Let’s Throw Some Money at Our Problems: August 2017 Monthly Check-In
It’s the end of the month!
If you’re joining us for the first time, we like to report a specific balance at the end of each month to have a public record of our efforts to pay down our debt or reach our savings goals. You can read about our decision to publicly keep track of our debt here.
Pull up those balances!
I’ve paid off all my debts, so let’s see how I’m doing on my savings goal. I’m continuing to save 15 percent of every freelance check (pretax), and using the “very detailed look at my summer budget” that I created at the beginning of June, I’m expecting to have $8,423.22 in savings by the end of August, as well as a $3,000 “cashflow buffer” in my checking account.
July 2017 Savings Balance: $7,224.32
August 2017 Savings Balance: $8,553.45
I ended up earning more than I expected, which meant saving more than I expected, but I also spent a little more than I expected. My August 31, 2017 checking account balance is $2,390.15, so I’m a little under that $3,000 buffer I was hoping for.
I’m paying off a private graduate student loan currently serviced by Discover. The interest rate on this loan is 2.5 percent, and the minimum monthly payment is $147. The original balance on this student loan was $22,377.
July 2017 Balance: $3,022.40
August 2017 Balance: $2,628.71