Each month I review how we did on our budget, whether we made our snowflaking goal, and how much we brought in consigning. That debt is going DOWN.
Excuses include: …
This month was crap.
Yep, good enough.
I’m gonna roll the wrap-up for July and the snowflaking for August into one post – neither is that great so I might as well get them over with, eh?
July 2017 Budget Recap – How We Did
Yeah. We had some friends stay with us for a few days, and I have made it a conscious priority to try to let go of my money anxiety enough to feel good about putting them up. They are financially conscious, too, but with the scheduling and the other obligations we had going on during the time they were here, we were short on time and wanted to spend as much time socializing (and not so much time cooking). Result: eating out (and a liquor store run before they arrived!).
We also spent a week away with family, and while my parents spent money on us to eat out, sometimes we bought our own food or helped out (in a small way, comparatively). So, that added on to our expenses.I really could have budgeted better for those things, as I knew they were coming. I just decided to bury my head in the sand and hope the math would work out somehow. This seems to be a theme with me. Ugh. If I know it’s wrong but keep doing it, that’s just stupid. Working on this.
Our sinking fund decreased by so much because we paid for L’s activities for the coming semester ($470!), including the Nutcracker performance she’ll be participating in (and she has an additional class for once a week through the fall term).
How far we have come:
July 2016 Snowflaking: $403.82
As a reminder, our goal for each month is to snowflake at least $239 to pay off H’s student loans by February 2017. (For more on our goals, see this.)
We snowflaked an extra student loan payment of $403.82 (with $400 set aside for savings). Read more in the snowflaking post I did for July, but the reason this number is so low is because we’re keeping some cash aside (about half of whatever we have to snowflake) just in case the right house for us comes on the market.
July 2016 Consignment
- $43.10 (July)
- $0 (June)
- $0 (May)
- $0 (April)
- $51.98 (March)
- $6.96 (February)
- $64.66 (January)
Woohoo! Finally got some $ picked up and dropped off another box of items. Yay!
Other Money Details
- The Check for H’s award finally came! It was about $700+ after taxes, and we snowflaked part of it to debt (as you’ll see below).
August 2016 Snowflaking
Okay, so my records on this month are a little confusing, so I’m not sure how exactly this all broken down, but I think what I am putting below is as close as I can get to reality.
August 2016 Minimum Payment
Mintly Navient Loans
- $81.13 – minimum payment we sent (this one has gone down because Navient wants to keep making money out of us and make us take longer to pay it off, I guess? I got a notice this month that our monthly payment was being lowered, and lo and behold…. there it is!)
- $58.41 (72%) – amount that went to principal (last month: 81%)
- $22.72 (28%) – amount that went to interest (last month: 19%)
- $35 – extra sent to Navient (we had already budgeted for $114 to send to Navient, so I went ahead and did an extra payment)
- $9,231.26 – balance (last month: $9,315.21)
- You see how they got us to pay more? My minimum payment now only went to 72% principal because they kept the interest payment the same (around $22) but lowered the amount of money that goes to the principal! Grrrr.
Citibank Card (no-interest until August 2017)
- $1,383.80 – payment we sent
- $6,634.37 – balance (last month: $8,018.17)
August 2016 Snowflaking/Savings Breakdown: $3,414.97 (half sent to debt, half put into savings)
- $102 – Swagbucks (<– referral link)
- $700 – award check from H’s work
- $153.80 – left in checking account at the end of July
- $2,459.17 – budgeted money from the month of August after budgeting for other necessities
Current total debt: $15,865.63 (last month: $17,333.38)
- Citibank (H’s loans): $6,634.37
- Navient (my loans): $9,231.26
We did well overall in debt repayment/savings in August but it is a challenge for me to accept that we are paying down our debt now two times as slowly since we are dividing our money between savings and debt eradication. There is nearly no way to get our debt paid down by my goal of February 2017 at this rate, but I am holding out hope that we can get it paid off by the end of the academic year (June 2017). That would be a nice resolution, if not my first goal. It would also be nice to buy a house by the end of the academic year, too!
I’m not sure what things will be like in September (in terms of snowflaking and throwing extra funds at savings and debt eradication) but it will likely be quite a bit less than last month! I’m looking forward to H’s raise (it will be small, but, as you know, every little bit helps!) coming into play.
Anyone else feeling some bumps on the road to debt freedom these past couple of months?