March 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
Utilities406
Groceries452
Discretionary159
Other1128
Total3523

Housing

Housing was $1378.

Utilities

My utilities for the month were $406. This one is kinda goofy, since due to an error my water bill was paid twice. I just had it credited to the next month’s bill. So you could cut up to $75 off of it for the month.

I expect this to begin trending downwards as the weather warms. As I’ve been saying for months now.

Groceries

My groceries were $452.

A large chunk of this was from having to restock on tea after I dropped most of it on the floor. The rest came from stocking up on items I only use occasionally. But I would like to keep an eye on this category. It seems to be trending upwards recently. I’m going to shoot for less than $100 for each trip this month.

Discretionary

My discretionary expenses were $159. I might break podcast expenses out separately from this category and lower the goal. We’ll see.

My goal fund currently has $8.

Other

My other expenses were $1128. This was for my taxes.

Total

In total I spent $3523. This is quite a bit more than my usual in the range of $2100-$2200. If you remove taxes and the kinda goofy utility bill, it comes in close but still over. I’m going to have to work on bringing this down.

Income

My income for the month was $12,302. The table below shows the sources of that income. Currently, I do not include investment income or money withheld for taxes in that total.

SourceAmount ($)
Take-home7753
Retirement4549
Total12,302

The yearly bonus came in this month which seriously turbocharged my savings for the month. I think it will drop back down to my regular savings amount starting next month, excluding my retention bonus in a few months.

Account balances

Account TypeAmount
Cash16,000
Taxable97,300
Retirement97,100
Total210,000

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

Continuing up and to the right. It’s looking good though.

Savings Rate

This month, my savings rate was: 71%. 

My average savings rate Year to Date is: 71.3%.

Finally getting a graph for savings rate this year. Nothing too exciting yet. A general trend slightly downwards as the year continues.

Goals for next year

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 assuming no stock market crashes.
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 many years out.
Full FIRE (NW = $1,500,000)Still approximately 10 years out.
Start Housing fund ($200,000)I haven’t figured this one out yet. I may just push my FIRE goal some. I have plenty of time after all.
Establish GlidepathFinished.
Establish a moving fundI’ll probably take this from a retention bonus later this year.

Wrapping up

Well that is it for March. A little more expensive than I’d like. But I’m hoping to bring my expenses down going forwards. I think I’ve just gotten a little lax and need to rein it in. I’m still making good progress though.

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