Saturday, February 9, 2019

January Wrap Up-Literally Nothing to Report

We are in 2019, are we not? January has the eerie felling of 2018 financially, and we all know how well I bombed my financial goals last year. Our goal is to have above our regular primary savings (annuity, car fund, 401 K) $30,000 in cash after paying our regular life expenses. The plan for how the $30,000 will be distributed is below. I've already "fessed up" that I woefully under budget the show choir trips, but plan to skinny down a couple line items in the regular budget to make up for that, mainly in the entertainment and eating out categories.

College
$21,000
Show Choir Trips
$1,970
Graduation Party
$900
Move in Weekend Trip
$175
Parents Weekend Trip
$175
Choir Concerts Trips
$350
Home Improvement
$5,430
Total
$30,000

January did not see any actual cash deposited into the savings account. In fact, we had to temporarily borrow from savings to the tune of $1,1850 as DH's January checks were low and some prepaid expenses, that will help us later in the year, were high. I expect February to be the same, though should not have to borrow. We might even be able to put a little something back. Financially, we should pick up momentum by March, a three paycheck month. DH is still leery of his business, despite the supposedly strong economy. Groceries and other bills keep getting more expensive, so I'm using these two months when cash flow is particularly tight to hone in on tightwaddery skills so I am well practiced when cash flow is on the upswing, encouragement to keep up with those frugal ways. 

Literally, I have nothing to report on progress. While  we did have to tap into savings, some will be off-set with reduced spending later in the year on gifts. 

Here is how we end January:
($1,150) Borrowed from Savings
 $   407  Show Choir Trip #1
 $   100  College Deposit
($  643) Net Result 

I'll just let that linger. I;m looking over the budget numbers carefully and comparing to where we actually spent. There must be room to whittle down a few expenses. I'm giving it a hard look. 

13 comments:

  1. This was cool little read. =(By little I mean I like how fast it was)

    I alway like to know what other people, real people, are doing with their budgets as a way to get ideas for my own. Please continue to share!

    ReplyDelete
    Replies
    1. It's not that exciting and it looks more dire for the year than it actually is. If it helps others think, I'm happy to do so.

      Delete
  2. And this post is real life, it is not always and under budget month - but the good news is it's early in the year and you have time to make it up :)

    ReplyDelete
    Replies
    1. January has been like this for years. I'm more frustrated that we spent later in December than we had intended, which trickled then into January credit card payment.

      Delete
  3. This is what happens when life goes on around us. Some months are just a little out of our control.

    ReplyDelete
    Replies
    1. So many things had to be paid for and then there were two trips in the month. Next month we are prepaying for March travel expenses. I think we will see green in March.

      Delete
  4. Let's blame it on January and February, those are such expensive awful months at least here. We will see things get better in March I just know they will.

    ReplyDelete
    Replies
    1. I've come to expect a slow start-this was just slower than planned, mostly because of extra and late December spending and the massive car repair.

      Delete
  5. Sorry to hear that January is so rough. Has your husband given thought to his plan, if things don't turn around? I'm not sure of his business, so this may not be feasible, depending on industry, etc.

    ReplyDelete
    Replies
    1. He does think about options, but so far he's in a better situation than most at his business. His age doesn't exactly help him in starting over in a new place-hard to compete when others, while not very good, will do the job for less than 1/2 his typical earnings. The car repair, which we ended up not pulling form another account but our regular cash flow and savings, was the big hit. Fortunately-a one time expenses if we keep safe on the road.

      Delete
  6. Does graduation party include her gift from you and DH? None of my 3 wanted a party but we didn't have much family in the area like you do. As you know, the next four years won't be any cheaper but you're a good planner. How many years until your home is paid off? That's what my older daughter is waitng for- grandsons are 14 (fresman)and 16 (junior) now- just 1 and 3 years left until college.

    ReplyDelete
    Replies
    1. Our house has been paid off for over a decade-about the time the oldest went to college. We have high taxes and insurance though, so put a sum in an account monthly for that. We'll get her a college appropriate lap top before she goes to college-not really a gift, but part of what we are planning as part of first year expenses. The party is a non-negotiable! I loved planning for, hosting, and celebrating with my other two kids and want the same experience with her. We're looking at ways to keep the costs down while still wonderful. A work colleague has offered the party tent and has several large tables. Those items alone will save several hundred from what I originally thought I'd spend. She wants Sloppy Joes, which will be less expensive than the hot beef au jus we thought we would do (older kids parties and was a hit!), so probably $150 less on meat. I think I can do the whole party for around $700.

      Delete
    2. Part of our cash flow at times of the year is the amount we have automatically going into 401K and pension accounts. 35.75% of my salary is never seen by me (though by October I hit my max, so then only 5.75% so we make up cash savings at that time) and 30% of DH's goes into his 401K. I regularly need to remind myself that even when cash is not growing, our overall savings towards retirement still is.

      Delete

Join the conversation. Your respectful comments are welcome. Spam and advertising products or services without permission will be deleted, as will anything deemed hurtful to others. A change, I moderate comments older than three days to be sure I read them all and stay ahead of the spam. If you're a blogger, feel free to include your blog URL.