Hurray for my second debt report and goals report!
I should name this debt and goals report instead. It sounds a little weird now that I’m reading it out loud. Anyway, it’s a new month, 4th of July is over, and I need to do an update.
Looking back at my May report, it was tough. Being off for a week in May has seriously taken a toll on my budget and it took the month of June to recover and get back on track.
See my report for May: Debt Report and Goals – Current Debt $6,717.51 (May 2017)
Now that it’s a new month, it’s time for me to reflect back.
Here is a list of my current goals:
- Open a Roth IRA by the end of May 2017 for myself and the boyfriend
- Start a College Savings Fund by the end of May 2017
- Have $6,000 cash savings for emergencies ($3,000 more to go)
- Boo! Mortgage loan (technically my boyfriend’s job to handle but it’s always on my mind so it stays on my list)
- Put in $50 extra a month toward my 401(k) loan. The reason for this is, I took out a loan from my 401(k) to add to our down payment on our home and there were no penalties because I am a first time home buyer. But the thought of actually having a loan just irks me. Darn you loans! I would put more towards this loan but I really want to build my cash savings first in case something major might happen. Once I reach my savings goal, then I can dump everything into this loan.
Here is a list of completed goals:
- Macy’s balance has been paid off in April 2017 has been at zero balance since then
- Have you seen my blog post about how they tried to sneak money from me? If not, it’s a must read ->
- Paid off Citi Balance in May 2017
- Canceled my 24 Hour Fitness Membership back in April 2017, I will never ever return
- I started a Christmas fund in May 2017 just to help me out with shopping for this year. I’ve been putting in $50 a month.
- I also started a fund in May 2017 to be used for Birthday’s and Holidays for 2018. I’ve been putting in $50 a month.
A new goal that I want to add:
- Get life insurance
This is something that we need since we’re pretty sure we can’t survive if something were to happen. We have a young son and a mortgage and it really takes both of our incomes to survive out here in Hawaii.
- Have you seen my blog post about why you shouldn’t move to Hawaii? It’s from my point of view: 6 Reasons Not to Move to Hawaii
List of goals that I had failed for the month of June:
- I wasn’t able to open a Roth IRA for my boyfriend and I in May and couldn’t do in June either. Recovery is a slow process and I had to use the funds to cover costs.
- I also wasn’t able to open a college savings fund for my son. I was going to do an UGMA (U), Roth IRA, or the 529 Plan. I haven’t decided on which yet, I keep jumping back and forth with my options.
- I was able to $3,400 for my cash savings goal, but unfortunately, I haven’t been able to add anything more for the month of June. Recovery is hard when you have to pay back.
- Due to my recovery, I wasn’t able to add to my Christmas fund and the Birthday/Holiday fund for the month of June. I’m now $50 short for each fund.
- While I did go at keeping my Citi credit balance at zero, I had been using it a bit more and didn’t have the cash to pay it off right away. This caused me to carry a balance into July. While I paid off the balance from May in June, I had used my card several times after and I now have a balance to pay off that carried into July. Ugh.
- To add more info to my Citi credit card balance, I had also bought courses that I wanted to help me improve my blog that came out to about $250. It was worth the investment that I hope will pay off one day. I am now implementing what I learned to my blog. If you’re curious about it, check out Making Sense of Affiliate Marketing.
This is my overview of what’s going on right now for June. I’m going to try and pay off my Citi credit card balance in July. I’m just happy that my card is still new and that no interest will be charged until August. I just need to be on top of my game and make sure to never let it happen again.
This is the breakdown of my current debt and savings:
- Cash savings = $3,400
- 401(k) loan = $6,681.90
- Citi credit card balance = $481.90
Total Debt I need to kill = $7,163.80
This is so hard! But it must be done. First on my list is to pay off my credit card balance in July and get then get back on track putting in money for my two funds. I’m pretty sure I’m not able to save anything again but that’s okay, as long as I don’t add any more debt to my balances.
Resources to check out:
- Debt Report and Goals – Current Debt $6,717.51 (May 2017) – The very first report that started it all. It’s nice to have records to look back to.
- How to Dispute Macy’s Interest Charge – This is a must read if you have a Macy’s credit card. It happened to me and I feel like they try to steal from you unknowingly.
- 6 Reasons Not to Move to Hawaii – A Local’s point of view of why you shouldn’t move here.
- Making Sense of Affiliate Marketing – One of my favorite bloggers, Michelle has been making over $100,000 monthly. Learn what she does and apply it to your blog!
- The Money Journal – Share your personal debt free story here with other like minded
What is your current debt like? Share below!
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