State of the Finances

Here it is June already! We have three birthdays and Father's Day this month.

Savings:
Emergency Fund: Last month we had $586 in there and this month we have $962. That is an increase of $376. We are working on getting to $1000 to start and eventually $10,000. I know the sidebar says $1,500 by August and we're not going to hit that goal. We're going to stop putting so much in after we reach $1,000 because I want to focus on S's credit card.

Travel Fund - We are focusing on S's credit card and the emergency fund right now. We only transfered $5 into this account this month.

I still haven't called about my retirement account. I will do this during June! I won't be able to put much into it at first but hope to be able to work up to 15% quickly.

O's Savings - We opened the account with $100.50 from her piggy bank. We are putting 75% of her birthday money into the account this month. We will use the other 25% to buy some toys. While she wouldn't know if we put it all in the account considering her age, we want to use this formula each year with her so we decided to start now.

Net worth - $25,585

Debts:
We didn't acquire any more debt this month! WOOHOO!

S's credit card - We were able to put $650 toward it this month to get the balance down to $1,550. I am expecting it to take three more months to pay off completely. It is tempting to use our emergency fund to pay it off this month but won't do it in case we have an actual emergency. It is far better to have the fund to rebuild than to have more credit card debt.

The medical bills are paid off as of Monday! The check has been cashed and we are all clear of medical bills. I'm counting this as being paid in May though because I mailed the check out in May.

We are paying my student loan bills on time each month. While the balance isn't going down very quickly it is moving down. We paid off $110 this month. We have decided to pay an extra $18 per month to make the payment a nice round number. It doesn't seem like $18 would make much of a difference but using this calculator we figured out we'd have my loans paid off 9 months earlier than if we paid the minimum payments. While 9 months isn't all that significant in a ten year repayment plan it is something to look forward to. S's student loans are in deferment until December '09.

Til next time,
-M