Money & Frugality

Our Money Makeover Challenge #13 | June 2019 Emergency Fund & Debt Snowball Progress Report + July’s Goals

EMERGENCY FUND/SAVINGS

We exceeded our emergency fund goal by $300 this month!  We started with $3,070 and have saved a total of $500: $125 on the 6th, $25 on the 20th, and $350 on the 30th.  We now have a balance of  $3,570!

We started with $250 in our Christmas sinking fund and have saved a total of $100: $25 on the 6th, $25 on the 13th, $25 on the 20th, and $25 on the 27th.  Our balance is now $350.

We started with $200 in our 10th anniversary sinking fund and have saved a total of $100: $25 on the 6th, $25 on the 13th, $25 on the 20th, and $25 on the 27th.  We now have a balance of $300.

June 2019

Emergency Fund Christmas

10th Anniversary

Starting Balance $3,070 $250 $200
6th $125 $25 $25
13th $0 $25 $25
20th $25 $25 $25
27th $350 $25 $25
End Balance $3,570 $350 $300
Goal Met? Exceeded! +$300 Yes Yes

DEBT SNOWBALL

We started with $4,318.49 in debt (401k loan) at the beginning of this month.  $26.25 is deducted from Ashton’s paycheck every week to repay this for a total of $105 paid this month.  We now owe $4,230.80.

June 2019 Amortization Schedule

Payment Due Payment Amount Interest Principal Balance
3rd $26.25 $4.36 $21.89 $4,296.60
10th $26.25 $4.34 $21.91 $4,274.69
17th $26.25 $4.32 $21.93 $4,252.76
24th $26.25 $4.29 $21.96 $4,230.80

JUNE GOALS

Savings

Emergency: $50 per week.  As mentioned, we won’t be able to save as much until September, because summer break is still in full effect and summer camp is expensive.

Christmas: Continue to save $25 per week.

10th Anniversary: Continue to save $25 per week.

Debt Snowball

Remain current on the second 401(k) loan, which is automatically deducted from Ashton’s paycheck at $26.25 per week ($105 total per 4-week month).

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s