July 2020 No Spend Recap

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

  • July 1st
    • Total Cash: $6,087.35‬
    • 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

July certainly came in like a wrecking ball and out like a hot mess with some food poisoning this past week. But the middle, the majority of the month was awesome! We celebrated Mr. BMM’s birthday and we had our first ever staycation. There were many early morning pup walks and after dinner walks, bicycle rides, and motorcycle rides this month. The stuff in the middle made the beginning and ending of the month just a minor speed bump.

Usually July is an expensive month with Mr. BMM’s birthday and vacation. Those two events are budgeted to spend a total of $2,000. This year Mr. BMM’s birthday cost me about $750 and our staycation cost me $131 plus gas. Combined I spent less than half of my budgeted amount for these two events.

I did my usual bi-annual supply stock up of cleaning supplies, aluminum foil, toilet paper, shampoos, conditioners, bar soap, hand soap, shaving cream, and other non-perishable things spread throughout July. I do this simply because I refuse to use a large cart at the grocery store. I cannot fit toilet paper and groceries in one of those small carts during the same trip. Even though I’m doing mostly Wal-Mart grocery pick up, I kept up this trend because it just works. I spent more than my grocery budget this past month but it evens out over the year. I don’t budget by month, rather I keep a simple annual budget. Which translates to making sure I save a little each pay for various things like groceries, household bills, etc.

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A huge and unexpected bonus happened mid-month when I accepted a part time job as a hair stylist. I just started my training today to learn how to deliver the Sports Clips experience. Prior to going back to college I was a hair stylist and loved it. Since I am trying to pay off debt and I am not sure what else to cut in my expenses, I figured it was time to take on some extra work. Mr. BMM was super supportive with this move because he knows how important it is to me to pay off debt. As a hair stylist I expect to make a decent hourly rate plus tips.

I started paying on my refinanced student loan and refinanced car loan. This is the first time in 11 years that more of my monthly student loan payment is going to the principal than interest. I had $32,000 in 2009 and added another $20,000 in 2013. That is $52,000 and I’m only down to $46,000 in 11 years!!! Pathetic! Student loan interest rates are awful in the United States. Students are obligated to pay unless they die. Students cannot file for bankruptcy and have their student loans eliminated. The interest rates are finally closer to home mortgage rates. In my opinion, they should be even lower.

Other highlights:

  • Mr. BMM and I have a plan to pay off our house debt in 5 years. We will save close to $18,000! Holy moly!!!
  • Switched gyms and trainers and ended up saving money!
  • Had an unapproved/unplanned for expense of $170 in clippers and a pair of black sneakers for my Sport Clips job – Pass on the guilty. It’s a tax deduction as well as a needed expense for my job.
gold love letter letter letter r

Without further ado, here is a summary of what happened during my July 2020 no spend month:

Increase in cash: $1,226.41

Decrease in debt: $642.19

  • August 1st
    • Total Cash: $7,312.84
    • Liquid Investments: $3,000.57 (3 Month CD)
    • Savings Goal: $15,000.00
    • Money Left to Save: $4,686.59
    • Current Car Debt: $12,232.04
    • Current Student Loan Debt: $46,251.38

Current Savings/Debt Payoff Rate: 38.5%

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