I’ve been good about keeping track of my money.. so I’m feeling proud just ’cause of that.
Spendng $$$: I budgeted $1958.16 per month, but only spent $1,651.62 (fixed: $1,134.75, variable: $516.87, and irregular: $0). My unofficial goal is to keep my monthly spending lower than 1 paycheck’s net amount, which I have done this month. So I’m pretty happy about that. I can’t get careless, though, because I have alot of upcoming expenses (car, insurance, memberships, etc.). Cash flow will be lower in February.
Saving $$$: I saved*** a total of $1,000 ($500 Roth, $500 MMF). That’s only 4% of my annual goal of $26,000 in savings. Of course, I made that goal with bonuses/raises/gift money/tax refunds in mind, but it’s still a little disconcerting to find the year 1/12 OVER but I’ve only made 4/100 of my goal.
For February, I resolve to kick things up a notch! There’s the $500 Roth contribution, then $1,100 to MMF. This will bring me to $2,600, or 10% of my goal. Much better.
I’ve already made my appointment for my monthly massage.. but maybe I can postpone it to March. (It hurts to even type this). Your thoughts?
***I define “saved” as money that has been deposited into accounts OUTSIDE of my regular savings account or checking account. In this case, my saving vehicles are my retirement portfolio & money market fund. I still have money leftover from paying all the bills in the savings account, but that money is earmarked for very short-term expenses or to serve as cash cushion. So I don’t consider it saved money at all.
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Math nerd alert… but the 4/100 should really be simplified to 1/25 so it can be more easily compared to 1/12. Or both could be converted to percents to make it super apparent. Okay, you can ignore that comment, but I couldn’t hold it back.
I’m a bad influence, but you can afford the massage… so if you can give it up without feeling too deprived, do it. If it hurts to type that sentence…. then maybe look for somewhere else to cut?
Depending on your health insurance, some cover or partially subsidize chiropractor visits–which may include massage-type therapy.
I have to admit that I thought the same thing that SJean commented….
I think you should get your massage if you’ve saved up for it. I would love a massage!
Wait til you do your taxes.
I made about $400 in bank account interest, and about $2800 in part-time income. I watched as TurboTax re-calculated the amounts after each entry. I didn’t realize I lose a full 1/3 of interest income to taxes.
Now I owe the Feds $850, and my state $225.
Since it’s your first year of filing taxes, Wanda, I would hold off any heavy spending until you see if your employer withheld enough.
Also, FYI, anyone who is a State Farm Insurance customer gets free TurboTax online for w/ free federal e-file.
Margo – this is actually my… 4th year of paying taxes? Last year I got a pretty hefty refund. I’m not sure about the size of the refund this year, but I certainly don’t expect to owe any money.
Unless I made more money than I realized.
I figured your parents filed them while you were in college. I didn’t do my own until after graduation. Man, what an eye opener! Wanda, have you done all your own taxes before?
We certainly don’t encourage Americans to save, if taxes take a full 1/3 of bank interest. For the people who most need motivation to save, and who don’t have enough (yet) to invest, that would be so disheartening. Especially if they’re using a regular bank paying 0.5% anyways.
It might be lower than your goal, but I think that $1000 is awesome
Wow. I am completely excited for you and your $1000. That is alot of money and a healthy way to start your 2008 savings.. Keep it going! And keep the updates coming, love hearing about all that is going on in your money world.