We are back with two months of financial updates! In short, things are about the same ol’ around here… savings are moving up like clockwork, and still just making a little bit of side income. Let’s dive in.
As a reminder, for our financial goals, I will mainly be tracking three here currently: House savings, Kid savings, and Car savings. We do have some other savings goals (for example, we are saving for retirement… but that is mostly on autopilot in terms of contributing the max to a roth IRA and contributing 9% to a 401K, but I am not changing that so there is not really a need to track the balance on this site every month).
House – This savings is coming along nicely, as we have been able to keep up with automatic savings and plugging a little extra in when there is some extra cash laying around. As of the end of May, we are now at 59.2% of the way to our goal here. It’s a bit of a stretch goal but I would like to reach this by the end of 2014. It won’t be easy, but I think it’s do-able.
Car – At the end of May, we are 75.4% of the way to this goal, but I think I am going to change things up. In addition to our other savings, we also have an emergency fund. However, after doing some reading (MMM talks about this), I have come to really realize it is a bit of a waste to have this sitting in a savings accounts (currently at Capital One 360, formerly ING), especially since I am not sure when it will be used. So, I will be transferring the bulk of the amounts in our car fund and emergency fund into a balanced Vanguard fund (VBINX), which I can talk more about it later. In short, I know there’s a risk we could lose a little bit, but I’m OK with that. It’s not a huge chunk of money, but with the uncertain timeframe, I like the idea of moving it somewhere with a little more upside.
Kid – This is an account where I am just throwing any extra money into, and hoping that it slowly grows where we need it to be by the time we need it. We are 8.1% of the way to the goal, but I think we will make a little better progress next month.
Here is what the past two months looked like:
April = $69.67
May = $240.54
In May, I got paid for some freelance work I did in March, so that was nice. I will also get paid for some work in early June (already over the $50 mark for June). Additionally, I have been working one side income that is time intensive, but can get me a consistent $100-$150 per month… not a huge win, but it’s something!
Also last month, I posted an ebook available for sale on Amazon Kindle, which was kind of a fun and interesting process. It hasn’t had a lot of success yet (sold about 5 copies), but I have some ideas for promoting, which I haven’t had enough time to do yet. This whole process is something that I am planning to learn more about, as it seems like there could be good potential in it.
For the first five months, my side income is at $868.91. Just a little ways from $10,000! Still, I am learning all the time, and hopeful in the potential.
How has your financial life been going?