Summary Sunday 5

Last Summary Sunday in January! This year is just flying by!

 

GOALS

No big changes here. Still succeeding in areas that we were succeeding in and hoping to succeed in the rest soon.

  1. 3% monthly change in credit utilization; minimum 36% change during 2017 (current: – 17.90%)

January(X) February() March() April() May() June() July() August() September() October() November() December()

  1. $2,000 saved into a general saving account
  2. $1,500 saved as an emergency fund
  3. Continuously follow a “Savings Challenge”
  4. $500 saved for our trip in March
  5. $750 saved for our trip in July
  6. $800 saved for my trip in November
  7. Positive balances in both our checking account and bill pot at the end of each month

January() February() March() April() May() June() July() August() September() October() November() December()

  1. That we have enough cash each week to maintain a pleasant lifestyle
  2. Start a retirement account

How do we stand currently?

Rent is due on the 3rd so we are right on track to pay it! All of our January bills have been paid and we are already starting on February’s.

Credit Utilization: 32.10%

Savings: $428

Emergency Fund: $0

Savings Challenge: $65

Trips 1/2/3: $0/$0/$0

Checking: $27

Bills Pot: $1,000 and paid $293 towards cards

Cash: H $100, W $70, Gas $40

CREDIT UTILIZATION

Overall we are down 0.45% which isn’t near the jump I’ve been able to accomplish in prior weeks, but as I mentioned yesterday I did use our new card in an act of foolishness so I now have to overcome that. All in all it affected our overall credit utilization by 1% which isn’t much, but it would have been a nice decrease to have had this week. I’m not going to let one little set back derail the progress we have made so far this month though! We are going to just keep up with payments and not using our cards and really knock our utilization down!

  Card 1 Card 2 Card 3 Card 4 Card 6 Total Credit
Dec ’16 93.73% 30.38% 23.23% 34.55% N/A 51.30%
Jan ’17 (1) 95.80% 22.81% 23.23% 34.55% N/A 50.00%
Jan ’17 (2) 95.80% 22.81% 13.72% 33.24% N/A 46.56%
Jan ’17 (3) 95.80% 23.38% 14.06% 19.03% 0% 33.33%
Jan ’17 (4) 92.47% 23.38% 14.06% 19.29% 0% 32.55%
Jan ’17 (5) 95.33% 20.25% 11.28% 14.21% 6% 32.10%

 

Something to note, I was looking at my credit score the other day and noticed that it had gone down a couple of points when it should have gone up. I hadn’t even thought about how closing card 5 in the beginning of the year might negatively affect our credit history age. That card was about 8 years old and the ones that remain are anywhere from 7 months to 3 and a half years which puts our average around a year and a half. I also hadn’t thought about how opening card 6 would negatively affect our credit history age; because now we have one that is just a month old which will really throw a wrench in the works. I was so focused on how our utilization was affecting our score that I failed to truly appreciate the other factors.

 

  Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2017
Card 1 $100 $100 $100 $100 $100 $150 $150 $150 $250 $250 $200 $100 $1750
Paid $100                       $100
Card 2 $30 $50 $50 $50 $50 $50 $50 $50 $0 $0 $0 $0 $380
Paid $30 $50                     $80
Card 3 $30 $50 $35 $45 $40 $45 $45 $0 $0 $0 $0 $0 $290
Paid $55 $50                     $105
Card 4 $563 $193 $193 $193 $193 $0 $0 $0 $0 $0 $0 $0 $1352
Paid $580 $193                     $773
To Pay $723 $393 $378 $388 $383 $245 $245 $200 $250 $250 $200 $100 $3,755
Paid $765 $293                     $1,058

 

I love this! I love that I am already almost finished with February’s payments and January hasn’t ended yet. When making payments ahead, be sure to realize that they may or may not count for the next month depending on where you are in your billing cycle. All of the cards I have paid for February are due the first week of February so even if I make a payment a few days or even a week early, they count as February’s payment. If I had made a payment on Card 1 it would have counted as a double payment for January because that bill is not due until the 20th so I am still in my January billing cycle.

SAVINGS CHALLENGE

WEEK DEPOSIT TOTAL ACTUAL
1 2 2 $44.26
2 4 6 $49
3 6 12 $55
4 8 20 $65
5 10 30  
6 12 42  
7 14 56  
8 16 72  
9 18 90  
10 20 110  

 

Our income was higher this week so I went ahead and deposited $10. I have also been saving up all of my loose change and might take it to the bank tomorrow. I have a question about my account so it wouldn’t be a trip to just deposit a couple of dollars.

2017 PROPOSED BUDGET vs ACTUAL

  PROPOSED ACTUAL JANUARY PAID
RENT $1,400 $1350
ELECTRIC $250 $308
PHONE $215 $212
CAR INSURANCE $114  $190
GAS/CAR STUFF $260 $247
VET PLAN $60  $90
H CASH $400 $470
W CASH $400 $378
DATE NIGHT $40 $43
SUBSCRIPTIONS $25 $25
CARD 1 $90 $100
CARD 2 SEE $80
CARD 3 OTHER $105
CARD 4 CHART $773
CARD 5 Gone J J
CARD 6 $0 $0
HOUSE CLEANER $120 $50
GROCERIES $600 $508
HOUSEHOLD $280 $212
PETS $125 $303
TOTAL $4,679 $5,444
INCOME Estimate: $4,040 Actual: $4,754
BONUS INCOME   $23

 

This is confusing. It looks like we have spent several hundred dollars more than we have made which is not the case. I am going to work on this before next week when we start February’s because some things were paid with the previous month’s income etc. We aren’t -$700 for the month, we actually still have quite a bit of money left between our: checking account, bills pot, and cash on hand.

FOCUS

My focus this week is to not spend more than I have. Truthfully that’s our focus for the entire year, but this next week I’m going to put it at the forefront of my mind.

 

I’m very excited for tomorrow! Join me here for Mailbox Monday where I will reveal yet another service I use, have a small update on a subscription featured in Subscription Saturday, and more!

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