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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.
Spending
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.
Income
Paychecks: $6,462.00
Rental income: $975
Online income: $50.75
Refund: $1,593
Interest: $4.53
Total: $9,085.28
My last official month of making bank from a company. One day soon I will replace that income with money from my own efforts!
Savings
401k: $1,033
HSA: $0
Roth: $0
Cash: $4,629.21
Total savings: $5,662.21
It’s a good thing I am able to stash away so much money because high expenses are coming 🙁
Net Worth
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?
Hi Gwen! Congrats on taking a leap and leaving the w2 world. Maybe one day I’ll grow a pair and be able do the same. I started following you a few months ago and wanted to stop in and wish you luck on this new chapter your starting.
Thanks Fi Adventurer! I wish you all the luck!
Well done Gwen.
I’m very impressed with your ~$25K per year budget.
My property taxes alone cost more than your entire housing expense. I guess that’s the joy of living within commuting distance of NYC. Grrrr.
Thanks Jason! It fluctuates but I would love to get it down to $25k or even lower.… someday!
Oooh, how’s the Etsy stuff going? 🙂
It goes.… I’m focused right now on getting more listings up so I can start to promote it. I also want to start an instagram account for my stained glass activities and promote it elsewhere on the internet! SO MUCH TO DO!
Exciting times, it’ll be really interesting to see these budget updates over the next year of life changes coming your way. Moving forward, I think these updates will also be a great roadmap for everyone else who is considering quitting their job!
You should be really proud of taking the initiative to share such an intimate look into your finances like this: These monthly updates are a great tool to motivate anyone in a similar life situation that financial independence is possible. You motivated me to do the same, and I really appreciate that.
Thanks MPF! I was so hoping it would come off as motivational instead of bragging. You and I are real proof this crazy thing called FIRE can be done! Welcome!
Congratulations on this very nice month. I’m really impressed on how low your expenses are and how high your savings rate is! This is really good.
The Poor Swiss recently posted…How to integrate second pillar in my net worth
Thanks TPS! It’s nice to go out with a bang 🙂
Kudos to you! I wished I caught the FIRE movement when I was in my 20’s. You’ll be set for life in no time.
I listen to your podcast on my commute. Thanks for sharing the useful tips and tricks, made my daily commute in traffic manageable and I actually learn a thing or two each day!
Thanks Aloha Jim! I’ve been incredibly fortunate in life so far.
And just like that Gwen is out! Goodbye corporate life and hello entrepreneurship. Bet this post felt good to write. Or was it weird?
Peace out, I’m GONE. It was weird in the best way possible!
Woohoo! Congrats on the transition out of salaried work. As another maybe-soon-to-be-1099er, I look forward to hearing more about your freelancing life.
Ask and ye shall receive! I can’t wait to share my thoughts with everyone!
Would you be willing to post a template download of your spreadsheets? I really like the look of them lol. (I understand if you don’t want to, I’m sure you’re busy)
I just discovered your blog – I’ve been reading a lot about FI lately now that I just graduated college and am starting a job at the end of July. You’re an inspiration!
Hi Maria, I found it on the Mr. Money Mustache forum. Here’s a link! https://forum.mrmoneymustache.com/share-your-badassity/one-sheet-to-rule-them-all/
Keep up the great work! You’re far ahead of the rest of your peers.
Thank you so much!