Monthly Progress Report (#3)

It’s hard to believe I’ve officially made it through another month of blogging! And with that milestone comes another monthly progress report.

I didn’t do too shabby last month, unfortunately I know I didn’t do as hot this month. Nonetheless, I am still making some progress towards my New Year goals!

Now two months in, let’s take a look at my debt:

Mortgage: $149,400
Car Loan: $9,000
Student Loans: $4,650
Credit Cards: $3,600
Grand Total of Debt: $166,650

Ok, I need to explain myself on those credit cards a little bit. I paid 6 months of car insurance mid-February which was pretty pricey (like $900 pricey). I pay my car insurance this way for two reasons 1) there’s a discount if I pay for 6 months at a time (I don't pass up many discounts!) and 2) because I am paid bi-weekly it coincides nicely with the extra paycheck I get during the month after the payment is made. So although my credit card balances have appeared to go up substantially it’s not really the case. I get my extra paycheck tomorrow and will be applying it towards my balances to eliminate that nasty insurance tab.

My student loan balances

Unfortunately that whopper of a debt balance is going to get bigger because I didn’t calculate correctly the amount I would need for home renovations. Work doesn’t start until May but ultimately I’m probably going to end up taking out a loan to cover the extra. Therefore, more debt! Ugh.

Renovation fund requirement: $2,300
New Grand Total of Debt: $168,950

Since I totally thought this number was going to go up substantially from last month’s $169,600, please excuse me while I do a little happy dance! Last month I paid off $1,300 worth of debt, this month I paid off $650. I know it’s half as much but considering I started writing this post expecting the number to increase I’m pretty dang proud of myself. I did much better than I gave myself credit for especially considering the fact my credit cards are artificially inflated this month due to my car insurance.

Now onto the savings side.

Savings account: $2,000
P2P Lending account: $300
Investment account: $150
Grand Total of Savings: $2,450

My savings balances are still looking pretty bleak. I didn’t contribute anything to my savings account and I put a measly $50 into my investment account (last time I bought TJ Maxx, this time I bought two shares of Honda Motor Corporation).

I’m definitely not making the progress I would like to see with my savings but I’m hoping I’ll be able to change that once I straighten out my renovation fund mistake.

February wasn’t as great as January. I’m hoping that the extra paycheck in March will help me get straightened out. Unfortunately, a few days back I walked out and saw a GIANT scratch down my front fender that I will have to repair out of pocket. My dad estimates the cost to be around $400, which is definitely going to put a huge dent in my debt repayment and savings plans.

My freshly scratched up fender I know it doesn't look like much but that baby is DEEP!

And just because I have had to say this to my dad ten times today and Mike 47, I feel I should make it clear - I did not hit anything!

In the name of transparency, I’ve been known to back up into a few things like my parents’ mailbox and my dad’s car (only once!). But my trouble tends to be with backing up. My track record going forward remains spotless.

My best guess is my car started a fight with a particularly scrappy shopping cart and lost. It’s a total bummer and it’s the first time my car has ever had to be repaired like that. I’ve been lucky and only have had to deal with typical maintenance bills thus far.

Despite my car woes, I’m excited to see how March goes and I’m pretty proud to be $700 financially better off than I was last month.