Thursday, February 1, 2018

Income & Spending Report.....January 2018

Now that we are living on an annuity(like a pension) and 401K$ withdrawals(retirement savings), 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 these two sources of income and not have to dip into the regular savings(that I built over the last 10 years)to pay our month to month expenses.

Got it?
OK, let's move on.

On to the January 2018 report--
I had 2 goals for January......
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 the previous month to tuck back into a slush fund.  This slush fun may be to apply toward unforeseen bills that are coming due in subsequent months, to spend on "extras/wants" during the year or to just sit there and grow until the end of 2018.

I have to report that we finished up January in the black.
The extra amount we ended the month of January with?.......$7169.65


The income in January---
* Monthly annuity payment of $3173.13(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1813.48
* December overage of $4754.49 that carried over into Jan. 2018
* Sinking Fund(carryover from Dec. + $2600 from 401K withdrawal)of $3616.74#
* One third of 401K withdrawal balance for Jan. of $851.10 ##
* Blogging Revenue of $129.14
* Interest earned on non-retirement accounts of $334.95

Total Income for January......$14,673.03

# $2600 was pulled out from that quarterly 401K withdrawal(withdrawal was $5153.31 after tax withholding)for irregular expenses due during the 1st quarter of 2018 and add it to the Sinking Fund amount that carried over from December of $1016.74, raising the Sinking Fund to $3616.74
## The balance of the 401K withdrawal($2553.31)got divided by 3 and gives us $851.10 in January to add to the income for the month(Feb. and Mar. will also get $851.10/$851.11 respectively)for general expenses.

Expenses in January---
* Healthcare Premium for January was $1813.48.
* Variable Expenses in January came to $4931.92.  This also included some tuition for College Boy(and that's the last time we have to pay that...yay!)
* Irregular expenses paid were Garbage(paying in full for the year got us a $28 discount) of $308.00 and quarterly Long Term Care Policy Premiums of $449.98, so a total of  $757.98 paid.

Total Expenses for January......$7503.38


That $7169.65 gets broken down thus----$2858.76 of that overage is the Sinking Fund and $4310.89 into general Jan. overage.

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


*  Phone charges and internet were approximately the same as last month(Within $1 or so).
*  The LA house electric bill was $2.78 lower.
*  The medical payments were $30.22 less than in December


*  The water bill was $16.94 higher than in December.
*  The electric bill was $157.77 higher than last month's bill.(Brutal negative temps here in Jan.)
*  The gas card charges were $15.90 higher than in December.
*  The credit card bill was $1008.66 higher than last month. Some of the unusual charges that made this one higher were--$180 for cargo van rental to move CB home from school, high Xmas meal out charge, windshield replacement deductible, $$208 for 2 new tires for Hubs car, $330 for medical charges, $70 for computer antivirus renewal, $86 for car repairs on Hubs car, $74 for Daughter birthday dinner, $65 for my car registration/inspection, 100 stamps were purchased before the rate increased--over $1336 in total for unusual charges)
*  The cash WAM withdrawals were $50.00  higher than in December.(Due to Hubs wanting an extra $50 emergency cash.)
*  $223.47 was due on store cards for Hubs charges in December.
*  We paid CB's last tuition bill.
*  The health insurance premium went up for 2018 by $41.54 per month.

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

So we end January in the black with $4310.89 in general overage.
The Sinking Fund goes into February standing at $2858.76.
Added together that gives us a cushion of $7169.65 for February.

FINAL THOUGHTS on January---It was an ok month financially.  Had we not had a tuition bill to pay we would have had enough in the Annuity and about $300 of the 401K withdrawal in January to pay what needed to be paid this month.  What can I say?.....Bills were high this month.

THOUGHTS going forward into February 2018----

On the bad side of things-Electric usage will rise this month.  Feb. is typically our highest electric bill here(due to electric heating).
On the good side of things-Food spending shouldn't be over $250 if we can eat down the freezer, there are no irregular bills due in February and we have no plans to travel(there is a trip to LA in the works for Hubs but those c/c bills won't show up until March)so it looks to be a quiet month, financially speaking.
I would like a boring financial month. ;-)

So how was your January financially?
Did you spend less than the income you had in January?
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!

