Hello Dear Readers. I hope all of you have been having a lovely holiday season and end of the year. I personally, am looking forward to some big changes in 2020, continuing to stay healthy, and live my best year yet.
I would like to start this expense report by saying that since I started tracking our spending in August our net worth has grown by $60,000!! This is because our investments have been doing really well and our cash total in our savings and checking accounts have more than doubled. Budgeting and decreasing my spending still aren’t clicking as well as they should but I’m hoping my No Buy Year will help things fall into place.
December was a stupid expensive month thanks to Christmas and my work expenses. My malpractice and disability insurance bills were due in full in December and they aren’t cheap! Let’s start by looking at our income…
- Combined Net Income: $15,788.69
- Returns of previously purchased items: $228.09
- Earned Dividends on bank accounts: $67.61
Total Earned Income: $16,084.39
Now let’s look at our expenses…
- Mortgage: $2,289.90
- Preschool: $1,175
- Cell Phones: $133.95
- Utilities: $170.25
- Internet: $44.99
- Grocery: $496.10
- Gas: $193.57
- Costco: $233.62 (the last month as our membership is now expired)
- Restaurants: $123.65
- Alcohol: $140.33
- ATM: $20
- Hair: $22.50
- Trainer: $450
- Lowes: $61.09 (clear storage containers)
- Homegoods: $13.09 (planner)
- American Eagle: $65.46 (pants for the husband)
- Christmas: $899.67
The grand total for Christmas this year was almost $1,200 which included everything from gifts, party outfits, wrapping paper, donations, etc.
- Malpractice Insurance: $3,961
- Disability Insurance: $4,761.63
- Credit Cards: $321.42 (included vehicle tag renewal fees, lawn care, and an insurance payment)
- County Clerk fee: $3.08
Total Expenses: $15,580.30
We started the month with $47,035.62 in our accounts and ended with $47,539.71 for a total increase of $504.09. My yearly work expenditures really took a toll on our growth. But I will be giving us a pat on the back because our restaurant, alcohol and grocery expenses were less than they have been for the past four months!! So yay us!
Just for giggles, had my work expenses not been due this month our total expenses would have been $6,857.67 and this would have been the lowest our monthly expenses have been since I started tracking in August.
My goal for 2020 is to attempt to keep our monthly expenses averaging around 7k per month and to make a very large lump sum payment to our mortgage principal. I think I will be able to do this if I can stick to my No Buy Year, keep our grocery and household expenses around $600 per month, and continue to keep our restaurant expenses below $200.
One final thing, we are switching our cell phone plans from Verizon to Mint Mobile. We have signed up for a 3 month trial so I will be excited to see if this works for us. If it does we will be tripling our data while saving $600 per year on our cell phone bill.
We will also be cancelling our Amazon Prime account as it is now $130 per year and I rarely watch the movie, listen to the music, or read the books they offer with membership. With my No Buy Year starting I will not be making enough purchases from Amazon to justify keeping this account. It is my goal to shop locally and I’m going to try my hand at second hand shopping for what few items I will be purchasing.
I’m looking forward to continuing this journey in 2020. Thanks for reading and following.