Wednesday, June 3, 2020

2020 Income & Spending...the May Report


Now that we are living on an annuity and 401K$ withdrawals(some months), 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 May 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 2020.

I can report that we finished up May in the black.
The amount we ended the month of May with?.....$1,806.57

Income or Funds We Can Access

The "income" in May---

* 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 $510.87
Total "Income" for May.....$5,616.87

Expenses in May---

* Healthcare Premium for May was $1,883.76(paid for with RMSA reimbursement)
* No Irregular Bills in May 
* Variable Expenses in May came to $1,926.57
Total Expenses....$3,810.33

$5,616.87-$3,810.33=$1,806.54
Slush into May of $24,038.37 in that Fund to with the $1806.54 overage brings Slush to $25,844.91 going into June.
The Slush Fund on it's Page(tab at the top of the blog)shows an addition of $1,806.54 for May.

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.
*  The electric bill was $61.47 lower than in April.
*  The WAM was the same amount taken as last month.
*  The gas bill was $4.65 less than last month.
*  The Mastercard c/c bill was $53.61 lower than in April.

HERE are the BAD THINGS

*  The Amazon c/c bill was $48.33 higher than in April.
*  The water bill was $3.55 more than last month.

The Food Budget costs for May 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 May---
May was an even quieter and more boring financial month than April was(if that's possible).
We don't have jobs to lose and our annuity is a guaranteed source of income so we don't have financial woes from this pandemic and we know we are blessed AND lucky.  

Ex-College Boy's unemployment finally kicked in so he's reimbursed us for his part of the car insurance and has a bit of cash in the bank now.  Thankfully we are in a position to help out financially if his job goes away for good(and he seems to think that's a possibility with the company he works for-plus they still haven't opened back up so he's still unemployed).  Still lots of financial unknowns here at the moment on that front.

THOUGHTS going forward into June 2020----
I may get a chance later in June to go to Virginia to take care of some financial/legal issues or at least get a start on them.  If so, there will be some spending on gas and getting my car checked-up for the trip(along with attorney fees).  The doggies also need vet visits for yearly shots and such in June.

Otherwise, financially, we have one irregular bill due in June, the long term care premiums and that's not a big one.  Expenses with this trip will go up but I don't see having to pull anything from the Slush Fund for them.

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!


Sluggy

2 comments:

  1. We actually finished in the black as well, depsite some suport to others, though our son is holding his own now that his unemploymnet came thoruhg. Fingers crossed he is back to work in August, the ealiest they think his sector might open but the protests, riots, and political climate are exasperating progress in LA.

    ReplyDelete
  2. I finished in the black with a small amount left over. I paid more on bills I have and bought a want for me.

    ReplyDelete

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