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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
November was spent enjoying time with family, wrapping up various expenses for the year, and reveling in the unusually warm weather. I definitely enjoyed a brief respite from the cold. Where I live, the air has a tendency to hurt my face in the winter when I breathe outside.…. which is, you know, any time I need to leave my comfy apartment.
November was also focused on family. My eldest sister is in town so we got to spend some quality time together, which normally includes playing awesome games like Pro Pinball: The Web and CTR: Crash Team Racing. I wish both games would get a remake for PS4 as our family’s PS2 is starting to show its age. I also got the chance to spend more time with my boyfriend’s family and really enjoyed getting to know his sisters and family better.
I don’t know what it says about me that I’d rather spend time playing games made in 1995 over newer games, but I can say that my personal spending was lower this month because we did stay in.
Check out below for my total spending in November!
| Mortgage | Not including principal, which is accounted elsewhere on my spreadsheet. Actual payment is $705.43 a month! |
| Utilities | My house bill is back with a vengeance as winter descends. |
| Food | Slightly higher due to holiday meal contributions. |
| Phone | Slightly over due to travels but at least I’m with Project FI and didn’t have to pay $500 over! |
| Auto | Gas, parking, and rideshare costs. |
| Internet | The new normal internet bill. |
| Insurance | Health insurance is paid directly from my paycheck. |
| Pet | More kennel fees from the end of October. |
| Support | Monthly support for my sister. |
| Blog | Renewal fees, new equipment, and podcast fees. |
| Entertainment | A date with my boyfriend, and a movie! |
| Fees | Tolls in the Chicagoland area #excessive |
| Travel | Hotel and other travel expenses |
| House | The last of the renovation expenses!! |
Non-house spending went up big time to $4,531. I had a lot of expenses for the blog, podcast, and life in general. Add in the final renovation costs for the empty unit and my final monthly expenses for November are $5,587. I’m really glad that’s coming to an end because my cash reserves are far lower than I like and am accustomed to.
Income
Paychecks: $3,194.07
Rental income: $600
Total: $3,794.07
Getting a new tenant in soon which will help me get more $ 😀
Savings
401k: $2,171.24
HSA: $220.82
Cash: $0
Total savings: $2,392.06
The new normal for me now with the move coming up.
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 6 years and 9 months away, which is August 2024! However, since I plan to quit in March, I will no longer be using this as any sort of useful benchmark. I plan to continue inputting my numbers until then, though.
My total net worth shot up this month to $188,772. In light of the current political happenings, such growth makes me incredibly nervous. I’m starting to view this growth as less of a good thing and more of a, what is the market doing??? Still, I can’t complain with an extra $7k in my pocket this month so, thanks Mr. Market.
Thanks for reading! What did your month look like? Did you stick to your budget?
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Nice gain in your NW. Don’t worry about the market, you’re so young you can recover from anything. Just keep doing what you’re doing!
Thanks for the support, AR. I’ll do just that!
Thanks for showing us your numbers, Gwen! What can I say? I’m a financial pervert–i enjoy looking at other people finances WAY more than I should :p.
Your networth is looking great this month…we had a fantastic run up in our portfolio as well due to the ridiculously highs of Mr.market this year. I wouldn’t say it’s completely off the mark though, considering the tax reform bill that recently passed the Senate.
Just out of curiousity (excuse my ignorance if this is something you already mentioned on the blog), if the MadFIentist calculator is showing you 6 years until retirement, how come you are quitting in March? Is it because your side income pays for your expenses? Not judging
Just wondering. 🙂
Short answer: the boyfriend. Long answer: since he lives in Minneapolis, this is the excuse I need to leave my comfort zone and try something new. I’m going to try being an entrepreneur and if that doesn’t work I’ll get a job somewhere!
Ah I see. It’s going to work out, Gwen. You are too badass for it to not work out 🙂 I have faith in you!
Long time reader, first time poster. Congrats on all your progress!
I see that you are still contributing to your 401k. How does the jump into real estate impact your plan for withdrawing? I’m assuming the plan was a Roth IRA ladder (as outlined by Mad Fientist and others)? Do you plan to continue contributing or stop contributing so you have more cash on hand for purchasing another property? Thanks!
I plan to use my real estate income/assets to live off before I hit 59.5. I will contribute to the max this year, and then lower my contribution to the match before I leave in March. I should see a dollar or two more in my check haha.
Well done… but like AR said.. just ignore the market. I try to do the same, but it’s just so fun to check!
He’s like your friend… at a party… that’s way to drunk. You can laugh at the funny stuff, and be really embarrassed by the annoying stuff, but really when he’s hung over on Sunday, you still go grab lunch, because… well… the good is usually better than the bad.
Congrats on your growth! This is awesome to see the breakdown.
The market has certainly help my portfolio a lot. There’s an article by Financial Samurai which talked about the historical trend of the market where chances are, in 20–30 years from now, the market would be significantly higher than it is now.