2020 Income & Spending Report...........the January Edition

Now that we are living on an annuity and 401K$ withdrawals, 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.

  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 January 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 2020.

I can report that we finished up January in the black(barely).
The amount we ended the month of January with?.....$100.85

Income or Funds We Can Access

The "income" in January---

* Monthly annuity payment of $3222.24(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1883.76
* Interest earned on non-retirement accounts of $584.25
* Loan to EX-CB repaid of $337.50
* A small 401K withdrawal of $1000.00
Total "Income" for January....$7027.75

Expenses in January---

* Healthcare Premium for January was $1883.76(paid for with RMSA reimbursement)
* Variable Expenses in January came to $4735.14
* Irregular Expenses(yearly garbage fee)came to $308.00.
Total Expenses....$6926.90

$7027.75-$6926.90=$100.85

Slush into January $18,438.63 left in the Slush Fund to take into February with that $100.85 overage brings  Slush to $18,539.48.
The Slush Fund on it's Page(tab at the top of the blog)shows an addition of $100.85 for January.

Outgo

As for the variable expenses this January,  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 $2 or so).
*  The water bill was $2.66 lower than in December.
*   The Amazon c/c was $667.23 lower than last month.
*  Medical co-pays were $15.62 less than in December.
* The Kohl's charge was $3.13 lower than last month.

HERE are the BAD THINGS

*  The electric bill was $45.01 higher than in December(as predicted).
*  There were $75.46 more in gas bill charges than last month.
*  There was $350 more in WAM withdrawals(that was cash spent on the wedding trip to LA).
*  The main c/c bill was $1125.63 higher than in December.
*  The Healthcare Premium went up $35.09 per month for 2020.
*  There was an irregular bill due-the annual Garbage Service bill(but I get a month free if I pay for the year up front.).
*  We also had a Discover card charge($125.51).
*  We wrote Daughter and her new husband a wedding gift check in January and another check to my brother's wife to help pay for her mom's funeral in late January.

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

FINAL THOUGHTS on January---

We knew January would be a high bill month.  Between some Xmas charges that didn't come through until the January billing cycle, the annual garbage fee and Daughter getting married this month(and the subsequent road trip to Louisiana for the wedding and the spending for that trip)we were aware it wouldn't be pretty financially.  But looking back, it could have been a lot worse on the old wallet.


THOUGHTS going forward into February 2020----

We don't see much out of the ordinary spending coming around the bend this month.  There is a birthday(Ex-CB)but I've already got his gifts tucked away(and paid for)so that just means a Birthday Eating out bill this month.  Hubs and I don't "do" Valentine's Day so that's not a blip on our financial radar.  Electric bill will continue to rise(Hello! It's Winter here. lol)

I'd like to keep discretionary spending low in February and tuck as much as we can back for March bills, as we have 3 Irregular bills due then--Long Term Care Premiums, the Annual Sewage bill and Real Estate(County)Taxes.  Last year that all totaled $2665.94 and I don't know how much any of these will go up for 2020 yet.  Ah, the thrill of the unknown. lolz
So anything I can keep from spending in February helps me out to keep our head above water in March.

But we always have the Slush Fund to fall back on if needed.  That has been such a comfort to me and will continue to see us through rough financial months. 8-)

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!


Sluggy