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 plus a few projects around the house.
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 July report---
I had 2 goals for July......
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 July in the RED!
The amount we ended the month of July with?.....-$483.46
Income or Funds We Can Access
The "income" in July---
* Monthly annuity payment of $3222.24(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1848.67
* Interest earned on non-retirement accounts of $599.43
* Blog Revenue of $103.08
Total "Income" for July.....$5773.42
Expenses in July---
* Healthcare Premium for July was $1,848.67(paid for with RMSA reimbursement)
* Variable Expenses in July came to $4408.21
Total Expenses....$6256.88
We also had an expense we planned to be paid out of the Slush Fund instead of regular "income" in July--the carpet and installation in the bedroom(aka the sewing room). That was one of the big expenses/improvements we are paying for in 2019. This cost $555.09 out of the Slush Fund.
Outgo
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 plus a few projects around the house.
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 July report---
I had 2 goals for July......
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 July in the RED!
The amount we ended the month of July with?.....-$483.46
Income or Funds We Can Access
The "income" in July---
* Monthly annuity payment of $3222.24(after tax withholding)
* RMSA(Healthcare account)reimbursement of $1848.67
* Interest earned on non-retirement accounts of $599.43
* Blog Revenue of $103.08
Total "Income" for July.....$5773.42
Expenses in July---
* Healthcare Premium for July was $1,848.67(paid for with RMSA reimbursement)
* Variable Expenses in July came to $4408.21
Total Expenses....$6256.88
We also had an expense we planned to be paid out of the Slush Fund instead of regular "income" in July--the carpet and installation in the bedroom(aka the sewing room). That was one of the big expenses/improvements we are paying for in 2019. This cost $555.09 out of the Slush Fund.
Outgo
As for the variable expenses this July, 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 water bill was $16.92 lower than June.
* The electric bill was $48.15 lower than last month(still no a/c used).
* The WAM was the same as in June.
* The health insurance premium was the same as last month.
* The Chase c/c was $40.59 lower than June's bill.
* The water bill was $16.92 lower than June.
* The electric bill was $48.15 lower than last month(still no a/c used).
* The WAM was the same as in June.
* The health insurance premium was the same as last month.
* The Chase c/c was $40.59 lower than June's bill.
HERE are the BAD THINGS
* The electric bill was $37.26 higher than last month(a/c turned on now).
* The gas card bill was $54.52 more than in June.
* The c/c bill was $2,573.49 higher than last month.
* We had $43.79 in medical charges I paid out of income instead of HSA funds.
* There were $79.39 in vet charges in July.
* The electric bill was $37.26 higher than last month(a/c turned on now).
* The gas card bill was $54.52 more than in June.
* The c/c bill was $2,573.49 higher than last month.
* We had $43.79 in medical charges I paid out of income instead of HSA funds.
* There were $79.39 in vet charges in July.
The Food Budget costs for July 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 July "income" in the red taking $483.46 out of the Slush Fund.
After subtracting the $555.09 for the carpeting as well, we had $1038.55 in charges beyond our income for July, which leave the July Slush Fund ending at $19,971.81 going into August.
The Sinking Fund goes into August 2019 standing at $468.37 since nothing was paid out of it in July.
FINAL THOUGHTS on July----
Lots of "out of the ordinary" expenses put on the credit card(over $2500 worth) and the carpet installation had us OOP over $3K extra and put us over budget in July.
Luckily we could tap the Slush Fund for that overage. ;-)
THOUGHTS going forward into August 2019----
We have one irregular bill due in August, the house insurance. This bill actually went DOWN $71 from 2018's homeowner's insurance bill. *gasp* A yearly bill that goes down?? Where is Alan Funt and his Candid Camera? lolz
Electric will be higher due to more a/c usage.
The credit card bill will be another whopper.....$700 in car maintenance/repair(Hubs car), $134 in take-out and amusement park charges while eldest son and GF were here, and my $200 yearly Ancestry subscription renewed, along with all those grocery store purchases in July that will hit in August when the c/c is due. Oh and Hubs bought an expensive gun plus accessories that go along with that purchase and this will all be on the August c/c bill.
It won't be pretty. 8-(
But no worries here on going over the "income". We have all that overage from last year when we were withdrawing from the 401K so we just use that overage to absorb extra costs until that is gone and then we'll sit down and re-evaluate the spending.
After subtracting the $555.09 for the carpeting as well, we had $1038.55 in charges beyond our income for July, which leave the July Slush Fund ending at $19,971.81 going into August.
The Sinking Fund goes into August 2019 standing at $468.37 since nothing was paid out of it in July.
FINAL THOUGHTS on July----
Lots of "out of the ordinary" expenses put on the credit card(over $2500 worth) and the carpet installation had us OOP over $3K extra and put us over budget in July.
Luckily we could tap the Slush Fund for that overage. ;-)
THOUGHTS going forward into August 2019----
We have one irregular bill due in August, the house insurance. This bill actually went DOWN $71 from 2018's homeowner's insurance bill. *gasp* A yearly bill that goes down?? Where is Alan Funt and his Candid Camera? lolz
Electric will be higher due to more a/c usage.
The credit card bill will be another whopper.....$700 in car maintenance/repair(Hubs car), $134 in take-out and amusement park charges while eldest son and GF were here, and my $200 yearly Ancestry subscription renewed, along with all those grocery store purchases in July that will hit in August when the c/c is due. Oh and Hubs bought an expensive gun plus accessories that go along with that purchase and this will all be on the August c/c bill.
It won't be pretty. 8-(
But no worries here on going over the "income". We have all that overage from last year when we were withdrawing from the 401K so we just use that overage to absorb extra costs until that is gone and then we'll sit down and re-evaluate the spending.
So how was your July financially?
Did you spend less than the income you had in July?
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
