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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
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.
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
Roth IRA: ——
HSA: $220.82
Cash: $0
Total savings: $2,392.06
Setting the Roth back up when I get that extra rental income.
Net Worth
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?
Wow! You have a very outside chance of hitting $200,000 net worth this year 🙂 That’d be amazing…
We both spent a lot on food. Eating out is expensive.
I can’t think of anyone else I’d rather celebrate such a milestone with 😉 I’m glad we stayed in for a lot of meals in Dallas. Can you imagine the damage if we’d been forced to eat out at every meal??
Get a room you two. 😉
Congrats on closing in on 200K — with real estate in your mix, you’ll get there in NO TIME.
That 401k is seriously impressive. Nice job!
Thanks Andy! 3 years of stuffing it to the gills and a strong bull market have done wonders!
It looks like your 200k is right around the corner! Do you have plans for your net worth milestones?
I spent wayyyy too much on food and clothing last month. But I managed a 65% savings rate (on net income, because I’m not yet hardcore enough to base on gross), so I’ll consider that a win.
I’m so close!!! No major plans… other than quitting my job, of course haha. I’d consider 65% a win too!
Well done, keep it up!
Just remember to plan in the budget for next year a trip to LA 😉
Will do, Mr. WoW! We can’t forget about Vegas too!
That too… But I will not be involved in that fiasco.
We are also enjoying the upward trajectory fueled by a bull market! Haha- it is quite the ride but I’m not holding my breath that it’ll last 😉
Thanks Mrs. Adventure Rich! I’d love for this to go on forever but I know it’s going to end sometime. I have no idea how I’ll react though.…
That’s an impressive net worth! I hope you’ll find a new tenant soon! 🙂
Nice job, Gwen! New house expenses haven’t stopped on our end either. We just bought a new refrigerator tonight
Oh hey I’ve bought one of those! It cost me almost as much to get it delivered and hauled into the house as it did to buy it in the first place!
That market is a raging bull — look at what its doing for your 401k and Roth IRA! I have to agree with Mrs. Adventure Rich above. I’m just enjoying it while it lasts. Can’t go on like this forever.
We also spent like its going out of style this month. New railing for outside steps on our house — $500, Airfare for upcoming vacation — $840, property tax bill — $2600. At least we came in on budget for food: $400 on groceries and $80 on eating out. I know we could get that down further, but I’m feeling that’s a pretty good number for a family of 4.
I hope the house settles down for you and becomes cash flow positive soon. Have you found a new tenant? Any more news on a MN meetup?
I know! So difficult to not count it as mine when it’s doing so well! Sorry to hear you had a higher spend month 🙁 The food number is awesome for a family of 4! Holy cow.
No new tenant yet. That’s the plan for this weekend/week. MN meetup is getting planned as we speak. Hang tight!
So impressed by what you’ve achieved as a single lady. It’s definitely easier with a partner early on (as long as they’re naturally frugal).
And at least it was just your porch — the main house paint we bought this year ended up having a tinge of purple to it. Ha. And yes, we used it anyway.
Thanks Angela! It was definitely a struggle at the beginning. Now, the stock market is helping push me along!
Nearly at $200k! I hope you have something fun planned for when you hit that milestone. It is important to celebrate your achievements and stop a moment to give yourself a pat on the back.
Love the updates, Gwen. Congratulations on becoming a fifth of a millionaire. You’ll be a full-fledged millionaire in no time.
P.S. I love your podcast. You and J are really hitting your stride. My only complaint is this: they’re too damn short. You have amazing guests, and a half hour isn’t enough to fully explore their awesomeness. Please make your podcasts longer.
Gwen! I can’t believe I didn’t see you at FinCon. But, wow, I love your 401(k) savings! Once I pass my CFP exam, I’m finally going to open another retirement account. Right now, I’ve just got my Roth, HSA, and brokerage account. Honestly, if it weren’t for the market, my net worth would have been pretty stagnant this year. On a positive note, I’ve survived my first year of self-employment.
And THAT is something to celebrate! Awesome job, Kate! I’m also sad we didn’t get to hang out at FinCon 🙁 I looked for you but it seemed I always just missed you 🙁
Hey Gwen! I am also a millennial who is trying to become fiery 🙂 I was just wondering — how do you calculate your savings rate? E.g. do you include company matches for 401k and/or pension contributions? I know your rate is calculated using gross income.
You’ve been a great inspiration! Keep it up!