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.

 

 

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

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