January 2018 Life + Money Report

January 2018 Report

January involved a lot of staying inside trying to finish Get Your Money Together Workbook, which comes out in digital format next week! The stress of writing a book is reflected in my high coffee + “grocery treat” spending. I also worked a fair amount at my part-time fitness studio job, which has me getting up at around 4:30AM (I love it!)

Fun things that happened this month:

YTD Spending: $1,145/ $20,000 maximum goal
(5.7% of total at 8.3% through the year)

Essential Expenses (in descending order): $990
Rent: $615.00
Groceries: $182.05
(Groceries – $144.60, “Treats” – $26.47, Coffee/Tea for Home – $10.98)
Electricity: $38.29
Health Insurance (after subsidy)*: $37.00
Water/Garbage: $27.50
Internet: $19.97
Household Goods: $19.76 (semi-annual TP + laundry detergent restock)

Notes: I actually had to move money from other categories into the grocery budget, that’s how over budget I went. I spent a TON this month on “treats” (snacks, kombucha) which was almost all related to book stress.

Discretionary Food & Drink (in descending order): $41.67
Restaurants: $21.51 (2 were emergency burritos during unexpected double shifts at work)
Coffee: $15.16 (mostly “work from coffee” shop purchases)
Bars: $5.00 (three soda waters at bar meetings)

Travel Hacking: $75.00
Bank of America Card fee: $75.00

Discretionary (in descending order): $58.99
Fitness Monthly Membership: $40.00
Clothing:  $12.62 (was $37.62 but got a $25.00 swagbucks gift card)
Entertainment:  $15.00 (Funhouse Lounge show)
Spending “Fun” Money:  $3.99 (Stylebook app)

 


Health Care Subsidy Note

This was the first month where my health insurance dropped from $231 a month down to $37 a month, thanks to taking the low-income ACA health care subsidy. This subsidy is based on an adjusted gross income (AGI) of $22,000 – which I hope to exceed, if my business goes well. If I do exceed that, I will have to repay a portion of my health care subsidy.

Because of receiving the health care subsidy, I’ve switched from putting my retirement savings in my Roth IRA to a Traditional IRA, since Traditional IRA contributions are deducted from your AGI.

This means that if my income goes up by $5,500 and I manage to put that all in my Traditional IRA, I will owe nothing back for my health care subsidy because my AGI will not change (Roth contributions are not deducted from AGI because they are post-tax).


Money Set Aside in Sinking Funds (Not Yet Spent): $250.51

CSA Farm Share $21.00 ($250 per year)
Bike Drivetrain Repair Fund: $40.00 (towards $200 in May)
Renter’s Insurance $11.50 ($140 per year)
Dental Fund $50
Half Marathon Fund $26.67
Haircut Fund $18.34 ($55 every 4 months)
Clothing Fund $33.13
Makeup $50 (I hate makeup but it occurs to me I should learn how to do it for camera)

Savings: $1,555 (32%)

Traditional IRA contribution: $196
Cash Savings: $1,359.51
(15% toward my goal of saving $10,000 this year)

Total After-Tax Income:  $4,830

My stated income comes from my December income, because I live on last month’s income. Because December was such a high earning month due to Kickstarter income and the next couple months will likely be thin for earning, I actually allocated December’s income out 3 months in the future.

Oh My Dollar!: $3,417.60 (about $3,000 was take-home from  $15,000 Kickstarter after expenses and taxes)
Part-time Fitness Studio Job: $774.74
Freelance Graphic Design: $639.00

 

34 thoughts on “January 2018 Life + Money Report

  1. (Oh I see what you mean – I only am counting this as my income for my savings rate this month ($1555/$4830) because the calculations get too confusing when I spread out the cash. So savings rate is based on what actually comes in this month. That $1555 is not allocated to future months. The balance of december’s income is allocated in my future months as spending money, but it’s very possible for those months my savings rate will be nearly negative because my income will be low (I think January’s income was closer to $1200 take home.) is that clear as mud?

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