Make this year was the one were you clean up your finances and pay off your debts.
Plan to set something aside if you didn't already or increased what you have banked now for your future self.
Or pay 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.



  1. Well, I think January was awesome, but February will be expensive. I have decided to come live with you.

    1. Bring your sewing machine and mangler and we can set up shop in my dining room. I can't have another freeloader here so you'll have to earn your keep. ;-)

  2. I did really well with our savings and debt reduction, but really badly with out grocery spending. My plans for the month went south once I went back to work & we live one block from the corner shop which we visited too often in January. I'll do better next month! :)

  3. January was decent and I did indeed blog about our progress over at A Dime at a

  4. We attempted a no-spend month and we did pretty well for our first time - had 23/31 no spend days with NO eating out at all!! The spend days were mostly household repair items and, of course, the most important thing, hubs soda!!!

    1. Congrats on the no/low spending. I have to laugh about the!, right? ;-)

  5. January was an expensive month but not unexpectedly so. I was prepared. I was still able to put the usual amount into savings - I am rebuilding savings that were used to buy the Honda Civic. From here on in I should be able to increase monthly savings as all big bills have been paid for the year. Except for income tax - I may owe the gov't some money but we don't get our documentation til February.

    1. I wish I could say all my big bills were paid for the year. lol
      Good on you for rebuilding your savings and being prepared.

  6. With my husband laid off, I think we did okay. We spent less on food, taxes came from the taxes fund and we have more than enough to eat. Next month we have a huge CC bill. I put our yearly car/house taxes on that to get points. This will come from the taxes fund, too. It pains me to pull funds from that account but that’s why we do it, right? I hope The Mr. will be back to full time work sometime this month. I need some ‘normal’ around here!

    1. I hope you get your normal back soon Debbie! I use to have a job that had a seasonal layoff every Winter. Sucked but at least Hubs' job didn't have that fun feature so we were aok.
      Some months all you can hope for it to have enough to pay all the bills and make it to next month. ;-)

  7. I posted about mine as well and finished about where I thought. I now need to do some major making up the rest of the year to hit our savings goal for the year.

  8. I'm doing the mortgage overpayment. Others have advised against it but I'm sticking with having a paid in full house.

    Jen G.

    1. Two thumbs up on paying off the house early! Having that worry off your shoulders is worth the peace of mind. The other biggie is paying cash for cars, get out from under financing them as soon as you are financially able. Car payments keep so many in the poor house....

  9. Being that I just moved out on my own, so I had some very heavy expenses, but I came out ahead and was able to get my emergency savings in tact due to my refund. So that is a win for me.

    As for my journey - please see

  10. I enjoy seeing your retirement updates ... nice to see a real live retirement plan unfolding.

    Those health insurance numbers though! They scare me!

    1. Hey, every month I write that check it scares me too! lolz
      That's the big kicker if you retire before 65, covering your healthcare insurance premiums.
      If you can figure how to pay that you're golden.
      This year leave Cobra and next year it's onto the ACA, fun! I am hoping since we'll have a full year under our belt of retirement income(read-less income)we may qualify for subsidy or something. If not, I'll be making trips to Mexico for cheap drugs or something. lolz

  11. Bad January, BAD! DH finally believed me that our 15+year old, luxurious, pillowtop mattress was past its prime. (How could it be no good anymore when it looked pristine?) He convinced me to try a top of the line memory foam, and, well, I hate it! It's no better than any non-descript, not uncomfortable bed in a hotel, not the luxury of our former pillowtop. With the price we paid, I felt I deserved to LOVE the thing. We used a brick and mortar store, thank goodness, so they will exchange it for a $79 fee. I tried to like it, I really did, but apparently those of smaller stature don't enjoy memory foam. Plus, it was hot. DH has now decided that since his back feels so much better with a new mattress set, (he thought it was the foam, but really, that his back didn't hurt in our second home bed made him realize it was the age of the set,) that the kids need them too. I agree, but will find cheaper alternatives than this big name store. Other than that, we're doing o.k., with me planning a no spend/low spend February. The only expense I see ahead is a pair of concert pants for DS, assuming I don't find a pair in the thrift shop before the March concert. (Concert attire was what I used to hoard my Plenti Points for.)


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