Why do I do a monthly status report?
I find it best to do a monthly status report for a few reasons.
- It helps me evaluate how I did the previous month. Did I hit a target reduction in spending or did I go way over budget for a particular category? Did I earn more? What was my overall savings rate?
- It helps keep me accountable. How can I make an extra purchase knowing I’ll have to explain myself to all of you? Talk about awkward when the blogger can’t walk the walk and talk the talk.
- I want to prove this crazy thing called financial independence works!
- It provides an example of real world budgeting and expenses. Some of the people I talk to haven’t ever seen a proper budget or seen one put into action, and part of the purpose of this blog is to lead by example!
I use Mint to help me track my spending and keep an eye on my accounts. I also use a really awesome and super in-depth spreadsheet. So many formulas….. Some people use Personal Capital and others use You Need a Budget (YNAB). Whatever tool (or combination thereof) works best for you and your needs is the best one for you, since everyone and their budgets are different.
Wow! June was a crazy month! I started out the month in Seattle at Camp Mustache (always a blast!), and also traveled to Minneapolis and back to my parent’s house for Father’s Day weekend. Despite all my travel (or maybe because of all the travel), my expenses were actually quite reasonable minus two glaring exceptions.
I got the Chase Sapphire Preferred credit card in June and needed to hit the minimum spend, which I couldn’t do naturally. So, I prepaid my rent for the next couple of months to get the 50k bonus points. While that’s great and all, I had to pay off the rent and my normal expenses, which put quite the dent in my cash cushion and net worth.
The other exception is all the spending I did to get my side hustle up and running. Without going into too much detail, it’s a very hands-on, crafty side hustle, so there were lots of things to buy for it. Fortunately, I’m too cheap to go buy all the supplies from the store (both big box retailers and the small speciality store), so I saved quite a bit of money by getting a lot of stuff from Craigslist. Sure, some of my supplies and tools are dusty, dirty, smell like they’ve been in a garage for 10 years, and are used…….. but I’ve gotten easily $1000 worth of stuff sitting in my workshop for roughly half the cost. I can clean a few tools and oil some stuff for that kind of deal!
Other than that I did a 25 mile bike ride for MS one weekend and had a blast despite the 30 mph headwind on the last half of the ride. I’m pretty pleased I was able to enjoy a day with friends out in the sunshine (although we could’ve used a bit less sunshine on a day that felt like 96 degrees), and only spent $90 that went to a cause I hold near and dear to my heart since my dad has MS. Friends, fresh air, and a chance to help cure a debilitating neurological disease…… what could be better?
But I’ve segued far enough from the numbers. Without further ado, I present my spending (for better or for worse) for June 2016.
|Rent||Stilllll paying rent.|
|Utilities||Last month of low utilities for awhile. It’s been scorching here, so the AC has been on almost all the time.|
|Food||I CAME IN BELOW BUDGET! GUYS! SUPER EXCITED!|
|Phone||So low. I love Project FI!|
|Auto||Lots of driving, and parking, and public transportation. Ugh.|
|Internet||Same price as always.|
|Insurance||Health insurance is paid directly from my paycheck, and the others are an average from my 6 month payment.|
|Pet||Food, litter, and a new stockpile of litter box liners.|
|Support||Monthly allotment to my sister(s).|
|Misc||Swim time with my niece, gym time with my sister and other sundry activities.|
|Travel||One plane ticket only this month 🙂|
|Shopping||Updated my summer wardrobe a bit.|
|Fees||I had to stop by a different ATM out of network.|
|Gifts||My mom and I are going to see a Cardinals game for her Mother’s Day present 🙂|
All told, my spending totaled $2733 for June. I love seeing my savings rate go up from month to month. My total savings rate for the month was 45.58%, which is almost exactly equal the average rate for the year. I’m very pleased with June’s savings rate, and I hope to beat that in July. I’m going to be doing a little spend month this month. My goal is to have a savings rate over 60%. Wish me luck!
An incredibly average month of income. Hopefully this will go up for July as I start to ramp up my side hustle.
Roth IRA: $450
Total savings: $2,641.60
A very normal month for savings.
As of 1 July, my net worth sits at $96,551.81. Woah, hey, that seems weird. Why did your net worth go down this month? I mean, I know #Brexit was hard on the market but…. that seems extreme. Wellllll……….. that is because most of the drop went to my rent prepayment. I should bounce back to equilibrium soon. I’ll hit $100k before I know it!
According to the Lab over on Mad Fientist’s site, my FI date is now 9 years and 11 months away. I added four months to my timeline this month which is no beuno. I’d be interested to see how fast it bounces back when I don’t have to pay rent for the next few months.
This is alllllllll the supplies I bought, the furniture, and rent for the workshop. It gets pricey fast, but I’m hoping to recoup a good chunk of it the next few months.
Thanks for reading! What did your month look like? Did you stick to your budget?