At the beginning of the month, we budgeted the money that we earned last month and decided to start with $1,300 toward loans. We reserved some extra for our end-of-the-month payment. Then at the end of the month, we emptied all of the extra from our categories into our debt payment (our strategy for maximizing debt repayment).
In addition, we received a deposit from SmarterBucks. SmarterBucks is a cashback and rewards site that applies your rewards payment directly to your student loans. You sign up and connect your account to your federal student loans account. Then, when you shop online through SmarterBucks or do surveys or other online activities, you earn cash back. SmarterBucks makes a direct payment to your student loans when your balance reaches $10 or more.
Our total amount put toward debt in June was $2,149.91! We knocked out our smallest unsubsidized loan (they all have the same interest rate) and moved onto the next one (which is $14,000 something, so it will be a while).
Our total net income for June was: $4,274
Random Income: $250 This isn’t newly earned income as much as it is a reimbursement, but it is from nearly two years ago, so for budgeting purposes, it’s income. I’ll discuss the details in an upcoming post.
Etsy Income: $440 The beginning of the month was slow, but at the end, I had a bit of a rush, so I’ve got a whole line-up or orders to fill in the next week or so.
Other Income: $615 In addition to blog income, I sold a children’s book and a pair of kids shoes on ebay.
Each month we budget down to zero using the previous month’s income. Our spending in June comes from the income we earned in May. In addition to the debt payments above, here’s where we spent money in June:
Tithing–$392 One of the expenses that we won’t skimp on is a 10% tithe on our income.
Utilities– $0 Utilities are included in our “rent,” but I include them here just so you don’t think I’m forgetting them.
Cell Phones– $20 We pay my dad $20 per month for our dumb phones that are on his family plan. We are venturing out though…
Republic Wireless– $202 Writing about the research I did on cheap cell phone plans last fall got me thinking seriously about switching. With Republic, it would still only cost $10 per month for each of our phones, but we would have unlimited texting and would have data via WiFi! Republic Wireless has a 30 day money-back guarantee, so we decided to give it a try! We got the Moto G with 16 GB of memory. You can read about our Republic Wireless experiment.
Health Insurance– $114 This is through our ACA plan which is explained here.
Dental– $23 Our dental discount plan. We failed again at getting ourselves check-ups so we can get rid of this plan, but we have back-to-back appointments in July (with grandma scheduled to babysit). What a fun date!
Car Insurance– $97 We both drive ’97 cars, so it just seems appropriate that our car insurance is $97.
Food– $271 We aim to be under $300, so this is right on track. For an idea of some of the regular meals on our menu, you can see our no-spend month menu (which looks pretty darn close to our regular menu).
Gas– $395 I’m pretty certain this is the lowest gas number we’ve ever shared! Mr. SixfiguresUnder went on a backpacking trip with the Scouts. One of his responsibilities at church is working with the 12 to 17-year-old boys. Not having to drive to work for a week saved a nice chunk of our gas budget. Also, we ended the month with the van empty, so that will be reflected on next month’s budget.
Clothing– $12 We stopped by the thrift store when we were in town and girls clothes were half off. I got a couple things for my 6-year-old for $1 each. I also bought a Groupon for dry cleaning. For $16 I got a $30 credit for a dry cleaner near my husband’s office! When I went to pay for it, I had a $10 Groupon credit just sitting there from who knows when, so it only cost me $6! Dry cleaning is so expensive, so I’m excited to have a way to save on it.
Household– $18.50 We bought toilet paper, shampoo, straws, kids toothbrushes (I caught my 2-year-old scrubbing down in the sink drain with his toothbrush) and rubber gloves (I have to have them to wash dishes). We still have our Dollar Shave Club subscription on hold. It’s nice that Mr. SixFiguresUnder makes each cartridge last a month.
Fun– $6 I took the kids to the county fair on kids’ day, so the kids were free. My $9 adult admission was waived because I brought something to enter into the daily special baked goods contest. The entry fee was $2. I was pretty happy that I figured out how to get us into the fair for $2 total (Mr. SixFiguresUnder was at work). The thrift store was having an outdoor sale on books. You could fill a bag for $4. We got lots of books, especially piano books.
Lawyer Marketing– $161 We’ll be excited when this contract to put an ad in a local publication ends.
Law Practice– $44 Monthly subscription to my husband’s law practice management software.
Emergency Fund– $200 We added $200 to our emergency fund just for fun. That puts us at $4,594 in our emergency fund. We keep most of our emergency fund in our Capital One 360 account.
How did your finances go in June?
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