Are you wondering why it has taken me so long to post an update? Well, truth be told, I’ve had a bit of a financial setback. A $2,441.99 setback, to be precise. And, to make matters worse, it was a setback of my own doing (for the most part).
Let me explain:
March 2016 was the month that I had finally paid off an old credit card. And, March 2016 was also the month I decided that – in order to rebuild my credit – it would be a good idea to get a new card. But, what started out as “only for the cell phone bill” quickly became “only for occasional purchases,” and then finally to “fuck it, just do it.”
So, here I am – $1,100 in credit card debt and with a completely trashed emergency fund. (Although, to be fair, $900 of my expenditures were for an unexpected dental emergency – more on that later.)
If I’ve learned anything from this financial setback – and dear God, I hope I did – it’s that making large, lump sum payments toward debt is actually pretty easy. What isn’t easy, however, is consistently managing your expenses and doing the most you can to diligently save every month.
I’m pretty bummed, but also optimistic because – as a result of my reality check – I’m putting myself on an emergency 90-day #MindfulMoney Challenge (more on this later.)
And, my credit card? Well, it’s now in the loving care of my boyfriend. No more impulse buying from this girl!
Anyway, here are the numbers:
|Debt||Last Month||This Month||Change|
|Student Loan A||$6,839.79||$6,786.44||-$53.35|
|Student Loan B||$3,865.00||$3,790.83||-$74.17|
|Student Loan C||$11,626.95||$11,536.75||-$90.2|
|Student Loan D||$4,607.25||$4,121.13||-$486.12|
|Student Loan E||$3,093.20||$2,922.61||-$170.59|
And, here’s what were my savings:
|Assets||Last Month||This Month||Change|
Last Month’s Net Worth: -$27,807.66
This Month’s Net Worth: -$30,249.65
Change: ↓ $1,196.54
Yeah, I have a lot of work to do.