Welcome to another edition of Financial Friday. A series of weekly posts where we share some of financial gold with you on our personal finances, savings, and investing. Once again, these are just things we have done ourselves and might not work for you, but it doesn’t hurt to try a new way to pan for your own financial gold!
The Monthly Recap
April 2014 was a pretty quiet month on the financial front. We did have some expenses that we couldn’t budget for including graduation gifts, renting a tux for an upcoming wedding, dress alterations and a couple of other unplanned items.
Additionally, we paid off some of the unexpected expenses from March including the furnace and dental work. While the work was done in March, the bills were due in April. April was also the first month of a new side hustle for myself. I am helping a company that runs mobile silent auctions. This is something that I really like doing and the technology being used is amazing. I look forward to working more events for them and will share that experience here soon.
This month was overall a good month on the financial front. We did have those bills come due but the money is coming from our refund check which we got in April. This once again reminded us of the need for an emergency fund. The refund check is being used for this purpose right now and will help us pay down some additional debt.
Below are the percentages we spent on each category with a note if needed. In April 2014, we spent around $4,000.
- 29% – mortgage (interest, principle, and home insurance)
- 17% – auto related (gas and lease payment)
- 9% – groceries, dining out
- 7% – preschool
- 7% – travel fund (we put money in quarterly for a family reunion)
- 6% – utilities (includes garbage, internet, cell phones)
- 5% – health & wellness; this included the dental bill
- 5% – shopping
- 5% – student loan repayment
- 3% – gifts/charity
- 7% – miscellaneous
As we continue to track the financials, we will highlight any major drops. This month’s largest drop from March was on our mortgage and food. Both of these saw a significant drop because of the addition of health and wellness expenses this month.
With the new reporting, we want to be clear that when we talk about debt that we are being up from with what our “true debt” is. Like most Americans, we have a mortgage and student loans. In our past reports, we have listed credit card debt but this was never debt since we pay off the balance each month. For our purposes moving forward, we will only talk about debt as our student loans and mortgage.
In April 2014, the payments for both of these areas remained steady and the percentage of these didn’t change from March. We paid off 0.15% of our mortgage and 0.45% of our student loans. Not a great reduction but we are looking at how the side income can lower these amounts over time.
How was your April 2014? Did you have any unexpected expenses? Did you make extra income?