I’ve been talking about all my debt repayment and my budgets, but what I’ve realized is these two parts do not paint my whole financial picture. My budget is split into four parts: 1. fixed costs, 2. casual spending, 3. debt repayment, and 4. wins. These are details on my wins.
I added $90 to my emergency fund this month. I know that many people believe you shouldn’t be saving without having all your debt paid off, but with an impending move that’s not a risk I’m willing to take.
Total Contributions in 2016: $713
I added $85 to my future travel fund this month. I’m currently in Atlanta and, as of now, have not had to touch this, but might need to to make it through the month. I have my sister’s college graduation in two weeks and then the Eckstrom Wedding in Arizona, so I have a feeling this is going to come in handy at some point.
Current Balance: $344
We all have bills that come yearly instead of month. This where I save for those expenses. I actually have a separate bank account for each of these with Ally (not a referral link), where they grow at 1% APY in a Online Savings Account.
Renter’s Insurance: I have USAA for my Renter’s Insurance. I paid it all upfront and now put aside the $13/month towards next year’s payment. I added $13 this month. Current Balance: $91
Stratechery: I gave myself a Stratechery Daily Update subscription for Christmas. By paying for the year instead of monthly, I was able to save $20. I’m super happy with this investment and am planning on renewing, so I set aside $8/month towards next year’s subscription. I added $8 this month. Current Balance: $40
Tailwind: I’m reeeeally digging Tailwind *referral link* for making Pinterest so much easier for me as a blogger and I’m seeing huge bursts in growth as a result. I think this is something I’m going to want to invest in again. I’ll make that decision closer to the date, but for now I’m setting away $15/month. I added $15 this month. Current Balance: $60
Headspace: I’ve been thinking about getting Headspace and when I made this portion of my budget I was super gung-ho that I was going to do it. I haven’t actually signed up, but I’m still putting away $8/month in case I decide to. I added $8 this month. Current Balance: $40.
Buffer: I used to be really crazy about Buffer. Right now, I’m slightly less crazy mostly because I haven’t gotten the chance to really work with it in a while. I’m going to have to think long and hard about whether or not I renew. I still add $9/month to this account, in case I do. Current Balance: $36.
Some people think you shouldn’t put any money into retirement while you still have debt. I often agree. My 401K contributions are matched at 100% which is more than the rate of interest that my debt will accumulate. I contribute the bare minimum to maximize the match.
Roth 401K: I put $160 towards my 401K this month, which my company matched at 100%. Total Contributions in 2016 (pre-match): $320
Roth IRA: I did not contribute any money towards my Roth IRA. Total Contributions in 2016: $0
How did you do this month? Any money wins? Tell me in the comments!
Emilie is an Army Wife, Data Engineer, and CrossFitter with a love for working through her thoughts in this space on the internet. She lives with her husband Casey and their pup Bo in Savannah, GA.