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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.
June was an.… interesting month, to say the least. I dealt with house drama (work started on the exterior project and I gave 30 day notice to a tenant. more on that later.) and work drama (two straight weeks of busybusybusy. I’m not used to working late or doing 10 hour days anymore!).
If you noticed I was posting less than usual in May, that would be why.
I also took the time to make a trip up to Minneapolis to meet more like-minded individuals. I had a super fabulous time while there, even if it was a fair amount of driving. I only wish I was lucky enough to live there. I could see things like a giant cherry on a giant spoon all the time! (art is weird.)
And you thought I was kidding. smh
Spending was higher than I’d like due to the house project, but overall I feel like I did a pretty good job of watching my spending and not going bonkers.
Here’s how I did spending wise in June!
|Mortgage||Not including principle, which is accounted elsewhere on my spreadsheet. Actual payment is $705.43 a month!|
|Utilities||Remember that feeling I had last month? .…yeah.…|
|Food||I’m still in denial about how much food I eat. Don’t judge me too much.|
|Phone||So low. I love Project FI!|
|Auto||Gas, an oil change, and parking.|
|Internet||I still haven’t figured out what my bill amount acutally is.…|
|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’m really slacking on this front. Sorry sis! It’s on my to-do list I promise.|
|Blog||Monthly fees for support and email.|
|Entertainment||Bought tickets for the week long fair concerts coming up! Hey Brett Eldredge 😉|
|Shopping||One new softball bat and a new shirt.|
|Fees||Annual fee for my Chase Sapphire Reserve|
|Travel||Flight to Vegas for 4th of July!|
|Gifts||$30 to a friend for the Rockstar Finance #GivingCards project.|
|House||Second payment on the exterior house payment and one certified letter fee.|
All told, my spending for June totaled $2,869.00 without the house project payment, and $5,063 all told! I find it fascinating I spent almost exactly the same amount in May and June. Only $2 off! I must be getting really good at this whole trying not to spend money thing.
Rental income: $1,100
June’s income stayed the line this time. Nothing unusual here! (Note the paycheck is after tax).
Roth IRA: ——
Total savings: $2,392.06
As you can see, I’ve temporarily suspended transfers to my Roth IRA until I get it switched over to Fidelity which is taking way longer than I’d like and I’m not happy. On the other hand, I’m super glad I get to “keep” this money in my pocket for a while longer before I put it in the account.
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 September 2024! Last month I was at August 2024 so I actually gained two months instead of losing any time. I’m bummed, but that’s what happens when one spends so much money on fixing up a house. Hopefully I only have one more month of trashed averages.
My total net worth went up 1.18% to $158,132.22 this month! I wish it was more, but slow and steady wins the race and I have nothing to complain about!
Thanks for reading! What did your month look like? Did you stick to your budget?