Tuesday, February 14, 2012

January Monthly Recap

January was a budget Challenge to say the least (aren’t all months?). We came in over out expected budget by quite a bit, but also managed things pretty well. Most of our overage boiled down to tuition, and auto repairs.  Tuition was funded on a credit card, while the auto repair was funded from out emergency fund.  We were able to restore the emergency fund at the end of the month

Here’s how the rest of the month went

Goals:

  • Overall 2012
    • Increase retirement accounts by 10%
      • We are bringing this goal back for 2012. January was a kind month to our investments with an overall gain of 4.4%
    • Eliminate AMEX and Citi Debt of $5914 
      • Currently at $6307
    • Fund heating oil with Cash instead of credit card
      • still paying into a 12 month projected payoff of the CC for this bill
  • January 2012 
    • Budgeting: reduce our expenses enough to make up for the budget shortfall we’re facing (Incomplete) 
      • Tuition expense pushed us over
    • Blog more: Post at least weekly, expand site to include Tri Training (Incomplete)
      • Once again, a great month of training, and started a new job. These two things didn’t leave a lot of time for writing
    • Expenses: find 1 way to reduce expenses or increase income (Complete)
      • Cut Cell bill by $30/month by dropping Data plan

Debts 1/1/2012: $77,632.00

Account

Total Owed

Payment

APR

Paid

Remaining

Amex CC

$3,030

$90

17.25%

NA

$3,466

Credit Union

$9,459

$327

11.9%

$327

$9,216

School Loan

$1,822

$115

3.25%

$115

$1,714

Citi Bank CC

$2,884

$43

0% (Dec 12)

$43 $2,841

Personal Loan

$60,437

$0

0%

$0 $60,437


Total Remaining: $77,671.00 (2/1/12)
Progress MTD: +$39.00 (+0.05%)
Progress YTD: +$39.00 (+0.05%)

December Notes on Debt:
We made progress in all areas except for AMEX.  We are carrying a tuition payment on that card, and will be making regular tuition payments for several months.

Amex Cash Back Rewards YTD: $72.24 (2011Reward: $750)
In December, we earned $65.03.

Savings:
Savings 1: $117 (MTD +$2 and YTD +$2)
Savings 2: $1,002 (MTD -$17 and YTD –$17)

Emergency Savings:

Savings 1&2: $1119
ING: $964
Total: $2,083 (MTD -$14 and YTD -$14)

Retirement Accounts:

Account

Month Start

Month End

Mrs. Lwil’s

$21,661

$23,337

PF Account 1

$28,865

$27,176

PF Account 2

$63,663

$68,683

Total

$114,189

$119,180

MTD Change: +$4,991 (+4.37%)
YTD Change: +$4,991 (+4.37%)

January Spending:
January’s spending was all about tuition, as that’s really the only significant overage in our budget for the month.  there were some minor areas where we could have cut items. Our biggest savior came from a decrease in grocery spending.  Gas prices are starting to creep up again, and we’ve had an increase in driving as I’ve been going into work more. 

February outlook:
We are projected to have a $360 overage in Feb. This does not include overtime pay that I may earn with my new job. We are also expecting to make another tuition payment, and have some incidental expenses are that not accounted for in our budget.

February Goals
debt reduction: make $250 in unbudgeted payments towards AMEX
Blog more: begin to craft a schedule of tri-related posts

5 comments:

Debt Settlement Letter said...

It's always recommended to check the total expenses at the end of every month,it's a very good practice. On the basis of it, we should analyze and estimate a budget for the month ahead. We should find the ways out to reduce our daily expenses, that will contribute to our monthly savings.

Debt Free said...

It's always a good practice to have an eagle eye on our daily expenses.We should find certain ways out to reduce our daily expenses as it will contribute to our monthly savings.Credit cards should always be used wisely.

Credit Card Debt said...

So financial year 2011-12 is now on verge to end. So,I want to know some strategies that will help me to save more and get maximum tax refunds at the end of next financial year!

Miiockm said...

Any updates on your goals now that it's 2013? Just curious.

Ramzan Ali said...

I want to comprehend about personal finance so I can comprehend to use my money wisely at an beginning age and earn money execute for me and not the other way round.