State of the Blogger – June 2017

Hello!

Since this is my first post on this blog, I thought I would give you a transparent look at my finances and how I am managing my money at the moment.

My name is Katy, I’m 24 years old, and I’m $11,800 in debt. And, I’m engaged to a man who is $54,000 in debt. Yikes!

The good news is I’ve been saving for retirement since I was 18 years old, I’ve got a better paying job than most Americans, and I’m naturally pretty neurotic thoughtful about budgeting and finances.

So, here’s a snapshot of my financial status as it stands today: 

 Account   Balance 
 Checking Account  $           603.88
 Emergency Fund  $        2,000.00
 Wedding Savings  $        4,415.00
 Investment Account  $        4,623.00
 Rollover IRA  $        2,543.62
 401(k)  $        1,796.00
 Student Loans  $     (11,818.00)
 Net Worth:   $        4,163.50

I’m in the black! I remember a few months ago when I finally had a positive net worth. I started with about $26,000 of debt, and it has been a long road to feeling like I’ve got a handle on the debt. Right now I’m on track to pay off my loans in full in about 18 months…. and then we can move on to my fiance’s debt!

Here’s a look at my budget:

Monthly Income: $3,098
Wedding Savings -$350
IRA -$40
Retirement -$130
Student Loans -$665
Rent – includes utilities -$812
Cable -$35
Parking -$110
Car Insurance -$120
Transportation – gas, metro -$30
Phone Bill -$110
Groceries -$300
Fun Fund – Vacation, special treats, etc. -$40
Donations -$80
Everything else -$276

This is bound to be tweaked over the next two months, because my fiance and I are moving back to our home state, and we will be living with our parents until he can find a job. (I’ve got an offer lined up for a staff accountant position.)

I’m so excited to keep documenting my journey to financial independence on this blog. Please leave a comment and share your thoughts on budgeting and how you plan on paying off your debt!