October 2020 No Spend

It’s been a while since I wrote a blog post. October was a whirlwind of activity. I set my 2020 professional theme as Create. Create meant to me to create the job I always wanted. Do the work that I love and kick the stuff that does not excite me to the curb. Back on January 7th I stated that I wanted to “CREATE professionally opportunities for myself to expand.” After a long and lengthy search, I finally found my new professional home and accepted a new position outside an industry that I called home for over 12 years.

Leaving being an industry that I worked in for 12 years should have been scary. Three years ago I decided to apply to my dream job and once I decided it was no long my dream I created a new dream. Two years ago I declared that I was going to leave what I found to be a soul sucking industry packed with politics where politics don’t belong. Looking back I should have left much sooner. Entering a new industry it exciting but I’m bringing along 12 years of cross industry experience. I mean should you really budget to spend more than you make? Yeah, I don’t think so.

Needless to say October was busy and I didn’t have space to really write. But I’M BACK!!! So let’s get to recapping my financial position from October.

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October 1st

• Total Cash: $7,575.41
• Liquid Investments: $3,000.03 (3 Month CD – Matures 9/30)
• Savings Goal: $5,000
• Money Left to Save: $0
• Current Car Debt: $8,738.45
• Current Student Loan Debt: $45,813.65

Let’s break down some of the major financial changes I made in October. The 3 Month CD was a waste of time. I earned $1.50 for three months. I would have been much better off taking that $3,000 and putting it into a high yield savings account. Now I’m not a certified or professional finance person so do your own research but I earned $1.53 on $3,000 in a CitiBank high yield savings account in October alone.

I did roll the $3,001.50 from the CD into my Roth IRA leaving me to add another $1,000 this year in order to max my Roth IRA contributions for the year.

During a walk with Mr. BMM we discussed my original goal of having a higher emergency fund. After that discussion I reduced my emergency fund down to $5,000 and put the additional money towards my car loan. My emergency fund is now sitting in my CitiBank High Yield Savings account and my credit union, $3,000 and $1,000. The other $1,000 will be transferred to CitiBank in November.

I also changed the order in paying off my debt. My car, while a lower interest rate, will be paid off sooner. Despite this change, I’m going to save $700 by paying off my car and then my student loans.

With my new job came the reality that I was going back into the office. After spending 7 months at home, it was time and I am excited to go into the office every day. But that also comes with some upfront expenses. I do not like to carry extra deodorant, nose spray, moisturizer and other personal times every day. Rather I prefer to leave a small stock of things in my desk drawer. I did spend about $100 stocking my desk drawer as well as purchasing a gym bag so that I could keep my gym schedule.

In addition to restocking my office, my pay checks were scrambled and changed. I received a paycheck from my old place for 1 week of work. The last pay check went to my car loan in the amount of $1,260. I expect to be paid for my unused vacation time in the middle of November for 48 hours.

Lastly, I spent an unbudgeted $200 for a 10 class pass at Orange Theory. Winter is a hard time for me with the shorter days and longer nights. I made the decision to either pay for a 10 class pass at a yoga studio or something social to help me through the winter.

Change in Cash -$2,033.70

Change in Debt -$3,067.52

October 31st

• Total Cash: $2,845.52
• High Yield Savings Account: $3,001.53
• Mutual Fund: $2,694.69
• Current Car Debt: $5,840.46
• Current Student Loan Debt: $45,644.12

Overall I’m pleased with my October results considering the whirlwind of changing jobs, changing pay days, putting over $4,000 towards my car loan, and restocking my office. For November I printed out a blank calendar where I need to put a note with what I bought and how much on each day. I want to tighten up my spending more this month. Besides shopping for Mr. BMM and our pup for Christmas, I don’t expect to have any significant purchases this month or unbudgeted purchases.

During November I will be moving my 401(k) from my prior employer into my own Fidelity account. I did some research and I can move my money without paying any fees/taxes into a total stock market fund with $0 fees. Sign me up!!! I want to take that $45,000 and let it ride until I am old enough to withdrawal without penalties.