Financial Update for June 2022

financial update

I have recently increased the amount of cash that I am saving

Here is a quick financial update for June 2022. Summer is here, and I have been busy building up cash reserves. My only debt also continues to go down.

Cash is King

My recent promotion and my part time job have yielded an increase in free cash flow. As I stated in a previous article, I’ve decided to save this increase as cash. I’m building to better cover emergencies and for known future expenses.

My house is going to need some work in the next few years, so I want to be prepared financially. At the top of my list are new windows and a new HVAC system. Both are major expenses, but if I save up over the next few years, then I will be able to cash flow both.

I’m still investing a large percentage of my monthly income into the markets, so putting away extra cash is not a concern.

Debt

The only debt that I have is my mortgage, and I plan to keep it that way. The balance continues to fall, but I am currently not paying any extra on it. I certainly could but being that I am focused on building cash right now, I am holding off on doing so.

The long-term goal is to stay debt free and cash flow all future purchases. Once I have enough cash saved, I’ll start to pay extra on the mortgage.

Wrapping Up

This was a quick financial update for June 2022. My debt continues to fall, and cash savings have increased as I have now have more income to contribute to savings. My medium-term goals include building a larger emergency fund and saving for some upcoming house projects. Eventually I hope to put extra money towards my mortgage.

Read Also:

Saving Money With These Financial Tips

7 Tips to Help You Cut Down Your Debt

5 Mortgage Tips For First-Time Homebuyers

What Would You do With an Increase in Cash Flow?

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