Life has a way of angling off in ways you never considered. Sometimes Murphy comes and settles down for a nice long visit. Right now, Murphy is a house guest, so our savings goals have changed a bit.
First things first, as a reminder, my husband applied for a grant that will pay half of the balance on his student loans, but we won’t know until sometime in March if he will receive the grant or not. Until we receive notice, we’ve only been making the minimum payments required.
Here’s the report for this month:
Husband’s student loan #1: $11,907.61 -107.18
Husband’s student loan #2: $16,324.19 -65.01
Total: $28,231.80 -172.19
A few notes:
We’ve been hit with $1,500 in unexpected expenses (for new tires & dental fees for three of us) as well as $3,300 for Bookworm to have his jaw widened and braces put on. Obviously, we have to save for these expenses (no more putting it on credit card for us!), so our emergency savings goal will have to take a backseat for a while.
There’s not much positive right now, but I’m feeling confident that we can handle our unexpected expenses. At least we will know soon about the grant so we can make a plan of attack.
One of my financial goals for 2015 is to save 3 months of living expenses, so I’m going to be tracking that in these monthly reports. I won’t give exact numbers, but I will tell you each month how many days or months’ worth of living expenses we have. Right now, we have 9.9 days of living expenses saved.
We’re saving slowly for our unexpected expenses.
Right now, we have 46.8% saved for our unexpected expenses:
$488 in our medical fund saved for the $1,000 in dental expenses.
We have $212.33 saved for the $500 tires.
We have $162.22 saved for Bookworm’s braces, which is only 4.9% of what we need . (The orthodontist has separated his treatment into phases. Phase 1 is widening his jaw. We need to have $240 for a down payment before work can begin. Then, we can pay the rest up front or pay $71 a month in interest free payments for 12 months. We haven’t decided which way we want to go.)
Replacement Car Account
Another goal is to save $3,000 in our replacement car fund. Right now, we have nothing saved as we’re first trying to save for the unexpected expenses and build up our emergency fund.
When we became Gazelle Intense on October 20, 2011, our balance was $57,966.01. Since then, we have paid down 51.29% of our debt, or $29,734.21.