Sunday, June 3, 2018

2018 Income & Spending Report.....May Edition

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.  This leftover cash will go into a "Slush Fund" for now to be used if we have any emergencies come up during the year.  If we still have Slush Funds at the end of the year we'll decide then what to do with them.

  I am trying to be as transparent as I can with how much is coming in and how much is going out.  8-)


On to the May 2018 report--

I had 2 goals for May......
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 May in the black.
The extra amount we ended the month of May with?.......$2903.35

Income or Funds We Can Access

The "income" in May---

* Monthly annuity payment of $3218.16(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1813.48
* One third of 401K withdrawal balance(after funding Sinking Fund)for May of $1255.65 #
* Interest earned on non-retirement accounts of $333.00

Total "Income" for May......$6620.29

# We made a 2nd quarter 401K withdrawal in April of $6K.  After withholding for taxes due we got $5170.70 net.  $1383.24 of that gets put into the Sinking Fund to cover irregular bills coming due this quarter(long term care insurance due in April, car insurance due in May). $3766.95 is the balance of the 2nd quarter 401K withdrawal.  This got divided by 3 and gives us $1255.65 extra in April to add to the income for the month(May and June will also get $1255.65)for general expenses.


Expenses in May---

* Healthcare Premium for May was $1813.48.(paid with RMSA reimbursement)
* Variable Expenses in May came to $3716.94.
* 6 mos. car insurance came to $911.74.(paid for from Sinking Fund)##


## 6 mo. car insurance premium expenses are due in May.  The carryover in the Sinking Fund coming into May was $1989.49.  $911.74 in car insurance paid leaves us $1077.75 in the Sinking Fund going into June.


We went into May with $10,362.43 in the Slush Fund.
Add in May's overage of $2903.35 to the Slush Fund and it stands at $13,265.78 going into June.


Outgo
As for the variable expenses this May, 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 electric bill was $101.14 lower than last month.
*  The credit card bill was $842.76 lower than in April.
*  The cash WAM withdrawals were the same as last month.
*  The LA house electric bill wasn't paid in May. The amount of that bill will be deducted from the refund of our deposit with the electric co-op there(that refund should arrive later in June).
*  The health insurance premium was the same as in April.


HERE are the BAD THING

*  The water bill was $6.12 higher than April.
*  The gas card charges were $41.46 higher than last month.
*  The medical payments were $64.92 higher than in April(a dentist bill).
*  Semi-annual car insurance was due this month. This irregular bills is paid out of the Sinking Fund account.
*  We had a private c/c bill of $110.44 due in May(clothing).
*  Hubs used his Discover card and the bill was $38.14.

The Food Budget costs for May are in another post, which is located HERE.  Food costs are covered in the credit card payment(sometimes our WAM cash too).

So we end May in the black with $2903.35 in new general overage so once it goes into the Slush Fund that Fund goes into June standing at $13,265.78. ($10,362.43+ $2,903.35=$13,265.78).
The Sinking Fund goes into June standing at $1,077.75

FINAL THOUGHTS on May---
While we did have a dentist bill due in May, that $200+ in charges turned out to be just $94.60 because the dentist wrote off a good piece of what our insurance didn't pay. 8-)
I was glad to see that the credit card bill was over $800 less compared to April.  The lower I can get it the better.  The credit card bill is a lot of miscellaneous spending here.  Besides the food spending which is how we almost always pay for groceries/toiletry spending, we had Chester's meds, a trip to Lowe's for some house stuff, gasoline purchases, a $100 Amazon bill(reloaded that account with funds and paid for it on our c/c), a 3 month phone service card for me, eating out spending, Hubs bought some home brewing supplies and $47.70 to Fedex as we had to pay to overnight papers for the LA house sale(which in hindsight was money wasted as we didn't have to overnight them because the freaking realtors delayed the closing! grrrr).

THOUGHTS going forward into June 2018----This month there is 1 irregular bills due, Long Term Care Insurance Premiums, so that will come out of the $1077.75 balance in the Sinking Fund.
Depending on the weather, electricity usage may stay about the same or go up a bit if the a/c is needed in June.  There are no big excursions planned for June so gas usage won't go up but the price per gallon has risen so our costs on that item may be higher.  Our eldest son may make a trip here for a few days once school is over(he teaches)so there may be beer outings or such.  He is a big spender when someone else is paying. lolz
The WAM withdrawal will be the same in June, $200.
I am going to make more of an effort in June to sell some things around the house by utilizing the FB yard sale group I am on since I really don't have enough to declutter/sell to have a physical yard sale.

Once June is done and dusted Hubs and I will probably sit down for a mid-year review of the finances and especially revisit the 401K withdrawals as we don't seem to really need them at this point since we do end up with extra money left at the end of each month.  But that's a discussion for another time.   ;-)


So how was your May financially?
  
Did you spend less than the income you had in May?
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 increase 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.

Sluggy

4 comments:

  1. its really good that you are able to have money leftover at the end of each month in retirement. I worry about that as I plan for ours. We had unexpected dental & optometrist bills, paid off our holiday and can now get back to paying extra off the mortgage.

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  2. Looks like you had a great month. Hubby is having dental work done this month. Insurance is supposed to cover 80%. We managed to save $30 more then we planned on. I will always take an overage. My May goals completed are here: https://mcoia.blogspot.com/2018/06/may-goals-updated.html

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  3. I doubt that will your money habits, past and present, you will ever run out of money!

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  4. Unseen bills are a guaranteed happening. It is quite sensible of you to consider for such.

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