June 2024 Expense Report

As usual, it is time for another expense report. This time for June 2024.

Expenses

Housing1378
Utilities292
Groceries536
Discretionary141
Other0
Total2347

Housing

Housing was $1378.

Utilities

My utilities for the month were $292. I’m guessing this will be close to my floor for the year. Although I did have to gas up my car this month.

Groceries

My groceries were $536. This is significantly higher than expected. But this does come in at close to my expected cost based on the number of days I went grocery shopping this month. I’d still like to bring my average cost per trip down a bit, currently I’m aiming for just under $100/person per trip. I’ll need to stew on how to achieve that some more.

Discretionary

My discretionary expenses were $141.

My goal fund currently has $88.

Other

My other expenses were $0.

Total

In total I spent $2347. Slightly more than expected but not significantly higher than my goal of $2100.

The graph below tracks my expenses month to month. More or less in line with previous ones. Although if you ignore the spike earlier in the year it definitely is trending upwards. Clearly less months need to start on the day that I go grocery shopping.

Income

My income for the month was $17,347. The table below shows the sources of that income. Currently, I do not include investment income in that total. I finally got the retention bonus from last year. Furthermore my income will increase another 4% starting this next month as raises were finally announced. Things are running well at the moment.

SourceAmount ($)
Take-home10382
Retirement6965
Total17347

Account balances

Account TypeAmount
Cash21,000
Taxable111700
Retirement105,000
Total237,700

With the portion of my bonus that I added to my retirement accounts I’ll probably max them out sometime in the next few months, well before the end of the year.

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

Up and to the right. Just what I like to see. Although it is quite a bit steeper this month than previous ones. Currently I think my income, or at least savings from my income, is still the main driver of changes in net worth, I’m still looking forwards to seeing when that changes to my existing savings becoming the main driver behind my net worth. Maybe I’ll do some curve fitting in the months ahead just to see what we’re working with.

The graph below tales the same data and converts my net worth into the equivalent yearly salary.

With my planned withdrawal rate I’m quickly approaching a point where I will be able to withdraw $10,000 a year. While not a huge amount of money, that is a milestone I’m looking forwards to hitting. It feels a lot like when I was first approaching $100,000 in net worth.

Savings Rate

This month, my savings rate was: 86.0%. 

My average savings rate Year to Date is: 72.9%.

Overall pretty good. Thanks to a eye-wateringly high savings rate this month, I’ve bumped my average even higher above my goal of 66%. I expect we’ll be back down closer to the regular range of the mid to high 60s going forwards. Although I do have my vacation coming up in August.

Goals

With all that in mind, let’s take a look at the goals for the next few years.

GoalNotes
Net worth = $200,000 by the end of November 2024.Complete. Just maintaining until the end of the year.
Net worth = $250,000 (CoastFIRE)We’ll see if I hit this goal this year. I’d like to but it feels ambitious. Currently I think it is doable.
Reach Lean FIRE (NW = $750,000)Still many 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.
Establish a moving fundComplete June 2024.

I think I’ve technically hit CoastFI already, actually. When I initially calculated the number I excluded any bonuses or other forms of extra income I might receive. With those assumption I was a little over a year out from CoastFI when I set this goal, as my net worth is already higher than I anticipated for this year, I think I’ve already hit it. I think I’ll still count that goal as complete when I hit $250,000 though. I’m a lot more optimistic that I can hit this goal now.

I haven’t actually created a CoastFI calculator, I was planning a post on one and other things in the near future. But depending on which online calculator I use, and whether I use a 4% withdrawal rate or a 3.5% a decent argument could be made that I’m already at this milestone.

Wrapping up

Things are looking good so far for this month. Now I just have to continue staying the course for the rest of the year. Overall, I’m in a really good place to meet my goals this year. I’m looking forward for what the rest of the year has. I’ve hit my stride that’s for sure.

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