Honestly, I thought I would be reporting A LOT less savings this month, if any. I’m delighted with this number. The majority of our “would be” savings from last month, all of our $1000 emergency savings, nearly $600 of travel savings, and then some of our income from this month were put towards paying our federal taxes. Keeping on the sunny side, our poor tax planning with Brad’s 2011 freelance work brought us some valuable lessons. We are already arranging to put more than enough aside from Brad’s pay in a separate savings account solely for taxes.
Because we drained our emergency savings of $1000 that normally sits in our checking account untouched (this helps prevent us from using a credit card), we have to replenish it. So all $855.12 will be applied to our emergency savings, and our April debt reduction will only be from our monthly minimum payments. In order to achieve our $25,000 annual debt reduction goal, we will need to make BIG strides in saving for May and June.
May 1 debt totals will be posted tomorrow. Check out our savings progress from the past 10 months by clicking here. How are we doing this? We’re on a spending lockdown!
About Me
My husband and I, both artists, are seeking financial sanity amidst the financial insanity in the San Francisco Bay Area. We are on a quest to change our spending habits, get out of debt and start saving.
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