July: Month End Report

I know this is what you all really come back for!  I’m glad.

One of the goals of this blog is to be an ongoing inspiration for those people that have a large amount of debt.  Hopefully this report that I post bi-monthly is encouraging and a testimony to the fact that debt repayment, with some work, can happen.

July Income:
$250    Part Time Job
$180     Freelance
-$102    Car Repair
$250     Part Time Job
$280     Husband’s Overtime

Total Income: $858.00

This is income over and above our normal living expenses in the month of July.  So what is this going to.  $450 paid of an existing loan.  The remaining $408 went into our savings to help round out our emergency fund of $1000.

Some notes:

A paid off loan feels good.  We now have more money per month to put towards the next piece of debt.  This loan would have been paid off by the end of the year but by paying it off in advance we save money in interest and are able to use that toward something else immediately.

A small emergency fund is a must.  We used to have a much larger emergency fund.  Over the course of Winter 2009-2010 we used that emergency fund to live.  My husband’s hours decreased dramatically and we had to use almost all the money we had saved to live off of over a 5 month period.

We will continue to put our budgeted $50 a month into this savings account so it will exceed $1000 but our first goal was $1000.

For those that like numbers: $858.00 in savings for a month is not $1000 a week.  However, it is a good chunk.  We are currently averaging $214.50 a week which is 21% of the way toward our weekly goal.

I have 2 other possible freelance sources of income.  I am considering them based on time input and financial income.  They are both currently below my hourly rate for freelance work.

My current dilemma is to figure out if I just want the income and will take well below market rate or if my time is better spent securing freelance jobs paying the market rate.

What would you do?

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~ by Rachael Judd on August 1, 2010.

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