Hey everyone! I am trying something new here - showing you exactly how much I make every month and how I am paying off over $30,000 of debt. Yep, you read that right... $30,000 in debt at 20 years old. I am going to divide it up to show you how I am making money and where I am putting it to pay off my debt while still living a happy, social life and being a full-time college student.
August was filled with big events.
August was a month packed with big events. My mom and sister moved to New York, I traveled to Baltimore to visit family, Ben (my boyfriend) left for college, and I transferred/moved in to a new college. While this is all pretty exciting, it really affected my monthly income. In July, I discovered Dave Ramsey. I read his book Dave Ramsey's Complete Guide to Money and learned SO much about money. I felt that I didn't know a lot about money, so this really helped me learn how to affectively save, invest, and pay off debt. I highly recommend the book to anyone, but especially college students as I feel we were not taught this in classrooms but it is extremely important for real, everyday life.
Because this is my first month doing an Income Report, I am going to go over all my debt with you, broken up, so you can see exactly where I stand with that.
This is the amount of debt I am in.
College Loans: $26,974.00
Car Loan: $4,511.04
Basically everything I have, I pay for myself. I purchased my car in November and put $2,000 down on it. I have been making monthly payments of around $150.00 but do not want to be doing this for four years (which is my loan package). Last month I put over $1,000 extra dollars to it which I was so happy about it! I was hoping to put extra money towards it last month, but with the start of college (hello books that were way more than I thought!) and my blog crashing, I had unexpected expenses that I didn't budget for. Because I am paying for college by myself, I have had to take out loans for everything which is where the majority of my debt comes from. I want all this debt GONE before I graduate, which is a hefty goal but I know I can do it. I have to pay $50.00 per month towards my debt but because of the state thinking I dropped out of college due to my internship, I have to pay an extra $50 this month, totaling $100.00.
BTW, if you are planning on starting a blog DO NOT start on Blogger or you will eventually have what happened to me; your website crashes and you lose everything. Use Bluehost as a host, then WordPress.org for your website platform. Buy a website preset (aka the design of your website) that will fit WordPress blogs (this is the one I used for my blog. Highly recommend this seller). Believe me, this will save you in the future!! I will have a post explaining in detail all of this in a few weeks.
Here's what I made working in only two weeks.
Now, I will show you how much I made in extra income this month. Since I am a full-time college student taking 21 credits I consider any income coming in extra.
Miscellaneous (including nannying): $639.00
Affiliate Marketing: $0.00
While this is a huge loss compared to the $1,600 I made last month, I am still extremely happy with it. I was elated (fancy word, hey;) to win two scholarships this month! I had not applied to any scholarships, then one week I got an urge to apply to a ton and used a handy little trick that allowed me to apply to over 30 scholarships with one essay. So far, only two deadlines have passed and I won both of those! I will have a post soon about how I did that.
Well this is pretty good for only working two weeks, I was hoping for a lot more.
I am going to be honest- I was hoping on making more this month. I brought in almost $1,600 dollars in July and didn't come anywhere near that this month. Since most of my money is from babysitting, I had a week of no income due to both families going on vacation. This is something I have to expect working in this field, so I was prepared. I also then had to miss days for traveling and moving in to college so I basically only worked one week this month which is NOT good. I also brought in no money with my blog which was a disappointment. In the next few months, this is going to be a HUGE focus for me. While I didn't bring in any money, I did receive over $1,000 dollars’ worth of clothes which is pretty exciting and saved me money since I didn't have to purchase anything.
With all of this said, I am still a month ahead in finances and have over $1,000 dollars in a money market for emergencies so I am doing good in my opinion :).
Here is my September goals.
- Wake up at 5am on weekdays. Yes, you're probably rolling your eyes at this but I really think I can do it plus I need more time in my day. I am taking 21 credits, working part-time, and treating my blog as another job. I need more time!!
- Workout at least 3 times a week. I joined Orange Theory and love it but dropped down my membership to only two days a week. My plan is to do that two days a week and go to the gym at least one other time.
- No desserts this month. With being on vacation, college starting, and just overall eating gross, I need a change in my diet. This one is going to be hard for me!
- Only come home twice a week. I go to school only 15 minutes from my house and even though I live at school, I am finding myself come home a lot. I am a major home body and transferring to a school and not really knowing anyone entails me basically third wheeling people 24/7 which is so awkward. I've tried really hard to put myself out there but if I am not at school there’s no way for me to make friends, so this is a huge goal for me!
- Get up to 1,000 views per week. I went from Blogger to WordPress just last week and while it needed to be done in order for me to turn this into a business, it hit my blog numbers hard. I was receiving almost 3,000 views a day (some days closer to 4,000 which I was EXTREMELY happy about) and ever since the change I am around 250 per day. M-a-j-o-r decrease but I had to change hosts so I have to move on and work towards this goal!
- Post three times per week. This summer I was all over the place with my schedule, so I really want to focus on getting it set in stone. I completely updated my blog this past month and am still tweaking some things so I just want everything to be back to normal again.
- Get two weeks ahead on posts. I want to have my posts completely done two weeks ahead of schedule. I am nervous that one week I will have a huge surprise project or exam and won’t be able to focus on the blog, so this way if that happens I will still be covered.
- 4. Join 30 group Pinterest boards and get to 300 followers. Pinterest is where I am focusing my time for social media as I believe it will have the biggest impact on my blog. I need to increase my Pinterest presence.
- Complete every task from Making Sense of Affiliate Marketing. I took this course from Michele Gardner and it was hands down the best thing I could have ever purchased for my blog. I read it but now I want to reread and implement everything she teaches on how to make money through your blog. I will let you know if I am seeing an increase in my affiliate marketing next month.
- Put $50 dollars extra into my car payment. This month will be hard since I am just scraping by covering my bills but I should have enough to do this.
- Save $200 dollars for blogging course. I want to take an online course called Elite Blogging Academy. It shows exactly how bloggers can make their website their full-time business and is an extremely praised course. However, it comes at a hefty price.... $799.00. Yeah, you're probably thinking I am crazy but I want all my 'extra' babysitting gigs to go to this. The course only opens up once a year and its rumored to be every February, so I have a few months to make this happen.
- Don't use my debit card. I have been trying to only use cash using the envelope system. It has saved me so much money but I still reach towards my debit card at times. I want NO debit card use this month, besides paying bills and school essentials (books).
So, with that money, this is where my debt status is.
I am only focusing on paying off one debt at a time so my first goal is to pay off my car loan. In August this is what I paid off:
What are your goals for September? I always feel like with the start of school it is like a new year!
want ALL the free college printables?!
Receive all of my most popular College Printables for FREE! Simply click the button below and get all of these sent directly to your inbox.