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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.
October was a CRAZY FUN month! I’ve spent most of the year looking forward to the last 4 weeks and they didn’t disappoint. I got to hang out with pretty much all of my favorite people on the internet, made some big life decisions and just generally pretended I wasn’t working. I really tried to live in the moment and soak up the fun experiences I was privileged to have.
Of course, there were some not so fun moments like when I was sick the week between Chautauqua and FinCon and when I accidentally bought purple stain for my front porch. Protip: don’t buy home supplies when you’re doped up on cold medicine. It won’t end well.
I’m finally getting to the point where my spending is winding down for the year and my income sees a bit of an uptick. It can’t happen soon enough!
Check out below for my total spending in October!
|Mortgage||Not including principal, which is accounted elsewhere on my spreadsheet. Actual payment is $705.43 a month!|
|Utilities||Water/sewer/trash included this month|
|Food||Lots of social meals out with friends!|
|Phone||Surprisingly under budget but Project FI is good like that.|
|Auto||Gas, parking, and rideshare costs.|
|Internet||The new normal internet bill.|
|Insurance||Health insurance is paid directly from my paycheck.|
|Pet||Vet bill for the check up and kennel fees.|
|Support||Monthly support for my sister.|
|Blog||This includes my ticket for #fincon18 in Orlando!|
|Shopping||I needed new shoes and also paid for my new phone.|
|Fees||Hard to pay bills on time while off having fun on vacation. Must do better! #stupidfees|
|Travel||Hotel and other travel expenses|
|House||I got new carpet and stained the front porch.|
I’m slowly creeping down on the spending. At $3,845.49 on non-house stuff, I’m still higher than I’d like to be but getting better! Add in part one of the carpet payment and I came in at just over $5,000. One more carpet payment in November and then I can settle down for the winter. My savings rate ended up being 30% so I’m getting back up there which makes me happy. Keep in mind that’s for gross income, not after-tax.
Rental income: $600
Getting a new tenant in soon which will help me get more $ 😀
Roth IRA: ——
Total savings: $2,392.06
Setting the Roth back up when I get that extra rental income.
According to the Lab over on Mad Fientist’s site, my FI date is now 6 years and 11 months away, which means I’m at September 2024!
My total net worth shot up this month to $181,510. My 401k is really starting to pick up steam in this favorable market, of which I am a huge fan! It’s like magic.
Thanks for reading! What did your month look like? Did you stick to your budget?