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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 a combination thereof) works best for you and your needs is the best one for you, since everyone and their budgets are different.
Welcome to Jumanji Level 9 of 2020! Last thing I knew it was May. I’m not entirely sure where the summer went. It’s crazy that it’s already September and will be fall soon. I’m kinda looking forward to hoodie weather, but I also don’t want the long summer days to end. I recently discovered the magic of fleece-lined leggings after I got some from my Buy Nothing group. Between those, hot apple cider, and my heated mattress pad, autumn makes a powerful case for my favorite season.
After having a big July budget-wise, I took it easy in August. I think I succeeded for the most part! Check it out!
|Housing||The usual LCOL rent payment|
|Utilities||Summer air conditioning bills|
|Food||So much food. I tried a new meal plan but it was pricey for what I got. I also have a bf who eats|
|Phone||I love Google FI! I have an unlimited plan and one or two more phone payments.|
|Auto||A true zero month|
|Internet||Gotta have that fast interweb access|
|Pet||More food and poop rocks for the floof|
|Entertainment||Streaming subscriptions (YT Music, Mario Kart, Netflix) plus a new video game|
|Fees||Mostly taxes and payment to my tax guy (who’s AWESOME)|
|Misc||Supporting local businesses|
|Gifts||A bouquet of flowers to brighten my bff’s day|
Total spending for August 2020 was $3,850. All in all not bad considering I couldn’t put off paying my taxes forever. As it was, I was a month late thanks to stress from my bio dad going into the hospital for Covid-19. He’s made as full of a recovery as he can, which is great news! It was very touch-and-go for a while.
Other than food and taxes, it was a quiet month which is good considering everything going on so far in September!
Other income: $5,174.64
My monthly pay held steady at the normal rate. I’m very grateful I’m still working and earning the same amount as there are many who can’t say the same. I also got more in my tax refunds than I thought I would. I need to adjust my withholdings so I don’t get so much back next year. I like to aim for getting ~$1,000 back. Then again, my taxes next year will be much simpler with me only working for one company and living in only one state!
Unallocated Cash: $2,906.66
Total savings: $3,983.34
Handy dandy spreadsheet says my savings for the month was 66%. Much higher than normal thanks to the tax refunds coming in.
Chase Sapphire Reserve: $2,408
Chase United: $0
My credit card payment at the beginning of the month. All paid off and my only debt to speak of.…. for now (duh duh duhhh)
According to this, my total net worth is $263,431! My first time cracking the $250,000 milestone! It’s so very exciting to see the numbers recover and grow. Then again, this could all be a huge smokescreen and could plummet tomorrow. Who knows?! But for now.… I will enjoy it.
Thanks for reading! What did your month look like? Did you stick to your budget?
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