Financial Status Tracking

Financial Status Repor

Here is my monthly accountability report.  The good news:  over $2,000 went to paying off debt or savings.

The bad news: Another account was reported late and my credit score took a ding.  I think all accounts are current now and I can start snowballing the rest of the debt.

I’ve paid a total of $1,165.51 in debt and managed to sock $900.78 in savings – woo hoo!  You’ll notice my total debt difference doesn’t reflect these numbers, that is because:

  • I found another $500+ in medical bills – boooo!!!
  • My debts carry interest ranging from 0-20% — Booo!!!
  • Still waiting for the dust to settle, so some of my numbers are off — these should settle down in the next couple months
Credit Score: Very Poor (Change -19) | 195 points from goal
Old accounts are getting reported.  I can only focus on a couple items at a time.  It may be a while before I see an upward tick.  I’m going to continue to track this, but it is not my focus.  As I take care of debt, this will take care of itself.

Total Debt $33,210.66  (↓ $106.3)

Medical:  $6356.96 (35 line items) | ↑ $408.53 ( ↓ 14 line items  )

    It may be another couple months before the dust settles.  Workman’s comp being removed, large bills being     consolidated into payment plans, disputes being re-adjusted, etc….

Even though the numbers don’t reflect it I’ve paid $325.51 on 12 different accounts 

 Car: $7,008.73 (↓ $385.27)

Credit Cards: $420.50 (↓ $178.50)
It would have been lower, but you can read about my careless $100+ mistake here

Student Loan: $17,221.27 (↓ $155.67)

Other: $2095.59 (↑ $97
Discovered an old cell phone termination fee that slipped through the cracks

Savings

E-R Fund: $1955.56 (↑ $900.78)

TSP (Retirement Fund): $20,604.54  (↑$630.59)       Gain ↑ $125.15*
My monthly contributions + company matching is $505.44
*TSP funds actually went down in July, that gain is because I didn’t report on the last date of the month in June.  I will be more accurate next month

Goals
Current goal is $6000 in the E-R fund by October 2014.  In order to meet this goal I need to re-allocate and ramp up the savings.  Since medical bills carry no interest, I need to put the remainders on minimum payment plans and shift the difference to savings.  If I can save $1300-$1400 for the next 3 months I’ll make the goal.

Overall Monthly Grade:  C+
My credit score went down – AGAIN!  Another account that was charged off recently hit my report.  These may be rolling in for a couple months until the dust settles.  I just have to keep reminding myself, that Rome was not built in a day.  It took us more than 1 month to get into this mess…and its going to take longer than that to get out of it.  When you know better – you do better!

About Mom Cents

I'm a 30-something mom of a 2-year old son. Hubby & I have been married for going on 4 years. When I'm not immersed in activities at my church or chasing my son...I like to (attempt to) write about personal finance and parenting. Two topics which I'm definitely no expert ~ but I figure I have enough anecdotes to hold your interest!
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8 Responses to Finstat August 2014

  1. Kara says:

    Great boost in your emergency fund! Here’s to an even better August!
    Kara recently posted…Thoughts on a Year without CableMy Profile

    • Mom Cents says:

      Yeah, I had some extra income through selling tuff on FB yard sale groups and a web design project down payment. I hope to duplicate the efforts this month by selling more stuff and finishing the web project. Now if I can only get hubby to let me cut the cable! Maybe I’ll point him to your latest post….

  2. Tennille says:

    Great job paying down your debt by that much as well as saving a huge chunk this month!
    Tennille recently posted…Five Easy Ways You Can Start Saving Today!My Profile

  3. Mom Cents says:

    Thanks! I was surprised at how much I was able to apply and had to rerun the numbers a couple times to be sure.

  4. Mom Cents says:

    Exactly! (Psst…why are we up at this hour???)

  5. Michelle says:

    I think you’re doing a great job. It will take some time for things to really come together. You can do it!

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