Personal Financial Update June 2020

Personal Financial Update June 2020

My debt continues to be swept away

June has arrived and with it my personal financial update, June 2020. Our pool is open, the garden is planted, and we were able to do our first kayak trip of the season on the river near our cabin. The world is still in turmoil, as the coronavirus is still infecting millions of people, and now riots and civil unrest are sweeping the country. We are definitely in uncertain and trying times. Now more than ever it is time to stay vigilant with our finances so we can weather this storm. Here is my personal financial update for June.

Wealth Building

Despite all of the events going on in the world my portfolio has actually recovered a good portion of the losses I suffered a few months ago. The market continues to climb back hoping for an end to the lockdowns and an opening of the economy. I was able to take advantage of some of the market lows via dollar cost averaging through my 401K and Roth IRA. I don’t foresee any changes here in the near future.

Debt

Debt continues to fall at about the same rate that it has been. Here is this month’s breakdown.

DebtLast UpdateCurrent UpdateChange
Line of Credit$1,637.82$1,596.82($41.00)
Truck Loan$14,394.21$14,044.58($349.63)
Student Loans$34,073.70$34,073.70$0.00
Mortgage$181,857.21$181,343.41($513.80)
Total$231,962.94$231,058.51($904.43)

 

$900 more dollars of debt gone. As I’ve been saying, I’d love to watch that number fall faster, but I’ve been socking away cash. My job seems secure, but one never knows. The more Emergency Fund that I can build right now the better.

Income

My income is holding steady. Our county goes “green” at the end of this week. So that means more businesses will open, and with it more opportunity for income. I want to get back into doing some side work, so hopefully the easing of the lockdowns will allow that. I’ll keep you posted if opportunities arise.

Changes for Next Update

I have some expenses coming up that I will be addressing. My garage needs some work and my driveway needs sealed. We are also continuing working on our cabin. Other than that I’m going to continue saving cash and paying down debt as I have been. Until next time, keep working on your financial goals and stay safe out there. See you on the next personal financial update.

Read Also:

Personal Update May 2020

Coronavirus Credit Card Relief Programs

A Look At Emergency Funds

How To Make The Debt Snowball Payment Strategy Work For You

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