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July 2017 Budget and Debt Results

August 7, 2017


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July was a blur! I can’t believe it’s already getting to be the end of summer and time for students to think about going back to school.

This year is going by in a hurry. Even though summer is usually slower for my business, this summer was still very busy. Unfortunately, this fall is going to be even worse. I have several very fun trips planned. While I am looking forward to them, they are also going to be a bit stressful as I’ve never done this much traveling while self-employed before. I’m sure I’ll learn a few lessons, which I’ll share on my blog afterward to help other solopreneurs. 🙂

But, back to the topic at hand: my progress for July!

Debt Totals:

6/30/2017 –$129,119.46 all debt
$19,536.98 without mortgage

7/31/2017 – $128,218.98 all debt
$18,868.05 without mortgage

Difference – -$900.48 all debt
-$668.93 without mortgage

Savings:

6/30/2017 – $1,911.65
7/31/2017 – $1,939.77
Difference – $28.12 Increase

Spending:

CategoryMonthly Total
Saving$28.12
Mortgage$557.40
City Bill$90.71
Gas Bill$11.00
Netflix/Hulu$17.98
Internet$80.00
Phone$95.20
Fuel$15.07
Auto Insurance$97.17
Health Insurance$280.45
Cleaning$90.00
Personal Trainer$170.00
Cash/Other Spending$2,015.42
Health Savings$1,000.00
Travel Savings$100.00
Debt$726.50
TOTAL$5,375.02

Thoughts:

This may be my highest spending month ever. Fortunately, a big portion of it is because of putting money toward my debt, savings, and paying for my hospital bills that I talked about last month.

I met my goal of putting $1,000 away for my health savings for later this year, AND I paid almost $1,000 to pay my hospital bills in full. If you pay them in full, you get a 10% discount, so I knew it was a smart move to go ahead and do that even though it hurt to write the check. 🙁

I also paid off almost $1,000 of debt principle in July, and put my regular $100 contribution toward my travel fund. I am thinking about increasing my travel savings to $150 or $200, but I haven’t decided for sure yet.

The reason I may do this is because the friends I like to travel with want to take more trips in the next couple of years before settling down to have kids.I definitely don’t want to take on debt to travel and this is a good opportunity for me to travel with frugal friends while we still have a lot of flexibility.

My remaining debts are all very low interest. I hope to have the loan from my parents paid off by the end of this year and I would like to have my student loan paid off by mid-2018. This will leave me with just my car loan and mortgage, which are both very low interest debts.

So, that’s what been going on with me lately. 🙂

How was your July?

July was my highest spending month ever.

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One response to “July 2017 Budget and Debt Results

  1. Kayla, if you are meeting your other goals then I highly recommend saving more for trips in this circumstance. Things definitely change when friends have children. These days we struggle to get together once every two years, and my friends’ kids are now getting to the point where they are leaving home!

    Well done on hitting your health savings goals again. It’s expensive, but look at how much extra money you’ll have next year once it’s done (along with your improved health, I hope).

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