During April, we put $2,352 toward our student loans! Our debt payments this month went toward the 0% APR balance transfer that we’re using to save money on interest. On Income Based Repayment with our current income and family size, we don’t have any payments due, so we can focus all our attention on the balance transfer. We also got a deposit from SmarterBucks, which is a cash back program where the money goes directly to your student loans.
It’s kind of exciting to be at the half way point. From now on, our debt remaining will be smaller than the amount we’ve already put toward debt! And next month we’ll be in the sixties for our remaining debt.
Our total net income for April was $4,991. Since we live on last month’s income, this is income that we haven’t touched yet. We will budget and spend it in May.
IRS Reimbursement– $1,045– This is not our tax refund. This is a reimbursement from the past two years when the IRS shorted us $500 each year. I won’t bore you with the details, but it has to do with the first time home buyers credit in 2008. I was glad to see that they included a bit of interest, though it’s a lot less than what we would “make” if we had received the money on time and put it toward our student loans.
Blog Income– $974 This is the income I actually received this month (minus my blogging expenses), which means I earned it a month or two ago (payments always lag a month or two). Taxes are not taken out yet.
Etsy Income– $0 I had my Etsy shop on vacation mode this month, since I knew that life would be pretty crazy welcoming our newest little one (turns out it was even crazier than expected).
Other Giving– $20 Other charitable donations we made.
Mortgage/Rent– $0 We don’t pay any rent living in my in-laws unfinished basement, but we still keep this category here so that you know we aren’t leaving anything out. Our alternative living arrangement not only frees up money in the budget to put toward debt, but it provides a constant reminder of our goal to get this debt paid off as fast as possible.
Internet– $70 Hooray for getting new internet! Oh I am loving not having to budget my bandwidth anymore! My in-laws pay for all the other utilities, so we decided to take care of the internet costs ourselves.
Republic Wireless Cell Phones– $22 We both have smartphones through Republic Wireless (you can read my review here). With tax, each phone (with unlimited talk, text and WiFi data) is around $11. You really can’t beat the price and service they offer.
Health Insurance– $156 We think having health insurance is pretty important. Ours is an ACA plan.
Car Insurance– $97 We have auto insurance through USAA for our two older vehicles (both 1997) with a $250 deductible.
Renters Insurance– $14 We also have our renters insurance through USAA. It doesn’t cost much and it’s really great to have when you need it.
Food– $277 We had a pretty normal food month.
Gas– $367 It’s sad to see gas prices going up again.
Fun– $71 Our kids have wanted a pet for ages. We tell them that we will consider getting a dog (or whatever the current favorite is) when we are done paying for daddy’s law school and when we have our own house. In the back of my mind, though, I’ve had the idea of getting them a “functional” pet that’s not too expensive or high maintenance. I thought Easter would be a good occasion to surprise the kids with ducks. I bought four ducks and a 50 lb bag of feed. Hopefully they’re girls and will be laying eggs in a few months.
We also had two dates to In-n-Out (well once my husband brought it to me in the hospital) and went out for ice cream (the day we got out of the hospital the second time).
Household– $36 This month’s household purchase included normal toiletries as well as some motor oil.
Gifts– $8 I sent some photos of my kids (and some of the new baby, of course) to my grandpa who is on hospice right now. I also got a few books and things for future birthday or Christmas gifts for my kiddos.
Clothing– $25 I found out that one of the thrift stores we go to puts out a huge bin of kids clothes and one of women’s clothes where you can stuff a bag for $4. They have the deal every Friday! We bought a few other clothing items at other thrift stores and bought some new dress socks for my husband.
Medical– $106 We made the last co-pay that should cover my OB for the pregnancy and delivery. The hospital bill has yet to arrive. My new little one and I have also been fighting thrush (ouch!), so we got a nystatin prescription and some acidophilus.
Car Repair– $252 We’re still doing repairs from when Mr. SixFiguresUnder hit a bear last fall. A week after getting the headlight fixed, it was out again. Apparently the housing was broken. I’m glad that he finally has two headlights again!
Law Practice– $44 Monthly subscription for law practice management software.
How did your finances go in April? How are you doing on your 6-month goal?
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