It’s that time of the month! Time for a review of my past months earnings and spending. When I invite you all to explore the nitty gritty of my finances down to the penny. While it can feel a little weird sharing so many details here on the world wide web, I think it’s important to help start normalizing conversations around money and why we spend on what we do. Each section of this post breaks down my income, my expenses, and then my total savings. Let’s start with income:
February 2020 Income
Pretty normal month. Two paychecks, dog walking check was in the standard range, did a small amount of freelance work.
Here’s the full breakdown:
|Full-Time Income (Salary)||$2,332.91|
|Deferred Retirement Savings & Match||$657.20|
|Other||$195.67||Freelance work, selling stuff online, savings interest, cash back rewards, etc.|
Total February 2020 Income: $3,770.78
February 2020 Spending
February was a pretty typical spending month for me, spent a little less than last month, but it was also two days shorter, so that tracks. As always some categories are a little higher than usual and some a little lower and it all evens out.
It’s still been great weather, so our electric bill has been nice and low since we can just keep the windows open. I’m still throwing extra money at my car loan, and hopefully will be finished paying it off this month!
We spent a few days in Pennsylvania this month partly on a work trip for Cassie and partly to visit some family. When I travel I categorize all of my dining and transportation costs into the travel category, so this also helped the food categories stay a little lower this month. Gift cards also helped, as we went out a couple times using gift cards that had been lying around. (Stay tuned for the meal plan update, complete with recipes, later this week).
I bought a new lens for my camera and applied to grad school.
Overall it was a pretty good month. I spent a lot of time outside, visited family in Pennsylvania, finished a few books, went to a play, and had a really great month at work.
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*||$50.96||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. One more months to go!|
|Auto Insurance||$67.23||Raised my deductible by a few hundred dollars, so my monthly rate dropped $10.|
|Groceries*||$189.64||Almost on target this month. Meal plan review coming up next!|
|Dining Out & Entertaining||$83.33||This would have been higher this month, but we were able to use some gift cards that had been lying around for a few meals out. Still working on this category!|
|Fun Money & Bars||$14.31|
|Subscriptions & Memberships*||$17.05||Netflix, Spotify, etc.|
|Stuff for the House*||$32.10||Had to buy a new air mattress|
|Travel||$331.08||Spent a few days in Pennsylvania, and pre-paid for our Airbnb for a trip to Tennessee we’re taking in May|
|Insurance (Health, Dental, Life, Disability Insurance)||$96.60|
|Work Expenses||$48.83||Dry cleaning and bought something for my office|
|Misc.||$210.20||I bought a new lens for my camera and applied to grad school!|
Total Spending: $2,326.33
February 2020 Savings & Investments
I earned $3,770.78 this month, spent $2,326.33 on expenses, which means I saved $1,444.45. Despite savings almost $1,500, my net worth only increased about $800 because the stock market dropped around 10% right at the end of the month. But remember, when you’re investing for the long haul, those dips don’t mean too much in the long term.
Total Saved: $1,444.45
Savings Rate: 38%
Current Net Worth: $23,445.74
I’m pretty happy with how things went this month, and am excited to see where my spending levels out once I’m done paying off my car next month.