It’s the halfway point of 2013. Time to take a look at how we’re doing on our 2013 financial goals. You can read our first quarter results here.
Bring down my student loa ns to under $10,000: DONE!
About a month ago, I decided to pay off the majority of my student loans and made a whopping $12,000+ payment in one day. It was hard to take such a large chunk out of our hard-earned savings, but it feels SO AMAZING to be done paying interest! We currently have $6,624.33 left in zero-interest student loans left, and we hope to pay that off by the end of the year.
Make $5,000 in extra income: Complete!
I have made $12,000+ in Side Hustle income so far this year. It has helped us SO much with paying off debt and paying for our vacations to San Diego, New York and San Francisco, as well as helping to pay for my graduate school.
With student loans paid off now, the first $500 of side hustle income goes into the vacation fund, then some goes into graduate school fund, and now I’m saving the rest for a car down payment fund!
I may take a chunk of this money at the end of the year to pay off our debt and then we can say we’re debt free!
Here is a breakdown of how I earned the money:
Save $5,000 in our General Savings Fund: on track
I pretty much emptied out our House Down Payment Fund in order to pay off my student loans. However, we have since managed to put back $1,500 into our savings account for a house! I am confident we’ll have $5,000 by the end of the year, and I’m shooting for $10,000 now!
Rebuild emergency fund to $1,000: Done!
Not only did we fully fund our emergency fund, but now it is a true emergency fund. I used to keep our emergency fund in a different bank than our everyday checking. Because it was an online bank, it would take 2-3 days for transfers to occur, so it wouldn’t serve its purpose as a true emergency fund. I have now attached our emergency account to our checking so that we can actually access it quickly in case of a true emergency.
Save $800 for Christmas 2013: on track
We have $650 in our Christmas fund. This will help pay for Christmas tree, Christmas cards, postage, gifts, and all those extra presents we buy ourselves during the holidays. Once we get to $800, I’m putting the extra $50 from each check into our house down payment fund.