Budget Update

photoI know this has nothing to do with our budget, but isn’t she so cute!  I got Miss C all bundled up to go outside and visit her daddy while he was shoveling snow.  We only stayed out for about 5 minutes, and she didn’t seem too impressed.

I just got caught up on our budget for the month of March and things look great!  Here are some highlights:

  • We opened a 529 plan for the cutie in the picture.  We started with a deposit of $115 and are having automatic deposits of $25 each month.  As time goes on, we will up the amount we deposit.
  • We paid an extra payment to our smallest student loan.  The regular payment is $50 a month, but we were able to pay $100.
  • We got a hospital bill for $495 from Miss C’s birth.  We had that in savings and were able to pay it outright.
  • Even though we had the bill, we were still able to put $600 into savings (between our regular income and my photography income).
  • I made $560.00 from my photography business this month!  My highest month ever!  With all photography income, I split it up: 25% into an account for taxes, 30% into our savings account, and 45% into an account for photography gear.
  • We got our tax refund and were able to complete our savings goal for my maternity leave savings account.
  • Even though I haven’t updated it, our car loan is officially under $10,000!  The four digits look so much more manageable than the five digits.

Looking at next month, things look pretty go as well.  We are on target to put another $325 into our savings account.  Hubs and I have discussed the next savings goal.  Our lease is up on June 1st, and we have started the house hunting process.  We have a down payment ready, but we are going to start saving for all of those moving costs: moving truck, inspection, etc.   Our goal is to save about $750 by the end of May.  I am going to start a new ING (now Captialone 360) subaccount for the moving goal.  (If I remember, I will do a post about our savings accounts and how they should work.)

We are also on track to pay another extra payment to the smallest student loan.  I am ready to get rid of some more debt!  It is kind of hard to have a savings goal at the same time as a debt-reduction goal.  I look at all the money we are putting in savings and wish I could put it towards debt.  I like the emergency cushion of savings, though, especially knowing that certain things in our life could die (my computer or my car).

The past month has been really good, and it is giving me a lot more momentum to keep moving in the direction that we are going.  Even though we are not debt free, knowing where we are headed definitely gives me a freeing feeling.  It’s quite exciting!

How are your savings or debt reduction goals going?  

 

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3 thoughts on “Budget Update

  1. Just so you know, Cadence will ALWAYS trump any old boring “budget” photo!! Please keep sharing, she’s such a sweetheart! 🙂 You’re doing great this month!! Well done on everything! Hope your photography keeps you busy and adding funds to your savings goals!!

    • Photography has really stepped up lately! I think I only have 1 or 2 available dates left in April and May is filling up quickly too! I am so excited that it is doing so well! 🙂

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