Hello 32K and Uppers!
The first month of 2020 is almost over, which is crazy! I’m determined to make 2020 the year of first for me. I want to try new things, learn more, and earn more. By having a salary of $32,000, it can be pretty limiting. Although I’m lucky enough to live with my family, which means not paying rent or other monthly bills, it still means I’m the one paying for these new experiences and education that I may want to do. Managing money is hard, let’s be honest. I’m still trying to figure it out, but I slowly learn more and more each month and I hope to continue this.
Managing Money Month #2: January 2020
Here’s where I currently stand… Total Financial Debt: $7,340
This amount is spread amongst 3 different credit cards. The goal for the next few months is to completely eradicate this amount and to completely stop using all credit cards. The goal is also to figure out how managing money works, but I guess that’s a long term goal. Wiping out my debt is what I am determine to do within these next few months. The amount I owe has grown over time, since I am taking online courses at a nearby college. However, I am not taking a course this semester so this allows me to save my money, as well as pay off the debt without adding to it.
So, here’s a break down from this month:
- Currently, I make ~$914.00 per paycheck. This is about ~$1,828 per month.
- Of this ~$1,828, I tend to save $200 per paycheck. This allows me to increase by savings, but still leave enough for my bills.
- Of this ~$1,828, around $1,200 goes to paying bills. I tend to leave myself around $100 per paycheck, just in case I want to buy food/coffee or update my wardrobe. I’m a big believer in treating yourself, but also treating yourself to a really good sale.
Goals for February:
- I’ve been trying to increase my sales on Poshmark (click here if you want to shop my closet -> @sjzeibak). Going into February, I’d like to earn at least $500 from Poshmark. I earned $100 in January.
- Decrease my debt by paying off more than I initially have been.
- Learn more about passive income and how I can earn more, smarter.
I’m excited for this new year. Good things are coming and I will be back to update you as they do!
Check out my first month’s update here!