February 2011 Financial Update

It’s the end of month 2, so just how well did we do? I’ll start with the bad news (I always like to get the bad news out of the way first…)

February wasn’t so fiscally fit. Like I told you earlier, Mike lost about 20% of his monthly income, which is a big deal when you are already living on a very tight budget. Also, I had anticipated starting my part-time job by February 1st, but that ended up being postponed to the second week of February through no fault of my own. I actually showed up to work in the middle of an ice storm. I felt like James Bond- dodging downed power lines and putting my car’s traction to the test. No one else showed up… There goes a full 25% of my expected monthly income.

The result? We had a $600 deficit. However, unlike the federal government (*ahem* both parties alike!), Mike and I are not going to go careening off into the wild blue yonder, continuing to live month to month with a $600+ deficit in our budget. We readjusted our budget, cut back even more, I got some more hours at work, and Mike’s looking for some part-time work on the side.

We also got our federal refund, which was pretty beefy thanks to Olivia making her appearance last June. The net result? We were able to pay off our $600 deficit without using the emergency fund. Even better than that: we were able to pay off about $3000 worth of debt. Cool!

So here are the stats for February:

  • How We Did on the Budget: -$600
  • Total Debt Paid To Date: $4000 (in two months, making somewhere in the ‘hood of $22,000/year!!)
  • Amount of Debt Left to Pay: Around $11,000
  • Emergency Fund Status: $1000 still in the bank!
  • Months left until we reach our goal: 18

I’m pretty sure with those stats, we just witnessed a miracle, people. Amen!

Read our next Financial Update here!

Advertisements

2 thoughts on “February 2011 Financial Update

  1. Pingback: The Truth About Money:The Freedom of Giving (and My Wedding Dress Miracle) « The Debt Free Family

  2. Pingback: March 2011 Financial Update | A Rich Household

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s