Expense Report January 2024

As usual, it is time for another expense report. This time for January 2024. I think this is becoming pretty standard unless I have anything interesting to talk about.

Expenses

Housing1352
Utilities147
Groceries344
Discretionary154
Other442
Total2438

Housing

Housing was 1352. It should go up next month as my new lease agreement takes effect.

Utilities

My utilities for the month were $147. I expect this to be higher for the next few months.

Groceries

My groceries were $344. I’m probably going to try and find a way to bring that down slightly.

Discretionary

My discretionary expenses were $154. I had one or two beers to many at the bar this month.

My goal fund currently has $0.

Other

My other expenses were $442. This was the hosting cost of the website as well as the hosting cost of the podcast.

For those that are interested you can check out the podcast resources here. Find it on your favorite podcast app of choice. It has nothing to do with personal finance as it is a history podcast though. So consider yourself forewarned.

Total

In total I spent $2438. Overall, $200 or so over my goal spending of $2200. I adjusted the goal from $2100 to account for increased rent and slightly higher discretionary budget. I think next month should go better.

Income

My income for the month was $8809. The table below shows the sources of that income. Currently, I do not include investment income in that total.

SourceAmount ($)
Take-home6449
Retirement2360
Total8809

I got the second half of my signing bonus this month for reaching one year of service. I expect this to be slightly higher as a portion of that signing bonus went to my 401(k) and posted just after I recorded values for this month. After that I expect it to level off again.

Account balances

Account TypeAmount
Cash16,000
Taxable67,600
Retirement97,700
Total181,300

The graph below tracks my change in net worth since I started tracking it in January 2023.

Continuing up and to the right. Overall it is still looking fairly linear. My guess is that is because of the overall rather short period of time that I’ve been tracking it for.

Savings Rate

This month, my savings rate was: 72%. Thanks to my signing bonus this helped keep me slightly above my goal of 66%.

My average savings rate Year to Date is: 72%.

No graph this month since I only have one date for my YTD savings rate. This graph will start up again next month.

Goals for next year

With all that in mind, let’s take a look at the goals for the next few years. Most of them are fairly ambitious is the only problem.

GoalNotes
Net worth = $200,000 by the end of November 2024.Well underway. I think I’ll hit this goal no problem.
Net worth ~= $250,000 (CoastFIRE)We’ll see if I hit this goal this year. I’d like to but it feels ambitious.
Reach Lean FIRE (NW = $750,000)Still several years out.
Full FIRE (NW = $1,500,000)Still approximately 10 years out.
Start Housing fundI haven’t figured this one out yet. I may just push my FIRE goal some?
Establish GlidepathFinished. Maybe I’ll make a post out of it.
Establish a moving fundI’ll probably take this from my bonus later this year.

Wrapping up

That’s it for this month. Still plugging along. I think individual expenses will be slightly higher than usual next month but overall slightly lower. Overall I think it is a fairly solid start to the year.

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