Monthly Financial Update: December 2010

I came out $400.73 in the black for December 2010 which was a great way to end the year. I overspent by $190.82 in the food budget and I expected to go over, but not THAT much. I only redeemed $1.55 in coupons for the month but I did not buy any coupons that month so it was also okay on that level.

I spent $24.03 on gas for the month which was well below my $$75 budget for the month. Beginning in January 2011 I will roll over any unused money in every category so that it can be used for the following month. In this case, it would have meant that I had an extra $50.97 to spend on gas the following month, so that I could spend up to $125.97 on gas. I think that having the rolling amounts will help me in the months when I spend less and then balance out the months that I spend more. This will be easy to track in Mint as the software allows you to roll budgets over to the following month. I am not sure how that will affect my excel spreadsheet but it will certainly be interesting.

I received a total of $38.90 from Lending Club which allowed me to safely create a new loan for the month to increase my income. I am continuing to invest $25 per month in Lending Club so that I can have this as a little side stream to help with costs relating to the blog as well.

The entire year also went well for me with a net income of  $3172.58 which was $1866.41 greater than how I ended 2009. While this is a small difference between my spending and income for the whole year I must say that I was proud to eliminate ALL of my debt in 2010 by paying off all personal loans, paying off my car AND paying off my credit cards. I started the year off DEBT FREE and revamped my budget so I am looking forward to a better financial year in 2011.

Author: Lulu

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  1. Congrats on getting out of debt. It must feel great to be there. We hope to reach it soon as well and look forward to get our savings rate up.

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  2. Hi, I was wondering if you would recommend using the Lending Club. Have all your experiences with it been positive, and was it all worth it? I’m thinking about doing it, but I’m a bit intimidated. I don’t have any debt right now, but I’m a college student, and I’m going to have debt eventually. Do you think I’d be better off saving my money in a savings account with .8% interest for example, or putting $50.00 into a Lending Club portfolio for myself? Thanks! 🙂

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