13 Jul My Balance – June 30th 2015
This is the first balance that I’m going to share in the website. I hope that every month my balance gets better.
At the end of each month, I check all my accounts to see my monthly overall balance. I want to start with my last month balance.
My overall balance was -8.786 USD. This means all the debts, money on my wallet, money in the bank and credit card debt together. My goal is to have a positive balance the next year.
My largest debt is a $8000 personal loan with a 16% of interest rate. I still need to pay $7.362 in that debt.
The other debt is related to my credit cards, I owe $2700 in credit card debt and the interest rate of this debt is between 30-40%. This means that this is the most important debt to pay.
My goal for this year is to reduce the credit card debt to $0.
Having that debt some people would think that I’m crazy having two saving accounts, but my reasons are good.
The first savings account is to save for a rent deposit. In my country, you need to pay a deposit when someone begin to rent you a house or apartment, this means that I need around $700 plus another $700 to pay the first month of rent. Naturally, I cannot pay that amount of money if I don’t have that money. That’s why I have my first savings account. In this savings account I have $420.
The second savings account is an emergency fund. I read in many finance blogs that is important to have an emergency fund, even if you are in debt. In this account I have $60. I started the last month.
Unconventional Things that Increased my Expenses
* I paid a yearly hosting account (to host my websites). The cost: $120.
* I spend $143 eating in restaurants. I know, that is not much, but I usually spend less than $100 eating in restaurants per month.
* I found $24 in a savings account that I don’t use anymore. I’m planning to remove this account.
And that’s it. It was not a bad month but definitely wasn’t a good one.
I usually track my expenses as part of my daily routine.