Let’s Throw Some Money at Our Problems: September 2018 Monthly Check-In
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 goals. Right now I’m putting 6 percent of each freelance paycheck (pretax) towards savings, investing another 6 percent (pretax) in an individual brokerage account, and working to maintain a $3K checking account buffer.
My savings account balance is lower than it should be because I took some money out to pay Iowa Billfold LLC estimated taxes, and the reimbursement from The Billfold LLC’s bank account won’t show in my savings account until Monday. My checking account balance is also lower than I thought it would be because a few freelance payments I thought I would receive this week won’t arrive until next week.
Because of that, I didn’t pay back my savings account for the cost of the piano I bought this summer (which, as you might remember, I’d thought about doing this month) — though I did pay off the credit card bill for the new laptop I bought, instead of prorating it over a few months and taking the interest as a freelance tax deduction.
August 2018 Savings Balance: $7,264.14
September 2018 Savings Balance: $6,247.87 (though it’ll be $7,525.87 on Monday)
August 2018 Brokerage Account Balance: $4,282.15
September 2018 Brokerage Account Balance: $4,510.02
August 2018 Checking Balance: $4,318.63
September 2018 Checking Balance: $2,390.06
I paid off my private student loan from Discover last month. I would be in the mood to celebrate a little bit more if not for this one last federal student loan I have left. One last loan! And it’s serviced from everyone’s favorite institution, Navient. I don’t recall what the original balance on this loan is, but the minimum monthly payment is $266.70. I’m paying at least double, if not triple the minimum monthly payment in an effort to see this loan disappear faster.
August 2018 Balance: $21,892.43
September 2018 Balance: $21,570.98
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