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 September 2018 report--
I had 2 goals for September......
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 September in the black.
The extra amount we ended the month of September with?.......$1,748.61
Income or Funds We Can Access
The "income" in September---
* Monthly annuity payment of $3218.16(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1813.48
* One third of 401K withdrawal balance(after funding Sinking Fund)for September of $615.69 #
* Interest earned on non-retirement accounts of $380.82
* A $34.99 refund on a Woman Within order
* Two stock dividends totaling $99.12
Total "Income" for September......$6,162.26
# We made a 3rd quarter 401K withdrawal in July of $6K. After withholding for taxes due we got $5147.07 net. $3300.00 of that gets put into the Sinking Fund to cover irregular bills coming due this quarter(house insurance in Aug., LTC insurance and school taxes in Sept). $1847.07 is the balance of the 3rd quarter 401K withdrawal. This got divided by 3 and gives us $615.69 extra in July to add to the income for the month(Aug. and Sept. also got $615.69)for general expenses.
Expenses in September---
* Healthcare Premium for September was $1813.48.(paid with RMSA reimbursement)
* Variable Expenses in September came to $2600.17
Sinking Fund--The balance in the Sinking Fund coming into September was $3209.48. The school taxes were due and paid-$2220.84-as well as the Long Term Care policy premiums were due and paid-$520.27, so outgo of $2741.11. The Sinking Fund goes into October at $468.37.
We went into September with $22,251.76 in the Slush Fund.
Add in September's overage of $1748.61 to the Slush Fund and it stands at $24,000.37 going into October.
Outgo
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 September 2018 report--
I had 2 goals for September......
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 September in the black.
The extra amount we ended the month of September with?.......$1,748.61
Income or Funds We Can Access
The "income" in September---
* Monthly annuity payment of $3218.16(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1813.48
* One third of 401K withdrawal balance(after funding Sinking Fund)for September of $615.69 #
* Interest earned on non-retirement accounts of $380.82
* A $34.99 refund on a Woman Within order
* Two stock dividends totaling $99.12
Total "Income" for September......$6,162.26
# We made a 3rd quarter 401K withdrawal in July of $6K. After withholding for taxes due we got $5147.07 net. $3300.00 of that gets put into the Sinking Fund to cover irregular bills coming due this quarter(house insurance in Aug., LTC insurance and school taxes in Sept). $1847.07 is the balance of the 3rd quarter 401K withdrawal. This got divided by 3 and gives us $615.69 extra in July to add to the income for the month(Aug. and Sept. also got $615.69)for general expenses.
Expenses in September---
* Healthcare Premium for September was $1813.48.(paid with RMSA reimbursement)
* Variable Expenses in September came to $2600.17
Sinking Fund--The balance in the Sinking Fund coming into September was $3209.48. The school taxes were due and paid-$2220.84-as well as the Long Term Care policy premiums were due and paid-$520.27, so outgo of $2741.11. The Sinking Fund goes into October at $468.37.
We went into September with $22,251.76 in the Slush Fund.
Add in September's overage of $1748.61 to the Slush Fund and it stands at $24,000.37 going into October.
Outgo
As for the variable expenses this September, here are the good and the bad side of things....
HERE are the GOOD THINGS
HERE are the GOOD THINGS
* Phone charges and internet were approximately the same as in August.(Within $1 or so).
* The electric bill was $13.72 lower than last month.
* The cash WAM withdrawals were the same as last month.
* The health insurance premium was the same as in August.
* The electric bill was $13.72 lower than last month.
* The cash WAM withdrawals were the same as last month.
* The health insurance premium was the same as in August.
HERE are the BAD THINGS
* The water bill was $4.55 higher than last month.
* The c/c bill was up $937.82 higher than in August.
* The gas card bill was $33.39 higher than last month.
* There was a $13.12 charge card bill on Hubs' Discover.
* The water bill was $4.55 higher than last month.
* The c/c bill was up $937.82 higher than in August.
* The gas card bill was $33.39 higher than last month.
* There was a $13.12 charge card bill on Hubs' Discover.
The Food Budget costs for September 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 September in the black with $1748.61 in new general overage to add to the Slush Fund.
The Sinking Fund goes into October standing at $468.37.
FINAL THOUGHTS on September---
It was a fair month in terms of low spending/bills. We spent some money on eating out and I paid some charges for our Fall trip on this CC bill cycle.
THOUGHTS going forward into October 2018----This month there are no irregular bills due.
The WAM withdrawal will be the same in October, $200. The c/c will be pretty high due to the trip. There are no irregular bills due this month.
We only have car insurance semi-annual payment in November and the quarterly Long Term Care premiums in December which combined comes to approx. $1600. Instead of making a 4th quarter 401K withdrawal in October we'll probably just cash flow these two bills when they come up, taking some money out of the Slush Fund balance to cover them.
The Sinking Fund goes into October standing at $468.37.
FINAL THOUGHTS on September---
It was a fair month in terms of low spending/bills. We spent some money on eating out and I paid some charges for our Fall trip on this CC bill cycle.
THOUGHTS going forward into October 2018----This month there are no irregular bills due.
The WAM withdrawal will be the same in October, $200. The c/c will be pretty high due to the trip. There are no irregular bills due this month.
We only have car insurance semi-annual payment in November and the quarterly Long Term Care premiums in December which combined comes to approx. $1600. Instead of making a 4th quarter 401K withdrawal in October we'll probably just cash flow these two bills when they come up, taking some money out of the Slush Fund balance to cover them.
So how was your September financially?
Did you spend less than the income you had in September?
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!
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
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
