my Christmas gift purchases to them. As I mentioned above, I haven’t transferred my sinking funds to my checkings to pay those purchases off yet. I will early December.
The other problem is that I had to charge other things as well (see below).
Legal issues
The legal issues are the main problem right now. NEVER. CO-SIGN. ON. A. CAR. PEOPLE.
This is costing me more and more money and it’s SUCH a headache.
My debt increased
Obviously, my debt increased a bit this month because of these extra charges. I’m not happy about it but whatever.
To be honest I never should have done a balance transfer of my student loans to my credit cards. It has really set me back. I’ll write more about this in a separate post.
My car battery died
My car battery died. We were able to jump it after about an hour of charging and I made it safely to the dealership for them to replace it.
I was a bit upset but I’m glad I was with my sister at the time and we had the time to jump it. Now I have peace of mind that it won’t die on me for awhile.
SPENDING
Savings/Sinking Funds: ($1,632) I’m not including this in my “spending” total because it’s not actually spending. $200 went to my sinking funds. The rest is for my taxes.
Investing: ($100) I automatically invest $100 into my Roth IRA each month.
Donate: ($60) Every month I want to donate at least $50. This month I donated at The Veg Fest ($10) and then I purchased about $50 worth of dog/cat food, blankets, treats, etc. for an animal shelter.
Rent: ($1,316) The cost of my one bedroom one bath apartment near Atlanta, GA!
Renter’s insurance: ($16.66) 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: ($49.84) My electricity bill.
Water: ($35.70) My water bill.
Food: ($316.18) This is all on groceries.
Gas: ($52.10) I got gas twice.
Health: ($118.22) This includes my Ritual multivitamins ($32.40). I also purchased a few other vitamins/supplements that I ran out of (Probiotics, B12, etc.)
Car: ($513.80) My minimum car payment ($382.55) + a new car battery.
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: ($350) I paid off my Barclays Apple card. I’ve still been having a hard time putting extra to the balance transfers on my credit cards.
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: ($320.07) This includes paying for Tailwind and GSuite. I also purchased a year of Teachable.
Google Play: ($0) I have canceled GP for now because I am using a free trial of Spotify for another month.
Lor (Phone bill/car insurance): ($277) 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. I pay an extra $50 to help her out with our dogs.
Other: ($881.15) This category basically includes unnecessary spending.
I bought:
-Natalie Bacon Coaching – $49
-LUSH – $82.66
-Empowered Women’s Event – $22.85
-Wal-Mart – About $50 (new planner, a gift, bulletin board, binder, etc.)
-CHRISTMAS GIFTS – $393.01
-Jumper cables – $26.72
-Ebooks – $1.71 (I actually got 14 books for this price on Amazon!)
-Goodwill (with the intention of flipping) – $39.16
-Sage and palo santo- $8
-Sleeping pillows – $28.99
-Mail – $1.15
-Sneakers – $84.24
-Headache essential oil roller – $30.47
-Bath & Body Works – $20.25
-Kitchen mixer – $14.75
-Baking pans – $12.94
-Interest – $15.08 NOT GOOD
Excluding my savings and debt I spent a total of $3,675.07.
This might be a little off because I think I didn’t include my car battery in this. It may be a little bit higher.
Let’s Review my November Goals
- Get my total debt under $58K FAIL
- Spend less than $300 on food FAIL
December Goals
- Get my total debt under $58K
- Launch my personal finance YouTube channel
- Get clear about my No Spend Year 2020