Income & Spending.....the January 2025 Edition

Now that we are living on an annuity, 401K$ withdrawals, personal savings and social security payments, 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.

We went into retirement in June of 2017 with no debt, no mortgage nor a car payment.

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 have 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 fund may be applied 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 2025.

*  I do not include/report on our retirement accounts here, just the non-retirement ones.

I'm happy to report that we finished up January in the black.

The amount extra we ended the month of January with?....$10,512.86

Income or Funds We Can Access

The "income" in January---

*  Monthly annuity payment of $2,530.11

*  SS income of $3,906.60

*  Interest earned on non-retirement accounts of $1,468.17

* 401K Withdrawal of $6,215.06

* Rebating Cash-out  $100.00

* NCL Refund  $1,762.62

* Blog Revenue  $142.75

Total "Income" for January....$16,125.31

Expenses in January---

*  Irregular bills in January were $1,645.98

*  Variable expenses in January came to $3,453.20

*  Medical Premiums in January were $634.41

Total Expenses....$5,733.59

$16,125.31-$5,733.59=$10,391.72.

Slush Fund coming into January of $73,512.86 and the addition of $10,391.72 in January, our end of January 2025 Slush Fund comes to $83,904.58. 

The Slush Fund, on it's own page(tab at the top of the blog), shows an addition of $10,391.75.

Outgo

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

Here are the GOOD THINGS

*  The water bill is the same as the previous month.
*  The WAM was $23.00 lower than in December.
*  Mastercard bill was $81.32 lower than the previous month.
*  Hubs Amazon bill was $137.66 less than in December.
*  My Aviator card was $437.36 lower than the previous month.
*  Hubs Aviator card was $15,640.85 less than in December.

HERE are the BAD THINGS

*  The electric bill was $105.30 higher than the previous month.
*  My Amazon card was $184.20 higher than in December.

And we had some one off bills in December--

*  Long Term Care Premiums of $1,244.02
*  Property Taxes of $168.33
*  Dr. Co-Pays of $37.11
*  Vet Bill of $196.52

The Food Budget costs for December are in another post HERE. Food costs are included in my credit card payments(mainly because I buy the food but sometimes these costs come out of our WAM cash too).

FINAL THOUGHTS for January 2025---Low spend other than credit card charges from the Xmas trip.  We had such a large overage because of the NCL refund and the 401K quarterly withdrawal.

GOING FORWARD INTO February 2025--I am hoping for a low spend February, basically just groceries and maybe 1 lunch out.  There will be some medical stuff but not sure if those bills will show up in February or March. ;-)

Here's hoping 2025 treats us all even better financially! 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 down/off any debts or put extra toward your mortgage principle or into savings, in an emergency fund or retirement account?

Or did you blow all your excess monies after bills were paid on a "want"?

If you post 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

Nov 1st Net Worth....Update Quickie

We are actually up almost $12k from October 1st's net worth overall(only liquid cash/investments/bonds, as I don't count housing or car values).  The retirement accounts were up $6K+ for November 1 from October's calculations and the cash reserve/non-retirement accounts were up $5K.

I didn't post the October 1st Net Worth...how did I forget that? lolz
We were almost $13K up in Oct. from Sept. net worth so this month is a bit lower but still, I'll take it!!! 8-)

We are up $90,426.96 from one year ago, in the November 1st of 2015's net worth snapshot.  Even with miserable interest rates and a lackluster stock showing lately, over the course of a year it still grows at a decent clip when you have a good chunk of money invested. ;-)  Even though we are mostly out of the stock market with our investments now since we are so close to retiring we still earn a nice hunk because of the size of the pot.

We are still in acquisition mode as Hubs still has a good income.  Unless something unfortuitious happens we should keep rolling along and tucking money away, even with our expanded living costs with 2 grown kids home fulltime, for at least another year+.  The plan is still for Hubs to retire once College Boy graduates college but the moving away piece of the puzzle won't be happening quite as soon as that since Daughter is still living here so she can finish school.

Some people wonder why I am so focused on saving so much money for our retirement.
We have no pensions(government or private company)coming to us from an employer is at the base of this thinking so we can't rely on that steady monthly income stream to help keep us afloat in our old ages.  We will receive SS however(unless it goes belly up or close enough to it that the Asshats in Washington start means testing who will get what they put into it-but that's another rant for another time).
The main reason being twofold--

1-Hubs will be retiring before the age when he can collect Social Security benefits and receive Medicare.  Since I am even younger, that means I will also be healthcare shopping(+ 9 extra months worth for me)on a Government Exchange(or whatever the system is that is in place at that date)once Hubs employer isn't extending their coverage to us, before I can receive either SS or Medicare too.  Hubs employer gives retirees a lump of cash to cover some medical once they retire but it's not even close to what health premiums and deductibles will cost for those 4-7 years we may need to "bridge" to SS and Medicare.  We also have an HSA which we haven't tapped yet and are also squirreling money away in for later use, once Hubs retires and our medical bills increase.

2-I have chronic illness and am a "frequent flyer" when it comes to health services.  Except for 1 short term issue, Hubs has no health problems(well, if you don't count that I am a pain in his ass).  He takes nor needs any medications.
Lucky duck! lolz  I will always need healthcare and I suspect the costs will just keep going up(Ya think??).  Sluggy is NOT a cheap date...... ;-)

My thinking is no matter how much you think you will need to live when you get old, it won't be enough.  At some point it's going to run out.
So save whatever more you can, when you can as long as it doesn't take away from your quality of life now.

So I just keep plugging along and updating "where the money stands" until something changes.

Did you increase your net worth last month?
Do you have a retirement plan in place?

Sluggy