COVID Finances Update - August 2020
By maezee
@maezee (41985)
United States
August 10, 2020 9:31pm CST
Hi! How are things? I wanted to do my monthly "finances" check in. Since COVID, I have been "re-learning" how to handle my money, since my entertainment and traveling has been limited. Before this began, I had a good amount of a balance on my credit card(s), a student loan that didn't seem to be going anywhere, a car loan (of which I still have), and no savings or stocks invested. Now because life has got way more boring - and scary - and I have been blessed to remain in gainful employment - these are the changes I have made:
*Quit smoking (since Jan 29th! Saving probably near $200 per month on my Camel sigs)
*Re-financed my auto loan (saving 1.25% on interest rates, payment is about $20 less per month, same term length)
*Created a stocks account - and have invested nearly $1,300 (since I have been focusing on paying down debt and not bulking up this account, I have kind of put it on PAUSE)
Here are the successes I made from July to August:
***PAID OFF MY STUDENT LOAN!*** -$3,000. (I did not come up with this all in one month, I had been saving up to pay off a large chunk). I am so excited! I have been paying off these federal loans for ~5 years, mostly minimum payments at a time, because I had "better things" to spend my money on.
*Paid of -$223 extra on my auto loan (now I owe $10,926).
Total paid off this month: $3,223!
I will check in again around September 10th. I am very excited to see all my debt in ONE place - the auto loan. It will be easier to just pay it down.
My goals for now to Sept 10th:
*Look into getting back up camera in car fixed (could be wildly expensive, don't know)
*Concentrate on car payment (Goal: $500 extra toward auto loan debt)
How are your financial goals going? Best of wishes everyone. Stay safe.
11 people like this
10 responses
@rakski (156506)
• Philippines
11 Aug 20
good job for you!
My finances are a bit draining. But just like you I paid off my credit card debt and another loan during this pandemic. Though not much savings but I realize that I have more savings now during the pandemic than last year. So somehow, I am good.
3 people like this
@sallypup (69183)
• Centralia, Washington
11 Aug 20
Go you!!!! That's super. We continue to pay extra on our west side house and have started to pay a little extra on the house payment that we have where we live now- we got a little loan on our current house so that we could help our daughter. So we're slowly digging out from under.
2 people like this
@minx267 (15526)
• Hartford, Connecticut
19 Aug 20
Wow, that's fantastic! Congrats on paying off the student loan!
I had been really good about trying to save and my expenses, I bought a used truck a couple years ago.. still have 2 years payments to go on that.. but like you I want to pay it off sooner.. for a few reasons.. 1) I had to get a new car (my other car is 14 and the transmission is starting to go) the truck is the vehicle my roommate uses to go to work and I bought for mainly having something for hauling things home. when you own a house.. it's good to have a truck.
2) If I can pay the truck off sooner than the 2 years I can reduce the Insurance on that vehicle! so a win/win! 3) I can't afford 1/2 the mortgage and 2 car payments!!... My roommate has helped by taking over the truck payments and pays $100 toward the insurance (and why not.. he drives the darned thing)
all of my credit card bills are always paid off IN FULL every month.. I never leave a balance because I am not paying them all that money in interest fees for nothing!
I have a few savings/checking accounts. I have my direct deposit from work split up and pay a little something into 2 of the accounts and the majority in my Primary checking to pay the bills. it helps you save even a little if you take it out of your check before you even see it!
@marguicha (230350)
• Chile
11 Aug 20
I have saved a lot during the lockdown too. I´m very happy about it. And although I had to spend some extra money in house problems, I still have saved.
1 person likes this
@just4him (323168)
• Green Bay, Wisconsin
11 Aug 20
I'm so happy for you paying off your student loan. 
You're doing well with only the car payment now. I know you'll get that paid down sooner than expected too.
My finances are good. No debt.
You're doing well with only the car payment now. I know you'll get that paid down sooner than expected too.
My finances are good. No debt.
@simplfred (20641)
• Philippines
11 Aug 20
Quite smoking? How did you do it? Actually, I did quit also but lasted for a couple of months only now I am still smoking again.,.
