June 2020 No Spend Recap

2020 GOAL: $4,000 for ROTH IRA + $11,000 in SAVINGS = When I Can Start Paying Extra on Debt

  • June 1st Total Cash: $6,348.00* Corrected to include my mutual fund
  • Savings Goal: $15,000.00
  • Money Left to Save: $9,100.63
  • Current Car Debt: $12,927.67
  • Current Student Loan Debt: $46,581.24

During this month I refinanced my car and my student loan debt to take advantage of the lower interest rates. Despite the fact that my goal is to pay of this debt sooner, I like to take the lower risk approach by securing lower payments/interest rates in the event something changes financially.

I also placed my gym membership on hold until October to see how I manage to stay healthy without that bill. Putting something on hold seems less harsh or less severe. It gives me the space to call this an experiment. Without the gym, I will need to purchase more dumbbells. A single set of 5 pound dumbbells will only last so long. Purchasing dumbbells is not on my approved shopping list but if I fully cancel my gym membership I would save $600 per year. I’m going to allow my self to use part of those funds to purchase some at home equipment.

Highlights:

  • This month was also a no meat purchase month. After stock piling during the pandemic, we went about 5 weeks without purchasing meat. Our average grocery bill decreased significantly this past month.
  • The Community Share Agriculture (CSA) started up in the second half of the month so prepaying for veggies helped me cut back on our grocery shopping.
  • Cancelled Amazon Prime for a $45 prorated refund and realized how much I was overpaying for things.
  • Replaced my near death fanny pack for $30 and broke my no shopping ban for a new white running hat.
  • Cancelled my car wash membership to save $13 a month. I loved that membership but as long as the weather is decent I can hand wash my car at home.
  • Spent an additional $100 for a recruiter to redo my resume due to the current mark. Always reassuring to know that my resume is ready if I need it.
  • Reconsidering where my Roth-IRA is housed in an effort to maximize my returns and minimize my fees. This is all thanks to reading Playing with FIRE with Scott Rieckens (book review coming out tomorrow if you are reading this the day it was published!).

After this whole month, I am shocked and excited to present to you my end of month numbers. Drum roll or please feel free to light a sparkler!

1 U.S. dollar banknote on white surface
  • June 30th Total Cash: $6,087.35‬
  • June 30th Liquid Investments: $3,000.00 (3 Month CD)
  • Savings Goal: $15,000.00
  • Money Left to Save: $5,913.00
  • Current Car Debt: $12,707.04
  • Current Student Loan Debt: $46,418.57

Current Savings/Debt Payoff Rate: 36.9%

8 thoughts on “June 2020 No Spend Recap

  1. You are making great progress! I love reading your updates. Hopefully you will inspire others to be more mindful about their spending and build good financial habits.

    Liked by 1 person

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