Well, as the title of this blog post might have given away, I am not too happy with where my debt is starting off in February. As you know, I lead a group in a January No Spend Challenge and I did pretty darn good on that challenge! So, I was really looking forward to kicking debt’s butt last month. But somehow, that just didn’t happen and I *think* I know why…business expenses! But before we get into all of that, lets look at the numbers…
February 2017 Debt Total: $50,230.33
|Debt||Debt Snowball Starting Balance||Jan. 2017 Starting Balance||Feb. 2017 Starting Balance|
|Credit Card #1||$15,997.90||$16,047.23||$15,895.85|
|Credit Card #2||$12,361.80||$12,488.66||$12,341.44|
|Credit Card #3||$3,854.52||$3,854.12||$3,881.45|
|Credit Card #4||$3,000.00||$3,000.00||$2,988.25|
|Credit Card #5||$665.72||$635.72||$608.08|
|Student Loan #1||$11,226.99||$11,089.90||$10,953.26|
|Student Loan #2||$2,669.73||$2,514.12||$2,361.99|
|Student Loan #3||$1,693.03||$1,450.30||$1,100.00|
Total Paid on Debt= $909.72
Lets review my goals for February and see what the heck happened!
January Goal #2: Earn $450 from working as a Virtual Assistant
January Reality #2: Earned $227 in total.
The bottom line was that I simply got side tracked and didn’t push my business anywhere near the way I should have. I had a couple bad client experiences which were caused by faults on both ends and I think I let that rattle me and make me feel like maybe I’m not cut out for this VA stuff. So yeah…$223 short of goal.
January Goal #2: Pay $500 towards Student Loan #3
January Reality #2: Paid $350 towards Student Loan #3
I paid off less than I intended for 2 reasons, firstly, I earned less from VA work and that was going to be my pipeline to pay more towards this loan. The second reason is the whole “business expense thing”. I spent most of January working towards the launch of my first paid e-course, Cashing In On Couponing. I’m super proud of this course and happy that I did it but, the expenses definitely added up. I ended up having to buy a mic to plug into my laptop ($60), software that would allow me to record my screen and easily edit videos ($99), the platform to host my course on ($39/mth), and the platform to host my webinars on ($34.30/mth). Grade total= $232.22! EEKK!! Yeah, that’s DEFINITELY where the money bleed happened!
January Goal #3: Stick to my January No Spend Challenge.
January Reality #3: Stuck to it pretty darn well!
Towards the end of the month, I spent a couple dollars that I should not have but overall, I’m really proud of how this went! Scott and I intend on repeating a No Spend Month in April because it wasn’t nearly as terrible as we had anticipated!
Related Post: No Spend Month Update: What We’ve Learned So Far
January Goal #4: Pay down all of my debt by a total of $1050
January Reality #4: $130.33 short of goal!
Well, at this point, I think the reasons why are pretty clear so let’s not beat a dead horse huh?!
What I learned
I think the biggest thing that I learned is that blogging expenses can add up quickly and I need to have just as much of a budget for my business as I do for our family. I’m going to be spending the next few days deciding what blog expenses I really need right now and what I can do without for the time being.
Goals for February
1: Gain 1 new Virtual Assistant Client
I’m back on the horse and ready to go! I have 2 really awesome long term clients and have had 2 more short term clients that I’m pretty sure will be using my services again in the future.
My income goal for VA work this month is $300.
2: Enroll 10 Paid Students into my course, “Cashing In On Couponing“.
I LOVE couponing and I love talking about couponing even more! I save 50+% on my groceries weekly and creating this course gives me an opportunity to help others do the same. I know that it’s a great course that will help people and is fairly priced so, I’ll be working seriously hard on getting some more students.
Income goal $370-$570 (projected income range depends on when students enroll)
3: File my taxes.
So, I’m horrible at filing on time. Like, my accountant basically knows to just file an extension for me. But this year, my taxes are pretty darn easy. So, I’m going to file them on time…actually, EARLY! And, I’m going to use TurboTax because, while I LOVE my accountant who I’ve been using for years now, the reality is that my taxes just aren’t nearly as complicated as they once were. So, I’m going to save some money this year.
Projected Refund: $200 (all monies will be put directly towards Student Loan #3)