March 2011 Financial Update

Read February 2011 Update here!

Wow, has it seriously only been one month??? It feels like so much longer! In just this one month we have experienced:

A serious hashing out of the budget, a bout of the flu, a double ear infection, a visit from the Great Houdini, a trip to visit family in a near-by city, and oh yeah, a rather sudden move. And just to make sure March goes out with a bang, Olivia and I are jet-setting to Memphis tonight to see my grandparents and aunts, uncles, and cousins!

So in the middle of all this up-heaval, how’d we do financially? Well, there’s good news and there’s bad news. I’ll give you the bad news first so we end on a happy note.

Bad news: We overspent in our gas and our doctors bill budgets. We had to make a surprise trip to the pediatrician this month because of Olivia’s ear infection (bummer). I think next month we’re going to bump up our contribution to the pediatrician budget from $20 to $35 so that we don’t get caught by any more surprises.

And the gas bill? Well you try moving with just a small sedan and a friend’s pick-up truck sometime and you’ll see exactly why. The great, great, great news is that we now live within biking distance to Mike’s job, walking distance to the grocery store and park, and 8 minutes to the babysitter’s house, 15 minutes to my job. I’m betting we’ll break even with our deficit this month!

Plus, in the middle of this month’s illnesses, I lost a whole week of work and Mike lost 2 days. And that’s on top of his usual weekly cut in hours. Yikes. That’s a lot of money lost when you only make $20,000 a year. Actually, we just got a statement from the governement saying they estimate that we only make $18,000… and therefore our official student loan payments are a big fat ZERO DOLLARS!

Good news: Despite the fact that the US Government does not expect or want us to make payments on our loan, we somehow managed to pay off $1250 this month. What?!? Crazy, I know. Once again we’re sitting here scratching our heads on this one.

I think some of it has to do with the fact that we got serious about selling some stuff on Amazon and we also got a nice fat refund check from our previous insurance agent when we switched to a new policy with a new agent.

AND! You know how I just mentioned that Mike and I combined lost 7 days of work this week?? Well guess what? Mike ended up making more money during his two days off than we would have had we gone to work. He ended up doing some web design and print materials for a local church- and they insisted they pay him $45 an hour for his labor. Whoa. Check out his latest work at www.lifeadventurechurch.com.

So when it’s all said and done, what are March’s stats??

    • Total Amount of Debt Paid Off This Month: Around $1,250

 

  • Total Debt Left to Pay: $9,733.21
  • Total Amount of Debt Paid Since January 2011: Around $5, 250
  • Total Yearly Combined Income (according to the US Government): $18,000
  • Total Number of Miracles Witnessed So Far: Uncountable Numbers
  • Number of Estimated Months ‘Til WE’RE DEBT FREE: 11
  • Number of Months the Government Would Give Us to Pay Off Our Debt if We Let Them: 282

Watch out people, we’re on our way to being DEBT FREE!

Read our next Financial Update here!

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7 thoughts on “March 2011 Financial Update

  1. Hey Kate, saw your blog and it is funny because I have been on the same budgeting mission since Christmas! I loved some of your ideas on ways to save money and your dedication to giving. I will be applying some of that to this months budget.

    Just wanted to encourage you, and tell you I really am enjoying your blog!

    ~Angela

    p.s. Olivia is ADORABLE!!

    • That’s awesome, Angela! If ever you have a cool story to share as you walk out your budget, please share! I love the encouragement and inspiration. 🙂

  2. Pingback: How’d We Do? April’s Financial Re-cap « The Debt Free Family

  3. I find your goal incredibly inspiring. I don’t know how you do it. We have a fairly strict budget and can’t seem to make a dent in my husband’s student loans. We owe $49,000 and his yearly take home pay is more like $35,000. (His base pay is more but we contribute a lot toward the health benefits) Maybe it’s the part of the country you live in. I’m starting to work part time from home again and it’s hard to keep motivated to put all the money into debt repayment. An extra $20 or $30 a month doesn’t feel like much of a dent in such a large debt and there are so many other things (like medical co-pays and car repairs) that sap the budget dry. I can’t complain because I know we are better off than most of the world, but at the same time it’s frustrating to feel like we are on a treadmill.

    • It’s hard, isn’t it? Especially with a large amount like that… it’s like a giant mountain that seems insurmountable. But every penny does count! And every decision to say no to something else counts too. Good luck!

  4. Pingback: How’d We Do? February’s Financial Update | A Rich Household

  5. Pingback: April 2011 Financial Update | A Rich Household

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