$1,005 Savings Added! Monthly Financial Review – November, 2017
Welcome to the tenth installment of our Monthly Financial Review. If this is your first time stopping by, I check in to update our financial position at the end of each month. The goal is to show our progress in real-time as we pay down our debt, build our savings, and live on a budget. This report will serve as a great record to look back on as we perfect our budget and learn what works. Life has been very busy lately, but we understand that we still owe it to our readers to continue to update our progress. In the September update, we reported that we have finished phase 1 of our Road Map to Success! With that, we have entered the next chapter of our journey. These monthly updates will be about piling up savings rather than paying down massive chunks of debt. I’m looking forward to seeing just how fast we can save a down payment for our first real estate investment.
If you take a look at our position as of 10/31/17, you’ll see that we had a total of $72,510.86 in debt and $8,300.95 in savings. Our goal for this phase is to increase our savings balance by at least $3,000 per month. We have continued working hard to increase our income from side-hustles and cutting unnecessary spending wherever possible. We put the majority of each paycheck into savings, before we have a chance to spend any of it. In addition to being protected, our saved money earns 2.25% interest thanks to a great account at our local credit union.
We increased our net worth by $5,033.06 in November!
We’ve been spending less time managing our finances these days. This is in part the result of our debt payoff success, but mostly the automated systems we’ve established throughout 2017. In November, we experienced some unexpected medical and car maintenance costs, as well as all of our insurance premiums coming due. This may help to explain our reduced savings progress. Overall, I take it as a good sign that even without much conscious effort and paying several large expenses, we still made good forward progress. Just a year ago, we were borrowing to live every month and preparing to move across the country. We’ve definitely come a long way in a year.
The end result is that we added $1,005.00 to our savings in November, bringing our total balance to $9,303.95. Our total debt at the end of November was $71,577.64. Taking our retirement accounts, car values, and student loan payments into account, our net worth increased by $5,033.06! We’re looking forward to more frequent check-ins to make sure that we achieve our financial goals each month. Our budget has been modified a bit to make sure it is sustainable for the long term. We have allowed ourselves $200 each in monthly discretionary allowance for personal spending, which covers gym memberships and some other fun activities.