I wanted to give y’all a sneak peek into my monthly spending and savings, so here is a breakdown of my income and expenses for the month of January. I’ll be doing this at the beginning of each month, so stay tuned for more!
To give you a more complete picture, each section of this post breaks down my income, my expenses, and then my total savings. Let’s start with income:
January 2020 Income
This January was a good month for my income and my savings because it was a three-paycheck month (rather than my usual two) for my full-time job. But, the dog walking check that I received in January was a bit less than usual, since it’s actually for the walks I did in December. I took more time off dog walking in December to visit family for the holidays and for the wedding. Next month’s should be back up to between $500-$600.
Here’s the full breakdown:
|Full-Time Income (Salary)||$3,506.62||Three-paycheck month!|
|Deferred Retirement Savings & Match||$852.20|
|Dog Walking||$376.43||This is for the walks I did in the month of December. I did fewer walks than I typically do, so this is lower than usual.|
|Other||$47.40||Savings interest, cash back rewards, selling stuff online, etc.|
Total January 2020 Income: $4,782.65
January 2020 Spending
January was a pretty typical spending month for me. Some categories are a little higher than usual and some a little lower, so overall, it evens out.
It’s been great weather, so our electric bill was a bit less than usual. At the same time, I’ve been throwing extra money at my car loan the past few months to kill it off early. I should be done with that by the end of March (so it’ll be paid off two years early) and that money can all be redirected toward savings and investments.
I also bought a plane ticket for a quick trip we’re taking in February. We’re still working on cutting down our dining out costs a bit, but we managed to stick to the meal plan pretty well this month. (Stay tuned for the meal plan update, complete with recipes, later this week).
We didn’t quite do a dry January, but we did manage a slightly damp January. We drank less frequently but didn’t totally abstain.
I bought a bike and paid for the start-up costs for this blog, so those are some other one-off costs listed here.
Overall it was a pretty good month. I spent a lot of time outside, enjoyed time with friends and family, attended an Ira Glass talk, started this blog, and tried out some new restaurants and recipes. A swell start to the new year, if I do say so myself.
The chart below shows how my spending broke down. Everything with an asterisk* means that Cassie and I each pay that amount (so our total rent is $1,410 per month, but we each pay $705).
|Water/Waste*||$53.65||Our city is in the middle of overhauling the water infrastructure, so we have extra high fees/taxes along with usage costs.|
|Car Payment||$634.64||My car payment each month is only $184.64, but I’ve been paying an extra $450 each month towards the principle for the past few months so that I can just be done with it. Two more months to go!|
|Gas||$45.22||Took a trip to visit my parents one weekend, so that added an extra tank of gas.|
|Groceries*||$209.19||Includes household items and a trip to Costco where we bought a year’s worth of dish soap, floss, lint rollers, and a couple months’ worth of laundry detergent. My next post will be an overview of our meal plan from January.|
|Dining Out & Entertaining||$106.04||Hopefully next month’s will be lower.|
|Fun Money & Bars||$7.46|
|Subscriptions & Memberships*||$40.19||Costco membership came out this month along with our regular monthly subscriptions.|
|Stuff for the House*||$81.79||New set of sheets, new hose hookups for the washing machine, new air filters, garden supplies, and a space heater so we don’t have to heat the whole house for the few weeks it gets cold here.|
|Travel||$200||Bought a plane ticket for our trip to Pennsylvania in February.|
|Insurance (Health, Dental, Life, Disability Insurance)||$96.60|
|Health Spending||$5||Got sick and bought some medicine.|
|Work Expenses||$74.89||Annual domain and web hosting costs for blog, as well as supplies for work and food for my staff.|
|Misc.||$67.99||I bought a bike! and little tire cap screws.|
Total Spending: $2,489.26
January 2020 Savings & Investments
I earned $4,782.65 this month, spent $2,489.26 on expenses, and the rest of my money went into various savings vehicles. So, I saved $2,293.39 this January.
Total Saved: $2,293.39
Savings Rate: 48%
Current Net Worth: $22,719.97
I’m pretty happy with how things went this month, especially since I have some savings goals that might be a bit of a stretch this year.