Our Financial Peace Journey: June 2016
Disclosure: This post contains some affiliate links. At no extra cost to you, I may be paid a small commission from sales via these links. Thank you for your support of my blog.
If you are new around these parts, the Mister and I took the Dave Ramsey Financial Peace University course through our church last year. We have a goal to pay off half of our consumer debt this year. You can catch up on our journey by checking out our previous recaps:
- May 2016 update
- March/April 2016 update
- February 2016 update
- January 2016 update
- December 2015 update
- weekly FPU updates
Okay, let’s start with the taxes. I mentioned during last month’s update, that our tax bill was a few thousand more than we had saved. This wasn’t something that could linger, and the bill had to be paid by June 17 or we’d incur further interest and penalties.
When we sat down to have our budget meeting for the month, we had to be honest with ourselves. It didn’t matter how much we hustled on the side, we weren’t likely to make another $3500 in June (that would basically double what we normally bring home.) And we both would rather owe more on our line of credit than owe the IRS.
So, we paid it via the line of credit and re-figured our debt snowball. The money from the tax savings account was thrown at the two lowest items on the snowball, which are now paid off. It’s a bummer because it feels like we have took two steps backward, but accomplishing things in life doesn’t always happen in a straight line.
June Victories & Blessings
The extra income has been finding it’s way to us; we’re pretty pleased to have added nearly $600 in extra income to our budget last month. The Mister has lined up some regular part-time work, helping out with a local restaurant. He’s also lined up several painting and repair jobs for July that should total at least another $1000 extra income.
I firmly believe that when you’re handling your money right, blessings find their way to you. Case in point. A couple that lives in our neighborhood recent remodeled their kitchen and blessed us with their gas range, so we’ll be able to sell our old range. Since we didn’t have a gas line in the kitchen, the Mister has bartered painting work to have the line run.
Also, some family members are blessing with a paid for vehicle when they move in August, which will allow me to sell mine and get rid of the car payment. They will also be giving us some furniture; I’m anticipating a yard sale in our near future.
We’re halfway through the year, and this is a great time to get control of your finances. I’d suggest reading The Total Money Makeover. Want some more reading to improve your finances? Check out my suggestions of four books to improve your household finances.
What are your financial goals for 2016? If you’re working your way out of debt, share your victories with us in the comments.