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May was a pretty solid month in regards to finances. This was definitely my strongest month of 2022 so far!
I hit a couple of milestones, so let’s get into it:
General $ Updates
I reached $17K saved for my student loans
On the last day of May I was able to transfer enough money to reach $17,000 saved for my student loans! That was my goal for the month and it’s very exciting. I’m still quite a bit behind if we zoom out, but I’m happy with the progress.
I reached $6K in my emergency fund
This is the highest amount I’ve ever had saved in my emergency fund! My goal for 2021 was to reach $6K, so I am like 5 months behind, but I ended up pulling from my EF quite a few times in 2021 so things just didn’t work out. I’m excited to finally be there!
My EF goal for 2022 is $9K, but I’m on track to have $10K by December. After that I will slow down a bit, but I will continue adding to it.
My net worth is now over $10K
YESSS! I didn’t expect to hit this in May due to the stock market, but lower spending and having more saved really helped. Almost all of my investments increased from April which you can see below.
I opened another new credit card
I opened the Wells Fargo Active cash card for the $200 bonus and the 2% cash rewards on all purchases! I made a video applying for this card if you’re interested. I plan on purchasing my MacBook with this card.
I started the month of May with my official debt at $36,000 and ended with $36,000. However, I technically started at $19,839.52 if you consider the money I have saved to pay those loans down.
In May I saved an additional $839.52 for my student loans (bringing my total saved to $17,013.28) so my final debt for May would be $18,986.72.
I still have paid $0 in interest 😊 I did gain $13.28 in interest through my HYS account.
Some main things to point out about my spending in May:
Donate: I usually donate $50 cash to animal rescues, but in May I started fostering a dog! I ended up buying her food, treats, toys, shampoos, and some skin treatments so I consider all of it a donation.
Groceries and Food out: I stayed in budget!! YAY!
Gas (car): I filled up my tank 2x because I drove more than I expected to throughout the month. My most recent fill up cost $4.09 a gallon which I don’t think I’ve ever paid in Georgia.
Business: I was going to buy a MacBook, but I’m still not sure which one I want to buy yet. I’ll order it in either June or July.
Full-time job (analyst/consultant) – Take home: $3,809.73
Google AdSense (ad revenue from YouTube): $637.85
Financial Coaching: $85.00
Buy Me a Coffee/Venmo: $275.00
Mediavine (display ads on LivinglikeLeila): $125.44
Online/Business Income Total: $1,149.40
Chase Cashback: $115.94 (1 referral)
Discover Cashback: $6.31
BOA Cash Rewards: $84.64
CITI Custom Cashback: $26.07
GA State Tax Refund (issued by Governor): $250.00
Gusto Survey: $10.00
Ticket Refund: $7.77
Extra Income Total: $666.74
Total Income: $5,625.87
As of May 31st, my net worth is $10,568.49!! Up 39% compared to last month!
Total Assets = $46,568.49
Total Liabilities = $36,000
Net Worth = $10,568.49
Roth IRA (VTSAX): $9,490.28 (up 3.8% compared to last month)
401k: $1,747.55 (up 53.5% compared to last month)
M1 Invest (VTI): $5,960.69 (down .08% compared to last month)
Coinbase: $437.97 (down 18.7% compared to last month)
WeBull: $79.50 (up 5.4% compared to last month)
Fidelity: $144.14 (up .06% compared to last month)
- Emergency Fund = $6,020.76
- Gifts = $263.31
- Beauty = $426.83
- Car/Car maintenance = $1,661.96
- Travel = $101.12
- Car insurance = $270.51
- Project $0 to Profit = $14.07
- Phone = $64.73
- MacBook = $1,305.79
Sinking Funds Total = $10,129.08
My VantageScore is at 778 which is down 6 points from last month due to me opening a new credit card.
May Goals Update
- Reach $17K saved for my student loans CHECK
- Make at least $2K in online/extra income NO
- Reach a net worth >$11K NO
- Open a new credit card CHECK
- Spring Clean – post items for sale NO
June Money Goals
- Reach $18K saved for my student loans
- Make at least $2K in online/extra income
- Finish Debt Over It Project