June’s Report Card: B+

Keeping my head above water this month was like fishing in a barrel. If I hadn’t finished in the black, I should be voted off the virtual personal finance island.

There were a few big things that transpired in June, and thankfully, they’ve wrapped up now.  Here’s a few things that boosted the bottom line:

1. The mortgage for the rental property was switched from one lender to another. This meant I didn’t actually pay my regular mortgage payment for the rental in June, and I also received cash back for the switch, in the amount of $2,863.31.  While I expected to pay a penalty for the switch, the amount ($200) was added to my total mortgage amount. I had a three way good news deal here.
2. Medical expenses actually came in with a net cost of what I’d budgeted. Not sure I’ve been that lucky yet this year.
3. It was one of those magical months when I was paid three times, instead of two, for my part-time gig.  While I had budgeted for this, I actually got a little extra from them for some tasks over and above the call of duty – another $200
4. I received first and last month’s rent from a new tenant who’s moving into the rental July 1.

Here’s a few things that didn’t aid in boosting the bottom line:

1. Splurged on a pair of lounge chairs for the back yard, cost $233;
2. One weekend, I decided to reacquaint myself with wine/beer and spent an un-budgeted $12 at the liquor store. I learned that I really don’t like booze much anymore, and I should be able to live out the rest of the year with a very small allocation for booze, except when I’m having company over. I did have a friend over in June and asked him to bring wine.

Finally, and perhaps most importantly, here’s what happened in the big picture for June:

1. Continued to pack away my allocated $700 for savings ($500 in post-secondary savings for the girls, $100 emergency fund, $100 RRSP).
2. Put over $2100 toward my line-of-credit debt, which means (drum roll please) that at the half-way point for the year, I have retired 52% of this debt!
3. Managed to restore the minimum balance in my chequing account that I had eroded in the last two months, and it’s actually a couple hundred bucks over that.

I’m really happy with the way things look today. I remain optimistic that this line-of-credit at $0 balance is in view. There are, however, serious challenges ahead in July. The repairs and renovations I made to the rental property will come in about $5K. No, I don’t have a budget for this. I did tuck away first and last month’s rent in a high interest savings account, so I will bring those funds back in July to cover the rent costs. July also has three mortgage payments for my principle residence, which is killer when that happens.

So I suspect July will be rather lean around here. My youngest will celebrate her 17th birthday, and I’ve tucked away some money for entertainment and dining out on her special day.

For today, I’m happy about the progress made. Happy weekend everyone!