I wanted to do something new and decided to start with a debt report for May that explains what debt I have left and what goals I have accomplished.
Gosh I haven’t blogged in awhile due to being on vacation for the past week and a half and I miss it. We didn’t go anywhere, we just stayed home and did family filled activities. It was really nice. I got to imagine for a while what it would be like to stay home all day, and not deal with traffic stress, work stress, and worrying about which family member will babysit our son. What I did worry about was what to cook for lunch and dinner and how much money was being spent.
Anyway, I’m currently celebrating a 3 day weekend. Woot woot!
My company observes our state Holiday, King Kamehameha Day, which means, no work on Monday. Also, the boyfriend is taking a nap while my son is busy watching PJ Masks and eating apples. I’m taking full advantage of whatever free time I have to write this report.
Honestly, a long vacation is nice but the thing I missed the most was having some alone time. I can’t go on my laptop without my son wanting to ‘help’. I’m not alone when I go to the store, my boyfriend always wants to buy something that we don’t need. I couldn’t even be alone in the shower without having my son bringing in all of his toys and playing on the bathroom floor until I was done. My vacation was nice, but I missed my alone time.
So starting off this May Debt Report and Goals, I want to refer back to my first post where I had first been keeping track. I think as time moves on it may get a bit confusing as I start adding more goals and debt. What inspired me to do this as a separate report was from reading bloggers income reports.
Below is what I copied and pasted from my blog post, Personal Goals and What I Want to Accomplish.
My list has been updated on 5/26/17.
✔ Pay Off Macy’s Balance $524.00 (Paid off in April 2017)
✔ Pay Off Citi Balance $442.77 $487.00 $240.02 (Paid off in May 2017)
✔ Cancel 24 hr Fitness Membership (Canceled in April, $41 back to me)
⇒ Open a ROTH IRA (For myself and boyfriend by end of May 2017. Debating if I should do one for my son too)
⇒ Start a College Savings Fund (Either a ROTH IRA or 529 Plan by the end of May 2017)
✔ Start a Christmas Savings Account (By end of May 2017. Save $50 a month until November and I should have $350) Started May 5/12/17
⇒ Have $6,000 cash savings for emergencies ($3,000 more to go)
✔ Start a Birthday/Holiday Fund for 2018 (Starting May 2017, Save $50 a month that will be ongoing forever, will be used for buying presents or as money gifts, for any birthdays or holidays such as Mother’s Day) Started May 5/12/17
⇒ Tackle Mortgage Loan (Ugh, houses in Hawaii is so expensive >_<)
May Debt Report and Goals – Updates
Macy’s and Citi Credit Card
During my vacation, I had used my Macy’s card to buy some new clothes, but I made it a habit where I paid off the balance once it’s been posted to my account.
I had also been using my Citi card for almost all of my purchases and utility bills, but once the balance has been posted, I paid it off right away. I do not want to get stuck with paying such a high interest rate so I am no keeping my balance at zero.
The point is to only use plastic if you have the cash to pay for it.
24 hour fitness gym membership
It’s still canceled and I do not miss it at all. Of course, I still pay for my boyfriend’s membership as well as my sister’s. The reason why I pay for my sister’s membership is because it’s my gift to her. My sister is the best. She’s been there for me when it comes to helping me take care of my son. I had offered to pay her for the days she watches my son while I’m at work but she always say no need. I try to spoil her and my nephew whenever I can.
Open a Roth IRA
I haven’t done this yet, I think I may wait a bit before opening an account. I have two goals to complete before I can do this. It may seem like I might be throwing money out the window, but my 401(k) is my main worry as of now.
Start a college savings fund
Gosh, I haven’t done this yet too. I gave myself a deadline to do this by the end of May. I’m hoping to open an account by the end of June and start contributing $25 to $50 to it monthly. Like i said with the roth IRA, i still have two money goals to complete
Start a Christmas savings
I decided to start this fund for this year because I feel like i go broke every Christmas. I swear, friends and family keeps procreating which just grows my shopping list, hahah. So far, I have saved $75, which is $25 per paycheck. This little fund will help alleviate some of the costs during Christmas shopping.
Have $6,000 cash savings
I’m halfway done with this goal. I was off for over a week during the ending of May/early June, I had to dip into the amount of what I wanted to save. However, I was able to save $200 which is better than nothing. I am now at $3,200. I gave myself a deadline, December 2017, but because of my vacation, it had set my back to January 2018.
Birthday/Holiday Fund 2018
I decided to start this little fund because I swear I feel like I go to several birthday parties every month, my coworkers also like to celebrate birthdays in our department, and these celebrations just kills my budget planning. This fund will help alleviate any costs that will come up in 2018.
Tackle mortgage loan
I don’t really add this to my debt report. My boyfriend handles this payment and so far he’s been pretty good with it. He tries to add some extra payments each month to try and knock off the Private Mortgage Insurance (PMI).
We recently found out from our realtor that we have two options to try and remove the PMI. The first option is to have at least 20% paid off from the loan. The second option would be to order an appraisal. If the appraisal shows that the house has increased in value of over 20%, then the PMI could be removed. We’re not sure what to do yet, we may try to order an appraisal and gamble on how much our house is worth or to play it safe, we can wait one more year and see if 20% of the loan is paid off.
Keep in mind that our loan is over $550,000. When we got our house, we didn’t put in 5% down payment which is why we have to pay PMI.
See what’s been added to the list of this May Debt Report
Pay off 401(k) Plan Loan
I wished I had paid more attention to this when I first took out the loan to add to our down payment to our home. I felt like I wasted a year of not trying to pay this off. I’ve been putting an extra $50 towards the loan to help alleviate those interest payments. It seems to be helping a little. Once I complete my $6,000 money savings goal, then I can concentrate on paying off this loan. My loan was $7,000 and I now have $6,717.51 left to go.
This is my May Debt Report and there will be more to come. I’m not sure if I want to do this on a monthly basis yet, but we’ll see.
As you can see above, I am concentrating on two big goals, paying off my 401(k) loan and building my cash savings.
You’ve seen my debt report, now how about sharing yours? I’d like to connect with people who has a story to tell about their own debt free journey and goals.
I know I don’t have a load of debt, but I know you might have a larger amount than mines and that you have set goals for yourself on how that debt is going to get paid off.
Would you like to share your story?
Instead of calling it a debt report, I call it, The Money Journal.
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