Checking In With My Savings Plan: July 2017 Edition

In July, I received $7,400 in freelance earnings. Here’s what I put in my sub-savings accounts:

Taxes got 25 percent, or $1,850.

Savings got 15 percent, or $1,110.

That left $4,440 for my checking account. $2,488.48 of that went towards paying off the $2,535.15 balance on my Chase Ink business credit card (the $46.87 I had earned in credit card rewards covered the rest), which left me with $1,951.52 in spending money for the month. Technically $2,011.18, since I got that $59.66 “windfall” from my Discover credit card rewards.

I began the month with $963.34 in checking and my current checking account balance is $599.39. This means I spent $2,375.13 on overhead and personal items this month, so… considering that my monthly rent+bills+food costs run at about $2,000 and I overspent on groceries, I did pretty well at not spending too much money in July.

Let’s see how August goes. I’m expecting between $7,500 and $7,900 in income, depending on when exactly the checks arrive, and although that would give me a little over $4,500 for my checking account, I still need to pay back the $3,000 checking account buffer that I drew from earlier this year.

Which means August could be another “don’t spend a lot of money” month. Or, as I noted earlier today, I could give myself a little more spending room and finish paying back that buffer in September.

I’ll let you know what happens.


Support The Billfold on Patreon

The Billfold continues to exist thanks to support from our readers. Help us continue to do our work by supporting us on Patreon.

Become a Patron!

Comments