Tuesday, November 6, 2018

2018 Income & Spending Report.....the October 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 those funds.

I have set up a page to track the Slush Fund.  Click on the tab marked "Slush Fund 2018" at the top of the blog.

  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 October 2018 report--

I had 2 goals for October......
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 October in the black.
The extra amount we ended the month of October with?.......$402.22

Income or Funds We Can Access

The "income" in October---

* Monthly annuity payment of $3218.16(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1813.48
* Interest earned on non-retirement accounts of $377.04
* Blogging Revenue of $113.20

Total "Income" for October......$5521.88


Expenses in October---

* Healthcare Premium for October was $1813.48.(paid with RMSA reimbursement)
* Variable Expenses in October came to $3306.18
Total Expenses....$5119.66

Sinking Fund--The balance in the Sinking Fund coming into October was $468.37. No irregular bills were due or paid so the Sinking Fund goes into November at $468.37.


We went into October with $24,000.37 in the Slush Fund.
Add in October's overage of $402.22 to the Slush Fund and it stands at $24,402.59 going into November.


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

HERE are the GOOD THINGS

*  Phone charges and internet were approximately the same as in September.(Within $1 or so).
*  The water bill was $2.35 lower than last month.
*  The health insurance premium was the same as in September.
*  The gas card bill was $22.88 lower than last month.

HERE are the BAD THINGS

*  The electric bill was $157.27  higher than last month. !!!  It turns out that the Aug. and Sept. electric bills were estimated as they didn't come out and read our meter.  Both months should have been higher than what we paid thus the October bill was double what we usually pay. ugh.
*  The cash WAM withdrawals were $80 higher than last month(due to the trip to Maine spending)
*  The c/c bill was up $142.81 higher than in September.
*  There was a $89.88 charge card bill on my Visa card this month.
*  We spent $150.00 at the church auction in September.
*  Chester was due for rabies and an annual check-up so there was a $100 vet bill this month.

The Food Budget costs for October 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 October in the black with $402.22 in new general overage to add to the Slush Fund.
The Sinking Fund goes into November standing at $468.37.

FINAL THOUGHTS on October---
I knew going in that October would be a tight month--no 401K withdrawal, trip bills made the credit card high plus we took a bit more WAM out($80)than usual.  Then we had a vet bill for an appt. that I forgot was coming up in Oct. and a secondary c/c bill.  Add in the electric bill was double due to a correction. bleh.  Had we not had interest and a blogging revenue check come in we would have been $88.02 in deficit in October and would have had to pull money from the Slush Fund.  I don't like being so close to the monthly financial edge if avoidable.

THOUGHTS going forward into November 2018----
November.......let's see what's coming up.
Normal WAM withdrawal this month.
Normal food spending planned.
The credit card will be high but not as high as in October(The bill runs mid-month to mid-month so a few NC trip charges will be on it.).
Semi-annual car insurance will be due from the Sinking Fund and there isn't enough in it to pay it fully so we'll pull from Slush Fund or any general Overage in November to cover most of it.
No unusual financial stuff in November.....steady as she goes.

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

2 comments:

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  2. We spent more then we made but it was planned. We paid cash for our driveway to be finished. We had saved up for it.

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