June 2011 Financial Update

Read our last Financial Update here!

Five months have ticked by since this blog started. I remember as a kid thinking that a year took forever to go by, but the older I’m getting the more I think it’s true: the more birthdays you celebrate, the more time starts to fly.

I’m going to start off this month’s re-cap by saying this was probably our worst month so far in terms of how we were able to keep our spending and budgeting under control. We are still light-years ahead of where we were back before we became “The Debt-Free Family,” but it was a tough month on the budget. I pretty much have dreaded doing this re-cap, trying to think of ways to stall or brush over the numbers, even re-crunching things to see if I had made some huge error in my calculations.

Nope. No error.

Just a baby that turned one, a niece that turned 4 (and is soon moving several states away from us- bummer!), a dad that turned 50, and some good friends in town from across the country to boot. June was filled with festivities, friends, family, and a ton of traveling. Oh, and a bit of $$$$.

We did try to plan ahead and budget, but we didn’t do as well as I had hoped! We did stay on target with MOST of the budget- including gas and groceries. But we overspent some greenbacks in the gift fund and in the discretionary/fun money fund. By about $200 total. Oh, well. It was fun to celebrate some big milestones and life changes with our family and friends!

Here are the numbers:

  • $430: Total Amount Paid to Debt This Month
  • $7,500: Total Debt Left to Pay After This Month
  • $8,000: Total Debt Paid Off Since February 1, 2011
  • $2,206.61: Total Income This Month
  • $1,800: Total Amount We “Lived On” This Month
  • 8: Number of Months Left Until We Reach Our Goal of Being Debt-Free in 14 Months (down from 20 originally)
  • 75: Number of Months Left Until We Would Be Debt-Free If We Followed the Government’s Minimum Payment Plan (NOT including interest)
  • 6%: Approximate Percent of Interest Our Debt Accrues Monthly
We anticipate a pretty good July, because it will be a 5 pay-day month for Mike (I, sadly, still will only have 2 pay-days this month). We are also going to be able to cut some of our babysitting fund, our largest monthly budget category, because my mom will be here every week for a couple of days to watch Olivia. And hopefully Mike will get a few freelance web design and design jobs this month to help boost our income even more! Fingers crossed!
Read our next Financial Update here!

4 thoughts on “June 2011 Financial Update

  1. Pingback: May 2011 Financial Update | A Rich Household

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

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