Monthly Update: June 2008(-$61,709.69, -$10,860.39)
After 2 months of turbulent times following our cross country move, our household has finally settled down in our new surroundings and we are now catching up with our finances.
We knew we had a difficult 2 months in June and July but I wasn’t sure just how bad it was until I ran the numbers. Here are the results for the month ending June 2008:
My Guidance to these numbers:
- Cash & Savings- I made a huge mistake in missing the closing date of my largest balance transfer. The accumulated interest for that single month was enough to wipe out most of my gains from my 0% balance transfer arbitrage for the year. We still have about $30,000 in outstanding 0% balance transfers that will come due in the next few months.
- Investments - The fall in our cash accounts was minor compared to the drop in our equity investments. June was a rough month in a rough year and there has not been much we can do about it. We have have not been able to offset these declines with new contributions due to the budget constraints of our expanded family. If we do make a contribution for 2008, it will likely be lump sum around tax time to help offset our tax burden.
- Student Loans - There have been no real changes in our student loan burden. We continue to slowly pay off two of our smaller loans and the bulk of my loans remain in forbearance, accruing interest but delaying the payments. I hope to start paying off this loan later this year if my income allows.
June was a very difficult month overall for our family. The logistics of moving our family 2800 miles to a brand new city in a period of 4 days was very challenging for us.
I had to place this blog and other non-essential pursuits on hold until our schedule became more stable and our family settled in our new environment. Now that we are more settled, I will be catching up on the past 3 months of financial data for our household.
