Q1 2016 Financial Report

I haven’t really given any financial updates in a while, so I figure now’s a good time!

First, I met my goal for 2015 of paying off my highest interest student loan! I was super stoked!

As much as I want to build on that momentum, 2016 is not being focused on student loans. I have two major items/events that my money is going to. I’m getting married in October, and I also desperately need a new vehicle. My goal is to not go into any debt for either of these items.

My fiance and I are paying for our wedding ourselves and splitting the costs 50/50. We’re looking to keep it under $8,000 total. Maybe $10,000 with the honeymoon, but the lower the better, obviously.

As far as a car goes, I’ve been complaining about my truck for years. I don’t need a brand new car but I do need something that’s more comfortable and roomy. I cannot keep going through Idaho summers without air conditioning. I’m looking to buy something used but with pretty low mileage in the  $6,000-$8,000 range.

After I paid off my student loan, my savings dipped below the $1,000 I always try to keep in there. Luckily, the first 3 months of 2016 have been financially awesome. I was able to put aside my entire tax return, and I was finally able to reimburse myself from my HSA for my wisdom tooth surgery last year. I also had a couple side gigs that brought in a few hundred dollars. Thus, I now have $3,000 in my savings and my checking account is in no danger of me needing to draw from savings.

So far I’ve spent about $1,000 on wedding planning, about a 4th of what I’ll need to spend total. with $3,000 more for wedding and at least $6,0000 needed for a car, I’m looking at needing to save $9,000.

I’ve been consistently able to save about 500 a month from my regular income. with 9 months left in the year, that’s about $4500, or half of my goal! However, with the weather heating up, I’d really like to buy a car in the next couple months. And the wedding is in October, meaning about 1500 of that $4500 won’t really count toward this year’s goals. (But that will be put to good use toward my student loans, which is still a priority. I’m just not putting my life on hold to pay off college.)

Luckily, I have a couple opportunities coming up to earn some extra money, so I’m hoping I can really maximize my income. More on that when it works out.

I could also do a little better on the frugal living front, but I’ve managed to keep my spending in check. Without really noticing, we’ve cut our eating out to about once or twice a month. We’re at a point where we genuinely prefer my homemade pizza enough that it’s worth the extra time and effort to make it rather than order subpar fast-food pizza, which is nice for our wallets and our bodies.

Overall, 2016 is looking great! I’m in a better financial spot than I’ve ever been, and I still have hopes for paying off my student loans before I’m 30, even though that’s not really my focus this year.



Posted on March 31, 2016, in debt, Goals, Writing. Bookmark the permalink. Leave a comment.

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