May 2024 Expense Report

As usual, it is time for another expense report. This time for January 2024. As a heads up, this post will probably be longer than the rest.

Expenses

Housing1378
Utilities260
Groceries369
Discretionary143
Other0
Total2150

Housing

Housing was $1378.

Utilities

My utilities for the month were $260. I’m guessing this will be close to my floor for the year.

Groceries

My groceries were $369. This does include about $50 in gardening supplies I probably won’t need to buy more of this year and some other stuff I tried out this month.

Discretionary

My discretionary expenses were $143. Nothing of note here for this month.

My goal fund currently has $79.

Other

My other expenses were $0.

Total

In total I spent $2150.

I think this is pretty much my max if I stay within budget every month, maybe a little high. But I think I’m still at a good spot.

The graph below tracks my expenses month to month.

Income

My income for the month was $6728. The table below shows the sources of that income. Currently, I do not include investment income in that total.

SourceAmount ($)
Take-home4216
Retirement2512
Total6728

Account balances

Account TypeAmount
Cash16,000
Taxable101,700
Retirement102,000
Total219,700

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

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

Overall both are trending up and to the right still. Which is all that I aim for.

Savings Rate

This month, my savings rate was: 68.0%. 

My average savings rate Year to Date is: 70.3%.

I’m a little concerned that it keeps trending down and to the right. But I’m remaining above my goal of 66% a year.

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. I only need to get $30,000 more this year
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 fundI’ll probably take this from my retention bonus down the line.

Wrapping up

Overall, thing are looking good. I think I just need to keep plugging along like this.

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