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Side note: This will be the last month of this style Monthly Status Report. Now that I don’t have a job and regular expenses anymore, I will be changing up the format for the report. I don’t know quite what it’s going to look like, but it won’t be the same!
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.
Turns out, there’s lots to do in preparation for quitting your job and moving to another state. WHO KNEW!? Fortunately, as some costs got higher, others got lower, so it all kinda balanced out for a not that bad month.
Check out below for my total spending in March.
|Mortgage||Not including principal, which is accounted elsewhere on my spreadsheet. A bit of good news, my payment went down $10!|
|Phone||Actually have a credit this month thanks to awesome Project FI! A combo of referrals and credits 🙂|
|Utilities||Cold + leaky old house = higher utility bills|
|Misc||Doctor fee for a checkup|
|Entertainment||Double bowling date with my work friend|
|Shopping||Etsy fees for new side hustle|
|Insurance||Health insurance was paid directly from my paycheck.|
|House||Locksmith fees for unlocking door and new keys|
|Auto||Lots of gas to see my long-distance boyfriend 😍|
|Support||Monthly support for my sister.|
|Food||Not too bad for having my kitchen packed up|
|Internet||The new normal internet bill.|
|Pet||The normal litter and food costs.|
|Blog||The usual monthly bills|
Expenses came in at a very reasonable $2,108.75 for March. Not too shabby! This is roughly my target amount for spending. I don’t really like for it to go over that. Now that I’m not working, I’ll be interested to see how my expenses change. I can already say my car and food expenses are going way down now that I’m not driving to work and being tempted by all the delicious food options.
Rental income: $975
Online income: $50.75
My last official month of making bank from a company. One day soon I will replace that income with money from my own efforts!
Total savings: $5,662.21
It’s a good thing I am able to stash away so much money because high expenses are coming 🙁
If I were going to keep on my current trajectory, my FI date according to the Lab over on Mad Fientist’s site would be 5 years away, which is March 2023! However, since I quit my W2 job in March, I will no longer be using this as any sort of useful benchmark. This is the last month I will share this benchmark, as it won’t really be applicable after this.
My total net worth ended the month at $209,901, up a modest .52% and $1k. Not too shabby the way the markets have been reacting. I think saving so much in cash offset any drop in the market, which makes me feel a bit better about quitting.
Thanks for reading! What did your month look like? Did you stick to your budget?