While that number is startling, August was, in fact, a pretty reasonable spending month. If you subtract $6250 in extra auto loan payments and $850 for a boat tower, our expenses only totaled $5,585. That’s pretty close to our $4,919.55 budget.
In addition to our regular salaries, we earned $111.35 in credit card rewards and my wife received a $896 ($480.84 net) quarterly bonus and her $110 company reimbursements. We also earned $4.26 in interest income from our online savings account. My wife’s 15% 401(k) contribution (increased from 5%) kicked in her 2nd check in August.
Next month, there are no large expenses planned, but our net income will be less because we increased my wife’s 401(k) contribution from 5% to 15%.
2 comments:
Nice job. I always wonder whether to include uncommon expenses when figuring my spending for the month. I find that always there is something each month that doesn't fit into a category (one year we bought wedding/engagement gifts for like 9 couples). I'm starting to believe that abnormal spending is the norm for me.
Jack- I'm with you. We've seem to have a lot of small non-standard expenses lately. Including them in our income statement each month gives us visibility so that we can make changes, if necessary.
-1MansMoney
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