Well hello and welcome to July!
June was a good month for me, a good month for America, and a tense month for Greece and Puerto Rico. But was it a good month for my finances?
The start of a new month offers a new chance to look deep into my finances to see how I’m faring in slaying my twin dragons of massive student loan debt and paltry retirement savings.
And slay I did! My June was absolutely massive as I’ll show as we cut straight to the numbers.
Here’s what happened to my student loan debt, my retirement savings, and my net worth over the past month:
All told, June was that rare month in which every aspect of my net worth turned out good. Let me explain
First off, the bad news is that I paid off absolutely no debt last month. Between having to watch from the sidelines as my loans were being refinanced and using up all my money to focus on another personal finance goal (more to follow), I was only able to pay the interest on my student loans in June.
This is something that I should bounce back from next month now that the commotion with the refinancing has settled. After all, only paying off the interest on a loan is a great way to ensure I’ll never see the end of it.
But back to every aspect being good.
That $10,700 jump in retirement savings is good. Actually, it’s not just good; it’s great! It’s by far the biggest increase I’ve had in a single month since I started measuring at the start of 2013. Besides making normal contributions, I had a chance to take advantage of a company match in my 401(k) thanks to a work anniversary and focused all my energy to pounce all over it.
The huge increase in my net worth was also good. After starting this blog with a net worth that was bigger than negative $100,000, it’s amazing to see that I’m only $9,900 from wiping out my negative net worth.
And somehow, my debt was also good. Despite not paying off any of the balance, the state of my student loans improved dramatically in June because I refinanced my formerly 7 percent loans down to 3.4 percent. No, this doesn’t affect my balance in any way, but I’ll be paying hundreds of dollars less in interest every month — hundreds that can go straight to paying off more debt or adding to retirement savings!
What a month!
How did you do in June?