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July 2015 Results

Written by , Posted in Money & Finances

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How did I do on my July budget? Check it out here, and share your budget successes with me in the comments @shoeaholicnomore

I don’t know about you, but July passed in a big blur for me.

My friend S moved away on July 1, which is also the day that I turned in my resignation notice at my full-time job. I had planned to quit effective July 15, but they asked me to finish out the month instead.

While this helped me out financially, it made my schedule a little extra crazy at the end of the month during our County Fair. I’m on the board for the fair and I pretty much live on the fairgrounds that week, but this year I was also trying to tie up loose ends at my full-time job and get ready for full-time freelancing the next week.

With all those things going on, July was crazy. Here’s a summary of how my month turned out.

2015 Goals:

  1. Increase emergency fund savings account to $1,500. – Pass-ish – I increased my emergency fund by $24.84 in July. This is less than my monthly target of $83.33, but I’m still hoping I can meet this goal.
  2. Demolish $5,000 worth of debt (principal). This works out to $416.67/month. ($5,000 goal includes mortgage debt pay down.) – Pass-ish – I had a debt increase of $109.44 this month due to my fence project. Luckily, I have paid extra in other months. Hopefully this will be enough to help me reach my goal for the year.
    1. This also includes paying off my 0% interest promotion for my computer by October 2015. – DONE!
  3. Paint and prep home office by April 13. (My birthday!) MUST BE USABLE BY THIS TIME! – DONE!
  4. Attend FinCon15 and pay for everything in cash! – Pass – I continued to save money for my trip to FinCon15. I have my conference ticket purchased. I booked my round-trip flight, and I have my hotel room reserved. I have enough saved up to pay for my hotel room and all of my other estimated expenses too. FinCon15 here I come!
  5. Quit my full-time job by December 31,2015 to freelance full-time. (I may pick up some additional hours at my part-time job to help make ends meet for a while.) – Pass – I quit my PT job in June and I quit my full-time job effective July 31!
  6. Limit spending on clothing, shoes, and accessories to $500 for the whole year! – Fail – I’m not tracking this anymore.
  7. Get rid of more books throughout the year than I get. – Pass-ish? – I got rid of a ton of books in my garage sale. I have only gotten 2-3 new books this year.

Debt Totals:

6/30/2015 – $130,565.16 (including mortgage)
$15,609.17 (w/o mortgage)

7/31/2015 – $130,674.60 (including mortgage)
$15,935.61 (w/o mortgage)

Difference – +$109.44 including mortgage
+$326.44 w/o mortgage

Savings:

6/30/2015 – $884.95
7/31/2015 – $909.79
Difference – $24.84 Increase

Budget:

CategoryBudgeted AmountActualDifference
Saving$20.00$24.84$-4.84
Gifts$20.00$20.00-
Mortgage$852.13$852.13-
City Bill$110.00$97.54$12.46
Gas Bill$19.07$19.07-
Cable$24.60$24.63$-0.03
Internet$51.87$51.87-
Phone$103.16$103.16-
Fuel$70.00$66.10$3.90
Auto Insurance$123.46$123.36$0.10
Cleaning$90.00$90.00-
Cash Spending$320.00$272.88$47.12
Contacts$116.00$116.00-
Debt$779.50$729.50$50.00
TOTAL$2,699.79$2,591.08$108.71
FT Income$2,198.04$2,198.05$0.01
Side Income Required$500.00$500.00+-
Difference-$1.75$106.97+-

Not too many changes for my July spending. Although I did decide partway through the month to discontinue my gift spending for now. I haven’t found it convenient to have that money sitting aside at a different banking institution where I can’t easily get to it for my gift shopping. Therefore, whenever I go gift shopping I’ve just been paying for it out of my regular account anyway. (Usually with extra side hustle money.)

I also forgot to pay my parents in July, or else my dad lost the check… I’ll have to double check on that as that’s why my debt payments are $50 less than expected.

I think part the reason I did fairly well with my spending in July is because of 3 reasons:

  1. I was so busy I didn’t have time to spend money.
  2. I knew things might be a little tighter after I quit my job, so I didn’t want to spend any extra money.
  3. I paid for my fence project and it hurt to write a check that big.

How was your July?

How did I do on my July budget? Check it out here, and share your budget successes with me in the comments @shoeaholicnomore

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Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

6 Comments

    • Kayla

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