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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.
Seriously HOW IS IT ALREADY JUNE?
It is absolutely crazy to me. Seems like I just blinked and May melted away. That being said, it was still a pretty fun month! Softball started up so I get some “free” (already paid for) entertainment and socializing. My team is currently undefeated after 4 games and we’re in second place overall in the league. I love being on a team that’s so competitive!
Summer made a come back with a roar towards the end of the month. I’m trying to stay away from getting some form of AC, but I don’t think I’ll make it much longer. Thank goodness my friend has a pool! With the nice weather, I’m getting out more to do fun activities like the farmer’s market on Saturday mornings and playing frisbee golf in the park after work. Once I figure out where my bike chain, lock, and helmet went I can even ride my bike around! I’m all about these low cost activities with the house now 🙂
Speaking of money.…. here’s how I did spending wise in May!
|Mortgage||Not including principle, which is accounted elsewhere on my spreadsheet. Actual payment is $705.43 a month!|
|Utilities||I have a feeling it’s only going to get higher, too.|
|Food||I consider that respectable. This includes dinners out with my new softball team and all alcohol.|
|Phone||So low. I love Project FI!|
|Auto||All gas, as far as I know.|
|Internet||Totally not worth what I’m paying for it. So slow!|
|Insurance||Health insurance is paid directly from my paycheck.|
|Pet||The cat likes to have food everyday and clean litter. What a weirdo.|
|Support||I support my sister with her missions!|
|Blog||Monthly fees for support and email.|
|Entertainment||Went to watch Guardians of the Galaxy 2! SO GOOD!|
|Fees||Transferred over my taxable investment acct to Fidelity.|
|Shopping||New socks for work!|
|Travel||Camp Mustache SE 2018 payment and other travel expenses.|
|House||Advance payment on the house exterior project.|
All told, my spending for May totaled $2,867.39 without the house project payment, and $5,142.39 all told! THe fees pushed up my spending which I’m not thrilled about, but the bulk of them are for switching over my taxable investment account to Fidelity. I’m hoping by having it more accessible I will put more money in every month which will put me ahead in the long run.
Rental income: $1,100
May changed things up again income wise. I finished paying off the vacation days I bought so my paycheck went up a whole $75! I also got random payments in for things like the entertainment stand I sold, interest on savings accounts, and people paying me back in cash for things we split.
Roth IRA: $450
Total savings: $2,842.36
Savings rate this month was 60% excluding the house spending. With the house spending, my savings rate dropped to 28%. I basically threw all the extra in my budget into the advance payment on the exterior house project. It hurts, but it will be worth it.
According to the Lab over on Mad Fientist’s site, my FI date is now 7 years and 3 months away, which means I’m at August 2024! It’s always a good month for me when I see more than one month drop from my target date. If nothing else changes, I will be 33 when I hit that date.
My total net worth went up 3.27% to $156,284 this month! It looks like my investments are starting to pick up steam on their own, since this month isn’t anything special savings wise or spending wise. I’m obviously thrilled this is the case!
Thanks for reading! What did your month look like? Did you stick to your budget?