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 February report---
I had 2 goals for February.......
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 February in the black.
The amount we ended the month of February with?.....$2,318.74
Income or Funds We Can Access
The "income" in February---
* Monthly annuity payment of $3,222.24(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1,883.76
* Interest earned on non-retirement accounts of $593.42
* A small 401K withdrawal of $1,129.16(the Feb. part of the 1st quarter withdrawal)
Total "Income" for February....$6,828.58
Expenses in February---
* Healthcare Premium for February was $1,883.76(paid for with RMSA reimbursement)
* Variable Expenses in February came to $2,626.08
Total Expenses....$4,509.84
$6828.58-$4509.84=$2318.74
Slush into February $18,539.48 left in the Slush Fund to take into March with that $2,318.74 overage brings Slush to $20,858.22
The Slush Fund on it's Page(tab at the top of the blog)shows an addition of $2,318.74 for February.
FINAL THOUGHTS on February---
February's bills/expenses were nice and boring(except for that large cell phone bill I didn't see coming when we changed providers). I was surprised that the heating bill was lower than January's bill. Both months have been mild for PA weather-wise this year, but still. The heating bill usually doesn't start going down until March but I'll take it as a win. lolz
THOUGHTS going forward into March 2020----
The $1K+ extra in March from the small piece of the 401K withdrawal we didn't apply to the HSA for 2019 tax purposes will give us a financial cushion into March bills, which includes 3 irregular bills-annual sewage, long term care quarterly premiums and county taxes for the year. The sewage and taxes will be paid early as usual and we'll receive a small discount on those. Every little discount helps keep more money in your pocket and I will gladly take advantage of them! This February overage along with the piece of 401K withdrawal applied to March's income will cover all those irregular bills due plus extra leftover to carry over into April.
At that point we'll sit down and see if we need to make another quarterly withdrawal in the second quarter or not.
We will be receiving a small tax refund on our federal taxes but won't be counting on it for any expenses since it will most likely be used to cover what we owe in state taxes as PA for interest income and capital gains on the stock we sold. No counting chickens until we know what we owe for that. ;-)
Financially we're in a good place going into March. 8-)
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 February report---
I had 2 goals for February.......
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 February in the black.
The amount we ended the month of February with?.....$2,318.74
Income or Funds We Can Access
The "income" in February---
* Monthly annuity payment of $3,222.24(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1,883.76
* Interest earned on non-retirement accounts of $593.42
* A small 401K withdrawal of $1,129.16(the Feb. part of the 1st quarter withdrawal)
Total "Income" for February....$6,828.58
Expenses in February---
* Healthcare Premium for February was $1,883.76(paid for with RMSA reimbursement)
* Variable Expenses in February came to $2,626.08
Total Expenses....$4,509.84
$6828.58-$4509.84=$2318.74
Slush into February $18,539.48 left in the Slush Fund to take into March with that $2,318.74 overage brings Slush to $20,858.22
The Slush Fund on it's Page(tab at the top of the blog)shows an addition of $2,318.74 for February.
Outgo
As for the variable expenses this February, here are the good and the bad side of things....
HERE are the GOOD THINGS
HERE are the GOOD THINGS
* Phone charges(landline-last bill)and internet were approximately the same as last month.(Within $2 or so)and the landline is not a bill any longer going forward. yay!
* The electric bill was $26.95 lower than in January.
* The WAM taken was $350.00 less than last month(due to taking cash for traveling to LA in Jan)
* The main c/c bill was $986.94 less than in January(again, due to road trip expenses last month).
* The gas bill was about the same as last month.
* The electric bill was $26.95 lower than in January.
* The WAM taken was $350.00 less than last month(due to taking cash for traveling to LA in Jan)
* The main c/c bill was $986.94 less than in January(again, due to road trip expenses last month).
* The gas bill was about the same as last month.
HERE are the BAD THINGS
* The water bill was $5.88 higher than in January.
* We wrote the sister in-law a check to help with her mom's funeral expenses.
* The new cell phone bill was paid. It was large so we need to wait to see what it settles down to before we make any changes there.
* We paid the vet $445.23 to have Dixie spayed. Thankfully this is a one and done situation. ;-)
* The water bill was $5.88 higher than in January.
* We wrote the sister in-law a check to help with her mom's funeral expenses.
* The new cell phone bill was paid. It was large so we need to wait to see what it settles down to before we make any changes there.
* We paid the vet $445.23 to have Dixie spayed. Thankfully this is a one and done situation. ;-)
The Food Budget costs for February 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 February---
February's bills/expenses were nice and boring(except for that large cell phone bill I didn't see coming when we changed providers). I was surprised that the heating bill was lower than January's bill. Both months have been mild for PA weather-wise this year, but still. The heating bill usually doesn't start going down until March but I'll take it as a win. lolz
THOUGHTS going forward into March 2020----
The $1K+ extra in March from the small piece of the 401K withdrawal we didn't apply to the HSA for 2019 tax purposes will give us a financial cushion into March bills, which includes 3 irregular bills-annual sewage, long term care quarterly premiums and county taxes for the year. The sewage and taxes will be paid early as usual and we'll receive a small discount on those. Every little discount helps keep more money in your pocket and I will gladly take advantage of them! This February overage along with the piece of 401K withdrawal applied to March's income will cover all those irregular bills due plus extra leftover to carry over into April.
At that point we'll sit down and see if we need to make another quarterly withdrawal in the second quarter or not.
We will be receiving a small tax refund on our federal taxes but won't be counting on it for any expenses since it will most likely be used to cover what we owe in state taxes as PA for interest income and capital gains on the stock we sold. No counting chickens until we know what we owe for that. ;-)
Financially we're in a good place going into March. 8-)
So how was your February financially?
Did you spend less than the income you had in February?
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?
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
Sluggy
February was just OK-fine, and ended at what I expected. I'm posting perhaps tomorrow.
ReplyDeleteNice and boring is always a good thing to have for the months expenses.
ReplyDeleteSo Dixie is not a trixy that is good.
ReplyDeleteI also live in PA, and both my natural gas and electric bills reflected one-time credits due to the Tax Cuts and Jobs Act (TCJA) (aka Trump's tax cuts). When the corporate income tax was reduced, public utilities were prohibited from receiving a windfall due to the reduction in their taxes. The PUC mandated that a proportionate amount had to be refunded to customers in the first billing cycle of 2020.
ReplyDeleteYes, boring is always good in terms of expenses. Glad you got Dixie's big vet appt out of the way. We were under on groceries by a few bucks - for the last 2 months. I've been pretty careful but this week want to stock up a little more than normal. We are gone a week at the end of the month so that will even out as travel food comes out of the travel budget. The only unexpected expense this month was hubby opened the tailgate of our truck and the handle broke off (Toyota Tacoma). Made out of plastic. Our autobody guy sourced a non-toyota part with the appropriate camera and locking mechanism so hopefully this will be sorted soon at minimal cost ($100 versus $250 for the Toyota part that did not have the locking mechanism).
ReplyDelete