July 2009 :: Report

Debt Reduction

Our goals for July were:

Credit Card Debt  ::  $41,383.18
Taxes Owed          ::   $  3,368.50
Personal Loans    :: $  5,120.00

Total Debt*           ::  $49,871.68

And here is where we were after 7.31.09:

Credit Card Debt  ::  $41,482.70
Taxes Owed          ::   $   3,959.74
Personal Loans    ::   $   5,400.00

Total Debt*            :: $50,842.44

*does not include school loans

Our goal was that we would pay $2,395 toward debt, with a net reduction of $1,925. We fell  $970 short of that goal this month. The good news is that we have paid over $10,500 in debt reduction since 2.26.09!

Budget

This was a disappointing month. We got a little extra cash and we were somewhat foolish and spendy when it came to the food. Overall, we spent $1,350 more than we had budgeted ($530 on car repairs, $500 on food/entertaining, $90 for Christmas presents and $200 on healthcare), and we were down $150 in expected income. Aside from the car and healthcare, that $590 in food and presents were very often not the wisest choice – but we *can* do better going forward.

Savings

Savings Goals for July:

Regular Savings  :: $  180
Family Leave       :: $  165
Emergency           :: $  535

Total Savings Goal  :: $ 880

Where we landed at the end of July:

Regular Savings  :: $  217
Family Leave       :: $  195
Emergency           :: $  289

Total Savings      :: $ 692

We’ve got $692 in savings this month, up $457 from last month. We would have more at this point, but we had to use some of our savings for the new radiator. I’d really like to get our Emergency Savings past the $500 mark.

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