Saturday, August 19, 2017

Income & Spending Report.....July Update

* As Hubs retired effective July 1, I am no longer doing my 2017 Savings Challenge.
We ended that on June 30th.  The goal was $17.5K saved for the half of 2017 that Hubs was working.
We actually saved $21,100.42 all totaled, so $3600.42 over goal!

Now that we are living on savings and an annuity(no annuity until October)I am still going to keep track of our monthly spending and income, and hopefully we'll still be able to live BELOW our means and I'll have some leftover monies each month to tuck aside.
But this money leftover at the end of each month, at least for now(as we find our new financial "normal")won't be saved toward a yearly Savings Challenge.

The issue now is to cover all the bills with just the annuity payment each month plus some liquid savings(checking account cash)until October.
October is when Hubs turns 59.5 and then we can access the 401K retirement savings.  Until then things will be tight here at Chez Sluggy, so all the leftover monthly cash will get tucked aside to pay irregular bills that will be popping up in August and September.

Got it?
OK, let's move on.


Though nothing will be put toward it the rest of 2017, the 2017 $17.5K $AVING$ CHALLENGE Totals are still available
Check out the Savings Challenge page tab at the top of the blog for the specific numbers HERE.

On to the July report--
I have 2 goals for July.....
The 1st is to actually finish the month in the black and not the red.
The 2nd is to try to have a little cash leftover at the end of July to apply toward irregular bills that are coming due the next two months.

I have to report that we finished up July in the black.....barely.
The extra amount we ended the month of July with?.......$154.88

Income

The income in July was the monthly annuity payment and Hubs' last paycheck(which was only for 1 week of work, his last).
We had -$17.60 left over from our income after our monthly expenses were deducted.
Other monies received in July totaled $172.48.  This was interest made on non-retirement accounts.
I am thankful for the small crumbs of interest in July.  If not for that little bit we'd have been negative at the end of July.

This brought us to our gain of $154.88
Since we have no debt, this will get put aside to apply to the irregular bill coming due in August--the homeowners insurance.

Outgo
As for the expenses this July, here are the good and the bad side of things....

HERE are the GOOD THINGS

*  Phone charges and internet were approximately the same as last month(Within $1 or so).
*  The water bill was $7.62 less than in June.
*  The gas card bill was $40.88 lower than last month.
*  The cash withdrawals were $220 lower than in June.

HERE are the BAD THING

*  The electric bill was $17.46 more than last month's mostly due to the washer/dryer running more and the kids having the a/c units in their rooms turned on all month.
*  The credit card bill was $43.94 higher in July compared to June.
*  The medical bills were $5.72 higher this month over last month's bills.
*  We had to pay deposits to have the electric and water put in our name at the LA house which came to $600.
*  I have a c/c charge for $153.41 for replacement clothing for me(mostly underthings and a Winter coat).
*  We had to pay the July health insurance premium of $1577.66(this use to come out of Hubs' paycheck automatically).  We haven't set up using the health insurance account through his employer yet to pay this bill so it came out of our monthly income.
*  I sent a birthday check to our eldest son for his July birthday.
*  We had a small bill for electric at the LA house.

The Food Budget costs for July are in another post, which is located HERE.

So we end July in the black with $154.88 to apply to the house insurance bill due in August.  That bill amounts to $668, so I just have to eek out another $513.12 from our August income to cover that along with all the regular monthly bills.


FINAL THOUGHTS on July---July kicked our asses mostly.
Between a high credit card bill, the utility deposits in LA and having to pay the health insurance premium OOP there were lots of irregular/variable bills last month.  These combined cost us $2100 or so over our usual "nut".  Making some interest on our accounts made the difference between making enough this month to cover all the bills.


THOUGHTS going forward into August of 2017----
August will be tight this year, I won't lie.
Between still paying the health insurance premium out of regular income and the yearly house insurance premium being due this month AND having a reduced income(just the annuity payment), August will be a "squeaker".  I am SO glad I have that $154.88 leftover after paying July's expenses to put toward the August bills!  That just might mean the difference between staying in the black for August.

The one good thing about August and September bills will be that all the Road Trip expenses put on the credit card(some due on August's bill and some due on September's bill)will be paid out of our savings and NOT our August income.  We planned and saved for this trip so it won't impact our regular bills/income.

So how was your July financially?
  
Did you spend less than the income you had in July?
Did you stay within your budget or not?
What did you do with any money leftover at the end of the month?
Did you pay off any debts or put extra toward your mortgage principle or into savings, in an emergency fund or a retirement account?
Or did you blow it on a want?

If you posted your financial progress on your own blog, leave a link in the comments so we can go check out your progress too and celebrate or commiserate with you!

I hope this year was the one were you cleaned up your finances and paid off your debts.
That you planned to set something aside if you didn't already or increased what you banked now for your future self.
Or paid extra on the principle of your mortgage if your house isn't already paid off.

Live below your means and keep some change for a rainy day....because no matter how sunny it is in your life now, dark clouds come along and you'll be glad you have that umbrella to keep you dry.

Sluggy

3 comments:

  1. I was able to pop $1000 into savings in July plus my misc $$ was higher than usual due to lower insurance costs. That really helped as I needed to buy a few things for my Sept. trip. Still in the black thankfully!

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  2. July-we broke even, due to lower pay checks for hubs and additional expenses in variety of areas. August will be better-not gret, but my raise kicked in for my new position for part of the month and we finally should get a medical reimbursement back. However, we also bought a new violin for daughter, choir payments, and a few other items that are now on this months VISA (to be paid in full). I just keep plugging along with my little self challenges, hoping cumulatively the savings will offset the swings in spending.

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  3. I added more debt (thank you to ghosts from the past) and so technically in the red.

    ReplyDelete

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