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Hello Everyone!!
It seems like I just posted my first Debt Overview post last week. I hope everyone is staying hydrated and enjoying the hottest month of the year. Little has changed on my end of the globe; I’m still working from home and spending time with the kids.
The idea, according to office gossip, was for everyone to return to work full-time in September, but things have changed for the better. Previously, telecommuting was only possible because of the epidemic, but now we can work from home at least five days per pay period, which is bi-weekly for the rest of the year. That’s perfectly OK to me.
Sadly, I didn’t travel this summer because I wanted to focus more on my agriculture startup business, but my wife and kids went to Disney World and had a great time. To me, that’s all that matters.
On the personal finance side, I’m pleased to report that I’ve made significant progress. It could’ve been a little better, but life is unpredictable. Nevertheless, I’m relieved that I won’t have to make any further payments on two out of the three credit cards.
SNAPSHOT
CREDIT SCORE DECREASE BY TWO POINTS
My credit score has dropped two points, according to Credit Karma. Last month, I used my Bank of America card, which has a large balance, to pay for car products and tools:
– New tire – $178.51
– Battery – $237.59
– Car Diagnostic Scan tool – $97.21
– Brakes – $50.48
– TGFGjr Football fee and gear – $187
I’m now using 76% of the credit limit on my Bank of America card.
I know… I know… That’s more than double the recommended limit.
I’ll try to cut the balance in half by the end of the quarter and avoid using the card for the rest of the year. Anyways, you should know by now that I enjoy working in my cars if you’ve been following me. It’s not my cup of tea to pay a labor charge when I know I can do it myself – With the exception of the tire replacement component.
FINANCIAL GOALS
CreditCards/Loans – I can see the light at the end of the tunnel when it comes to paying off this last credit card. Why should I change anything now that I’ve been able to lower my debt to 64% in little over two and a half years? I’ve been using the snowball method to pay down my previous credit cards and will continue to do so.
The only limitation is that if school repayments are reactivated by the government, I may need to readjust my payments. Aside from that, I’m sticking to my plan.
I should be able to pay it off in 11 months, according to the Credit Karma Debt Repayment Calculator.
Savings – Our emergency fund has increased just a bit for the past four months, with enough to pay our expenses. I could have used some of these funds to purchase the car components, but as The Wife once stated, these are not emergencies, but duties – You know, she’s right.
Side Hustle – In June, I established a new subscription side business. I’ve made $128 as of right now. I’m hoping for a slowdown in this pandemic since I miss doing photography and shooting weddings. I’m also working on two additional side hustle ideas, which I’ll keep you updated on once settled.
PERSONAL GOALS
House Hunting – The Wife and I have decided that it’s time for a bigger place because the kids are getting older and wanting a little more. So, assuming everything goes as planned, we’ll be looking at next summer.
Kids Sport – The youngsters have decided to participate in some form of physical activity this year. My daughter will join her school’s volleyball team, whereas TGFGjr has already joined and is leading the community flag football squad. I’m a big believer in pursuing whatever sport you want as long as you’re physically active. I want to be there and cheer them on until they play their final game.
Gym – I went back to the gym after a long absence. I sure do miss it. Because I’m on a tight budget, I couldn’t join the gym that I desire, so I settled with Planet Fitness for $10 per month and a $47 yearly fee. I want to return to my old habits of going to the gym five times a week before starting the day.
CELEBRATE NO MATTER HOW MINOR IT IS
I haven’t eaten in a restaurant since the pandemic, but to celebrate, I took the family to a Mexican restaurant and had this AMAZING Jalapeno Tequilla drink!!!
DO August 2021 Final Thoughts
Nonetheless, The second quarter has been nothing short of fantastic. I continue to set aside $100 per pay cycle as my “spend anywhere” money. My routine hasn’t changed, and I don’t anticipate it to any time soon.
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Gio founded TheGrowthFocusedGuy in January 2020 because he was fed up with debt.
His mission is to document his journey to Financial Independence in order to motivate and inspire others to get out of debt and begin building generational wealth.
