Money In, Money Out: Q1 2012
I’m really excited about this post, because my finances haven’t been this organized or analyzed in a long time! I’m hoping to make these quarterly reports a regular part of my blog going forward.
Income, Deductions, Taxes, 401k:
The first quarter is when I get my yearly bonus, so that boosted our income a little more than usual. I am ahead of pace on my 401k contributions and will be reducing the percentage of my paycheck going there. T is going to make more in each of the future quarters (but he also has to get a room to live in out of town). Also, my paycheck got a little bigger this past month, and will stay that way for the rest of the year
If you don’t look at the tax picture, we are spending just over half of our income and saving the other half. Not bad, but we spent a total of $14635, which seems like a lot! Here is what it was spent on. This is all for two people.
The insurance includes 6-months of car and 12 months of renters insurance. “Hobbies” is mostly running & snowboarding related purchases, and maybe a book or two (i.e. it is basically ALL ME spending that). I expect that to go down drastically. I’m not racing much more this year and I should stop burning through running shoes so quickly! Gas is really diesel – I’m pretty happy with the amount of money we are spending on fuel with our VW Golf! Clothes is super high, and over half of it is T’s new Brooks Brother’s suit and shoes, and a couple of dress shirts (also Brooks Brothers). He probably won’t buy much more this year, though he’ll need some “business casual” type polos or something. Maybe. The rest is my spending on various things, mostly in January, but a little this month as well. Personal is haircuts and other beauty related purchases. In the entertainment bucket, the largest purchase was Cirque du Solei tickets – such an amazing show!
And here’s a visual look.
Savings (outside of 401k) and Money Summary:
Our cash savings were weak and we are behind pace to meet the $20k goal for the year. Our Roth IRAs are on pace. T has a little extra since he had to max out his 2011 one still. We’re still mostly focusing on retirement savings over cash, but once T is done with all of his education and post-doc, we’ll be able to be effective on both savings fronts.
I’d like to see some of the spending go down a bit, and now that I’m tracking and analyzing again (thanks to my new excel spreadsheet), it should be able to happen. I’m not really ‘budgeting”, per se. The goal is always not to spend too much, but I don’t think it is too worthwhile to have categories with specific targets. Our income will go up in the next 3 quarters, as T is starting a new job. However, his living expenses will go up too (the job is mostly in SF), and it may be almost a wash. Unfortunately. We’ll see.
If you are really astute, you might notice that the numbers don’t quite add up. We’re “short” $500 or so. This is just how we manages our cash flow accounts, and the buffer is a little smaller than it was at the beginning of the quarter. I blame T, since I keep my buffers small in general. 🙂