Monthly Financial Update: May 2020


When reviewing my finances for 2018, I mentioned my desire to look at them on a monthly basis in 2019. Justin and I spent a little too much in 2018 and let our finances get the best of us. Maybe by looking at our finances monthly (and let you guys/gals keep me in check), we will do better this year.

That's the goal anyway.

Here's month #4 for 2020:

Spending:

Compared to Last Year –


green: this year, yellow: last year

compared to last year (green this year, yellow last year)

Compared to Last Month –


compared to last month (green is this month, dotted is last month)
compared to last month (green is this month, yellow is last month)


Where We Spent Our Money:

Top 10 Merchants:

1. Amazon
2. Evalue (computer monitor)

3. Anthropologie
4. Electricity
5. Costco
6. Free People
7. FTD (flowers for mother's day)
8. Market Hall Foods (French tea)
9. Poshmark
10. American Express Delta Membership Fee

Top 10 Categories:
1. shopping (clothing for me, business expenses related to online sales, pasta maker, 2 monitors + stands + adaptor for Justin)
2. food & dining
3. Bills & Utilities

4. Gifts & Donations (Mother's Day, child's bday)
5. Travel (Delta American Express credit card fee)
6. Life Insurance
7. Interest Fees

Budgeting:

Gas & Fuel under
✗ Groceries – over
Restaurants under
Hair Appointments – under
Everything Else – under

Net Income:


Debt:

student loans
I had some issues changing a loan's information, so it looks like we owe more than we did at any other point this year, but we don't.


credit card debt

How Did I Do On My Financial Goals for April?

Finish going through clothes and posting them for sale online.
Start going through other items and posting them for sale online.
Follow airline updates and determine if we need to get a refund for our upcoming trip to Scotland.
Delete the entertainment app.
Consider changing mindspring account to yearly or cancel altogether.

Numbers:
* Loan Payoff Date 4/1/23
* Credit Card Payoff date 4/1/22 (date pushed forward by a month. YAY!)
* Emergency Funds: $8,581
• 401K $48,972.58
• Credit Scores: 749 (Justin), 811, 814 (me)

Overview of the Biggest Impacts This Month:
1. Opened 2 credit cards to transfer credit card debt with 0% interest
2. Covid-19: learning to do things at home, saving money on gas, spending extra on groceries, extra time to research clothing purchases, needing monitors to make it easier for husband to work from home, the discovery of a company that allows me to buy groceries from other states, no hair cuts, getting money back from car insurance and travel we can't take
3. Mother's Day
4. Putting items up for sale online.
5. Justin started going back to work.

What went wrong this month?
1. Extra cost for gifts/groceries (tip, delivery service, learning I could buy groceries from other states)

2. Learning that if the covid-19 situation is not improved by September, I'm out of a job.
3. And regardless, I'm out of my morning job come August anyway.
4. Spending money on Mother's Day flowers, going through Groupon first. Did it save money? I'm not sure.
5. Making mistakes with eBay listings that cost me extra.

What went right this month?
1. Getting money back from flights, train tickets, and car insurance

2. Not spending on gas, restaurants, or hair cuts
3. Selling items online
4. Learning to do things at home (shaping my eyebrows, cleaning shoes I thought might need to be replaced)
5. Credit scores improved.

Financial plans/goals for May
1. Finish putting clothing for sale on Poshmark

2. Look for a morning job.
3. Not letting fruits and veggies go bad.
4. Measuring travel art for frames.
5. Get items returned

For better or for worse, covid-19 quarantine is coming to an end for some and continuing forth for others. Justin and I have already seen differences in how our companies are choosing to handle the pandemic. Along with that, he and I are also making changes in the way we handle our lives: ordering groceries and gifts online without ever stepping foot outside or driving anywhere. We are more conscious with regards to cleanliness and choosing more environmental ways to do that. Facetime chats are more of a norm now than even meeting in person.

With Justin headed back to work in June, it will be interesting to see how even that small change will affect our finances.

Are you all doing ok with regards to covid-19? Do you still have a job? Are you able to make your bills? Have you begun ordering groceries online? Or made any lifestyle changes for the better ... or worse? What are your expectations for June as economies begin opening up again?

Financial Resolution Goals 2020


Financial Resolution Goals 2019