Monthly Money Check: Penny Had Her Lowest Monthly Spending Of The Year! — July 2017

Dear Rich,

Hey, guess what? I wasn’t even thinking about it, but when I totaled up my numbers for this month, I FINALLY made it under the $2,000 bar that I had set (kind of lukewarmly) set for ourselves. I guess that’s what happens when no major expenses come up. It won’t be that way for long though… big school bills coming up next month.

Before I get into all that, let’s talk about where the rest of our money is at. The last time I explored this was in April. In April, our student loans were at $147,037. We haven’t been able to put any extra money toward this since our tax refund, so it hasn’t moved much. It is now at $145,421, because we do pay a little bit more than the interest rate acquires every month in our automatic withdrawals.

Related: Penny’s 13 Year Plan to Repay $173,000 in Student Loans

One thing we are going to start doing, in response to advice from a reader, is instead of taking $1,000 out one time a month, we are going to have $500 withdrawn two times a month. This will help save since the interest is compounded daily on student loans. (My husband just has to make a phone call, which I keep reminding him to do…)

We have also built up more equity in our house since April. Back then, it was valued at $214,000. Now, it is valued at $229,460. (I come up with this figure by taking an average of the Zillow estimated value, $252,421, and the property tax estimated value, $206,500.) So, take that amount and subtract the amount we owe on the house ($88,670), and it looks like $140,790 is the current equity we have in the house.

Here’s a snapshot of our current net worth:

That’s up $25,318 from our net worth in April, but that’s basically because our home is valued $25,000 more than it was in April. If we took that out of the equation, our net worth would be basically the same.

Now, let’s take a look at our expenses for the month and see how we got under that $2,000 mark (excluding the student loan payment):

Nothing really to report on there. Most were pretty usual expenses. Like I said, it helped that nothing big came up this month.

And, here’s another graph, just for fun, to show all those people who think that we are never going to get off of food support that we have actually been working to increase our income over the years. This graph shows the net income of my husband’s chiropractic business over the past six years:

Click on image to enlarge.

As you can see, there is a steady increase (around $8,000) every year. I think he’s on track to keep up with that increase this year too (maybe).

You must be busy getting ready to move back to the states, so good luck with all that entails. I’m looking forward to hearing all about it.

Later,

Penny

 

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