While this past month has been an absolute blast, what with my bachelorette party, my wedding, and getting to see so many old friends who came to celebrate the big day, I must say that I’m ready to return to a normal schedule and life again. June was a complete whirlwind of a month and our money situation was just as hectic!
June Money Sucks
Most of the spending that happened in June was planned. No big surprises here. Here are the big ticket items that sucked away all of my money this month:
- Wedding Expenses – We spent over $1000 on the wedding this month, but all of it was in cash.
- Vet Care – Molly has her annual check up and vaccinations this month. It was about $250 to get her examined, vaccinated, and to buy six months of flea preventative. Fortunately she passed her exam with flying colours and got nothing but compliments for the staff at the vet office.
Other than that, all of our spending was planned and nothing else out of the ordinary popped up.
Total Debt ($-5,748) (-28%)
Another giant decrease in my debt for the month of June. This month, I was able to pay my student loan off once and for all. I started out the month with only $354.21 left owing on my student loans. Once that was paid off, I directed all of my efforts to my car loan. This is my very first month making extra payments on my car loan, and it was a nice change of pace! I paid my normal monthly minimum payment of $206.50, along with $127.18 in freelance income. I also paid an extra $633.38 to my car from my full time job. Finally, on June 25th, I was able to make a $1,037.00 payment. This huge extra payment was cash that I’ve been saving since December, to set aside in a “Just In Case” fund for the wedding. Since I stayed on budget for the wedding, and I didn’t need to spend this extra cash, I was able to take it and apply it to my debt instead.
All in all, I paid $2,358.27 towards my loans this month. This means that I’ve officially gone a whole year of paying more than $1k per month towards my debt!
I’m already way ahead of where I thought I was going to be in debt repayment for this time of year, but I’m not going to stop this rampage. Right now it’s looking like I’ll be debt free by my birthday (mid October), guess I’m going to have to do something huge to celebrate? Maybe I’ll get a motorcycle, although I hear the insurance on one of those babies is quite a lot.
With any luck, I’ll be out of debt even sooner than that (since I don’t include freelance income in my projections), but I don’t like to count my chickens before they’re hatched. I’m just happy I’ve been able to make so much progress this year, I’ve paid off over $14,500 already and it’s only the beginning of July!
Net Worth ($+2,915) (-25%)
This heading is now green to commemorate the fact that I now have a positive net worth! Although my debt went down a ton this month, so did my net worth. This is mostly for two reasons:
- I spent a lot of cash I’ve been hoarding on the wedding.
- I’m amortizing the book value of my car at the same rate that I’m paying it off. This means that as my debt on my car decreases, so does its asset value in my books. When the car is paid off, I’ll take it off my books.
Basically this means that the crazy amount of debt I’m paying off is no longer going to have much of an effect on my net worth. The only thing that’ll boost my net worth is cash savings. I don’t plan on boosting my cash savings much until my debt is paid off, so we’re going to be looking at a few months of less than stellar net worth reports.
Last Month’s Mini Goals
Get Married Without Going Into Debt
Status: Passed! I managed to come in slightly under budget for my wedding. I’m so happy about this since it meant that I could apply my wedding cushion money to my car loan debt, plus my husband and I can start out our married life without having to worry about how we were going to pay back any debt!
This was also one of my huge yearly goals, and I’m happy to be able to mark it as completed. Now I can focus more on achieving other goals, like improving my freelance income, and getting a raise at work.
I’m not going to have a mini goal this month. My husband and I are going on our honeymoon to Cuba, and then the rest of the month is just one camping trip, office party, and road trip after another. I’ll be busy enough just trying to keep up with my full time job and side hustles, I don’t need the pressure of another mini goal!
How was your June? I want to know!