May 2014 Recap


May 2014 Overview:

It’s pretty much 6 months into our 2014 Goals, and I was super excited this evening to realize that we’ve paid off $11,522 of our debt since January! Sure, we probably won’t be able to keep that momentum (since a good chunk of that was our tax return back in February), but we’ve managed to pay off our Car Loan AND the original Citibank balance! Read on for how we did that this month!


Snowflaking: $320 to the Car Loan!

  • $270 – This month, L only went to daycare part time because H is off in the summer. The cost was $390 instead of the budgeted-for $660. This went to the car loan!
  • $50 – We only paid for half of L’s lessons this month, so I snowflaked that extra $50 to the car loan as well.

How I Used My Side Hustle Check from May 30 ($1388):

  • Paid off two credit cards (we over-spent this month, ugh!): $319.10
  • Replenished sinking fund (see why I had to do that here): $600
  • PAID OFF THE REST OF THE CAR!: $70.53 (this is what was remaining after the snowflaking from this month went through, as well as the regular monthly payment of $172).


  • Bonus: We got $50 cash back from our American Express card, which lowered our balance, and then I paid off the remaining amount.

Review of our 2014 Goals

Mintly Goal #1: Pay off our Citibank credit card

Verdict: SUCCESS! Well, now it’s back up to around $6,300, BUT… that’s because we transferred our high-interest rate Sallie Mae loan to a 0% interest rate on the card! So this goal is still in play. Hoping to have the new balance paid off by December, or even (dare I hope?) October?

Mintly Goal #2: Pay off our car loan


Mintly Goal #3: Save for known expenses that don’t occur monthly (sinking fund)

Verdict: Yes. We’ve been great about saving it, but I dipped into it in a crazy moment and – while it turned out all right – it was a little worrisome wondering what we would do if we ran out of money! Fortunately, my mom lent us $300 (which we didn’t end up needing, by the way), which I will return this month.

Mintly Goal #4: Snowflake any extra money to consumer debt

Verdict: Yes! $320!

Mintly Goal #5: Track Goal Successes

Verdict: Yes! Car loan AND original Citibank balance PAID OFF!

Money Accomplishments this Month:

  • Still hustlin’! Those side hustle checks are EXTREMELY helpful – I’m so grateful for this job, and I’m just hoping the work doesn’t run out!
  • Stayed under budget overall (while still going over in certain categories).
  • Fifth month in a row that our net income is positive, not negative!

Money Setbacks this Month: 

  • We went over-budget in some areas, as mentioned above – especially in food. My dad was here for a couple of days and we paid for dinner and a few other grocery items.

Life (as in, Non-Monetary) Accomplishments this Month:

  • I found out I was accepted for that opportunity I mentioned last month. Super exciting!!!
  • We checked out a new ballet school for L for next year – it is pretty awesome. Additionally, we’re going to see Swan Lake tomorrow, which we’re really excited about! (Money for the tickets came out of our “gift” section of the Sinking Fund.)

What I’m Looking Forward to in June:

  • Setting up our June budget… because I enjoy doing that. The next few months will be very different, budget-wise, as I will only be “making” the money that I have automatically set aside out of my 10 paychecks for the year. So, our income will look different, but we also don’t have daycare to contend with…. I wish would let you set up budgets months in advance.
  • We get out of school in two weeks!!! Yeah… that’s really about it.

I feel like the structure of these monthly posts is not the clearest. Trying to figure out a better way to set these up. Any suggestions? I’m looking forward to seeing anyone else’s monthly recaps! This is my favorite time of month!

– M.

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