May Monthly Report: Getting Back to Personal Finance Basics

by Debt Hater on June 1, 2011

In April, I wrote about how leaving my finances completely on autopilot without checking in wasn’t working. Ask me why I continued that practice for the following two months.

Of course there is no good reason why. I’ve just been deeply distracted by wedding planing (which, mercifully, hasn’t been that difficult or involved), my new job and lots of travel (ironically, I feel like it takes as much work to visit my fam and friends when I lived farther away from them!).

Report for May 
End of the month: $887.10 (I may have to rekakalate that…)

Saved: $1,850 (34% of my monthly income)

Total Net Worth: $42329.39

Nothing fun and exciting to report here, expect that I feel like I’ve been asleep at my fiscal wheel for half the year.

What am I doing differently in June?
Going back to the spreadsheet. I have to keep better track of my cash expenditures. All those quarters in the vending machine, the washing machine and random bagels when I was too lazy to get out of bed and make breakfast at home are adding up.

Straightened out my IRAs and will resume automatic contributions. I was dragging my feet on this and losing precious compounding time.  But this is now set up and I am back to saving for the future again. Woo hoo!

Slowing down on the plastic. I have paid my balances off dutifully every month and have not gotten into a bind where I had to dip into savings. I don’t think the plastic is the problem — I think it’s me thinking I have plenty of money all the time that’s leading to my impulse spending. I am earning more money than before, but living in NJ is expensive. And because I moved up here and will be moving back after the wedding, I might be actually looking at a Net loss on income for the year, despite the higher salary. Thus, even though I am saving and paying all my bills, I don’t really have much more cash to spend than I did before. So I need to reign it in a bit here. How? Yeah, that’s right, time to UPDATE THE BUDGET!

More on a updated budget (in the midst of wedding and moving expenses) in my next post.


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