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.
Two changes we implemented for 2019 at our financial meeting in Jan.--
* Hubs wants to take $150 per person WAM(aka Walking Around Money)in 2019. I found last year's $100 per month adequate but Hubs chafed at that little so we are upping it this year to $150 per person per month.
*As for our 2018 Slush Fund, this is how we are going to handle it in 2019......
We won't be taking a quarterly 401K withdrawal in 2019 until we "need" to, instead of taking one each quarter as we had planned back in 2017 when Hubs retired. Why pull 401K monies out when they are earning more than our other regular bank funds? Use those instead for now!
Since the Slush Fund ended 2018 with $23,164.17 in it and the Sinking Fund ended 2018 with $468.37 in it, we are, for now at least, not taking any more 401K withdrawals and using what is in the Sinking Fund and/or Slush Fund to cover all irregular bills that come up in 2019.
I have set up a page to track the Slush Fund. Click on the tab marked "Slush Fund 2018-2019" 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 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 2019.
I can report that we finished up May in the BLACK!
The amount we ended the month of May with?.....$788.85
Income or Funds We Can Access
The "income" in May---
* Monthly annuity payment of $3222.24(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1848.67
* Interest earned on non-retirement accounts of $595.77
Total "Income" for May....$5666.68
Expenses in May---
* Healthcare Premium for May was $1,848.67(paid for with RMSA reimbursement)
* Variable Expenses in May came to $2356.00
* Irregular Expenses in May came to $673.16(car insurance)
Total Expenses....$4877.83
Outgo
As for the variable expenses this May, 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 last month.(Within $2 or so).
* The c/c bill was $951.93 less than in April.
* The electric bill was $61.54 lower than last month.
* The health insurance premium was the same as in April.
* The WAM/cash withdrawals were the same as last month.
* The c/c bill was $951.93 less than in April.
* The electric bill was $61.54 lower than last month.
* The health insurance premium was the same as in April.
* The WAM/cash withdrawals were the same as last month.
HERE are the BAD THINGS
* The water bill was $10.27 higher than in April.
* There was a $13.11 higher charge on the gasoline credit card.
* We paid semi-annual car insurance of $673.16.
* I had $78.23 in charges on my Amazon card(filters and such).
* I had a $122.41 charge paid on my Kohl's card(luggage).
* I had a $37.00 charge for Chester's heartworm pills(6 mos. worth).
* We gifted the Daughter a fat check for her graduation.
* The water bill was $10.27 higher than in April.
* There was a $13.11 higher charge on the gasoline credit card.
* We paid semi-annual car insurance of $673.16.
* I had $78.23 in charges on my Amazon card(filters and such).
* I had a $122.41 charge paid on my Kohl's card(luggage).
* I had a $37.00 charge for Chester's heartworm pills(6 mos. worth).
* We gifted the Daughter a fat check for her graduation.
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).
So we end May in the black with a $788.85 leftover. Added to the Slush Fund going into May at $21,087.57 makes it go into June at $21, 876.42.
The Sinking Fund goes into June 2019 standing at $468.37 since nothing was paid out of it in May.
FINAL THOUGHTS on May---
It was a good, lower spending month. We mostly sat home(other than Graduation)and didn't spend out of the ordinary this month. Sort of stayed on budget for food/toiletries and didn't put a ton of charges on the credit card.
THOUGHTS going forward into June 2019----
We have the Long Term Care quarterly premiums to pay in June but that's the only irregular bill coming due this month.
We'll have some other not-normal bills too; boarding for Chester, a dental bill, trip bills(though most of those bills will be on the c/c due in July). I suspect the electric bill will go up a tad as a/c use begins.
On the good side of things, there will also be more on the income side in June; two dividend checks and I hear rumors of an eye doctor refund due us. ;-)
The Sinking Fund goes into June 2019 standing at $468.37 since nothing was paid out of it in May.
FINAL THOUGHTS on May---
It was a good, lower spending month. We mostly sat home(other than Graduation)and didn't spend out of the ordinary this month. Sort of stayed on budget for food/toiletries and didn't put a ton of charges on the credit card.
THOUGHTS going forward into June 2019----
We have the Long Term Care quarterly premiums to pay in June but that's the only irregular bill coming due this month.
We'll have some other not-normal bills too; boarding for Chester, a dental bill, trip bills(though most of those bills will be on the c/c due in July). I suspect the electric bill will go up a tad as a/c use begins.
On the good side of things, there will also be more on the income side in June; two dividend checks and I hear rumors of an eye doctor refund due us. ;-)
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?
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
