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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.
Spending
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.
Income
Paychecks: $3,194.07
Rental income: $1,100
Misc: $518.88
Total: $4,812.95
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.
Savings
401k: $2,171.24
Roth IRA: $450
HSA: $220.82
Cash: $0
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.
Net Worth
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?
Oh my lawd I wish A/C were optional down here. I read about lucky folks further north telling people to go without A/C and I’m like, “Uh, that will kill you in Texas.” Great job increasing your net worth! I hope your homeowner woes are working themselves out too. 🙂
Mrs. Picky Pincher recently posted…What A Frugal Weekend! June 4
As someone who spent a good chunk of the summer outside in San Antonio for basic training, I can safely say AC is an absolute MUST in Texas! It got hot AND humid. So gross. We had to take two showers a day or else we would’ve been even more gross.
Looks like another very solid month of earning more than you spend! We’re looking to purchase our first property next year and I always love reading about the different projects people are taking on. It’s exciting to think about spending money to improve your own Net Worth! The only discouraging thing is the difference in Real Estate markets, I might be able to buy a shed here in Denver for $80k :P. Thanks for sharing!
Ryan @ Just Another Dollar recently posted…Monthly Financial Review – May, 2017
Thanks Ryan! I don’t really mind the spending on the house because I know it will pay off later in the form of better tenants and maybe even to go so far as to encourage other owners to fix up their properties! If it makes you feel any better, there’s a reason it’s so cheap (bad neighborhood). Still, I’m happy I didn’t have to pay $200k for a neglected house!
“Don’t call me a racoon!”
“You’re right. I took it too far. I meant trash panda.”
“…is that better…?”
Ahhh the whole movie was so good. I loved that scene!
Looks like a great May, Gwen! Honestly, A/C is one of those things that is worth it to spend on, to me. Especially for sleeping more comfortably. Hope you survived yesterday…it was a warm one! If you come to visit, we’ll take you to the lake, put you in a tube, and pull you around (and around, and around). That’ll cool you off.
$500 fees to move investment accounts?! Kill it! KILL IT WITH FIRE!!
I got fees for other things than just moving the account, but yeah I wasn’t too pleased. It ended up being about $300 to move it from Baird to Fidelity. So rude.
You had a good month Gwen! I look forward to the pictures of your house as the house projects make progress and she gets to be more comely. $500 in fees! Ouch. Who did you have to pay that to? Fidelity or the company you moved the money from? How was the amount calculated?
$156k at your age! I had (approximately, because I wasn’t really tracking) $60k the year I turned 30. I met Mr. BITA the next year, and his NW at the time was (his best guess): $5k.
Mrs. BITA recently posted…On the path to financial independence: May 2017
So far the porch has been power washed, random men have climbed on the roof, and an overhanging tree limb trimmed back. Nothing too exciting yet. The fees did come from Baird. $150 for each account to terminate it, plus a $60 transaction fee for a total of $360 from Baird. Good riddance! Thanks for the kind words!
I invested $6k in my business, so cash was down $4.8k overall. It was a crazy and wild month, and June is turning out to be just as silly.
You save a lot in your 401k. When you turn 33 and look to retire early, do you think you will want some in post-tax accounts or a brokerage account?
Erik @ The Mastermind Within recently posted…The Mastermind Within Goals Check-in – May 2017
I will have some in a Roth IRA, and I will also have some in a taxable investment account. It won’t be nearly as much as compared to my 401k though, so I’ll be pretty dependent on my other passive income streams to get by until I can access the 401k without major penalties.
Wow $156k — great job! I don’t think there are too many people in general, let alone at your age, who track their spending like that. Do you have the Excel spreadsheet you use uploaded anywhere on the site? I’m sure it’s not hard to re-create, just curious. I’m excited to see how the month of June goes for you — keep it up!
Matt Kuhn recently posted…Taxes Made Easy Part 2: How to Legally Avoid Taxes and Keep More Money
Thanks Matt! I use the spreadsheet found in this thread on the MMM forums: https://forum.mrmoneymustache.com/share-your-badassity/one-sheet-to-rule-them-all.
Oh that’s way cooler than I expected, thanks!
Matt Kuhn recently posted…4 Most Common Fears of Retiring Early and Why You Don’t Need to Worry
You’re killing it! Great job. And agreed — guardians of the galaxy 2 was sooo good. Love Chris Pratt!
Millennial Boss recently posted…May 2017 Online Income Report – $2853
Thanks girl! He was so good in this one. I loved Baby Groot <3
Gwen’s spending report is beautiful… on the inside.
And outside! Nice job
“you are pathetic. You need to find someone pathetic, like you” His lines are pure gold haha
Congrats on the net worth progress! I always felt pretty good when spending on the house. 🙂 Even though it hurts the pockets.
SavvyFinancialLatina recently posted…What Keeps Me Up At Night
Thanks SFL! It hurts now but will help out later (I hope).
Seven years is nothing. You’ll get there before you know it. Things will probably also change in that time. My family budget has expanded by about 40–50% over a few years. A big chunk of that is additional savings for our kids education, which technically is optional, but its a decision we made for our kids and not something we anticipated a few years ago.
Owen @ PlanEasy recently posted…Canada Child Benefit: The Hidden Tax Rate
Thanks, Owen. It feels like it will take forever now! Hurry up already!
.….….of course all this assumes it’s just me in life with no partner/family. I would assume the future Mr. Gwen will bring in assets of his own to offset planning for two people lol
I’m certain he will.
In fact, from my experience with my wife, we’re probably got more frugal together than we ever would be separately. We seem to feed off each.
Whats that saying.… the whole is greater than the sum of its parts? Something like that.
Owen @ PlanEasy recently posted…Canada Child Benefit: The Hidden Tax Rate
Being able to retire at 33 would be amazing. Hope the passive income picks up a lot in the next few years for you then so it can become a reality. Keep up the good work. Thanks for the update.
Dividend Daze recently posted…Dividend Update – May
I just found your site and I wanted to congratulate you on finding/committing to FIRE at such a young age. At your age I thought I was being financially responsible when I learned that I could contribute $2000/yr to an IRA and comfortably retire at about 65. All I had to do was plug myself into the Matrix for 40 years – sounded fine at the time, but I discovered I like owning my own time. Before finding FIRE blogs, I had revised my goal and was on track to retire at 55 (people thought I was crazy). A year ago I discovered that I can be “retired” before 50. I wish you the best and hope you inspire the young me’s of the world to take the red pill sooner than I did.
Thanks Richard! That’s the goal 🙂
Awesome job on the savings this month! You still hit a 28% savings rate even with that huge house expense, that’s impressive. That $500 fee is killer though as others have mentioned, but looks like it’s unavoidable. Probably worth it in the long run to be able to choose your own funds though.
When it comes to retirement, having a goal only 7 years in the future at age 33 is amazing.
Debt Hater recently posted…Net Worth Update – May 2017
$500 is such a huge amount of fees to move your account! I don’t even understand how that is possible! I’m curious why did you choose Fidelity over Vanguard?