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January Spending Analysis

February 7th, 2007 at 02:03 am

My personal finanace goal for 2007 is to live entirely off my stipend, including paying $150 / month into my IRA. All other earnings, namely odd jobs, are to go into my high yield savings account.

After taxes, my stipend is $1338 / month.

The January expenses looked something like this:

$800 joint expenses *
$126.89 Quarterly school loan interest
$27.50 Charity
$11.33 Clothing
$40 Dining out
$10 Entertainment
$ 8 Groceries **
$46.19 Household **
$18 Medical
$9.95 Personal Care
$150 IRA contribution
January Expenses $1247.86

* Mr. Bean and I make the same amount of $$, so we transfer equal amounts into our joint checking account to pay joint expenses. Joint expenses include rent, groceries, car payment and car insurance, cable, meals out together, etc. He tracks the specifics of these expenses in Quicken.

** Typically these are joint expenses, but for various reasons I made some purchases with my own cash or credit card.

This leaves a + $90.14 surplus. Phew! It wont be easy, but I think I can do this!

Aside from this surplus, I was able to put $842.49 in savings from my Personal Chef gig, babysitting, and eBay / Half sales.

I need to continue to think ahead and plan for large expenses that might creep up, like a weekend getaway were taking in March. I want to make sure that my surplus money can cover such expenses and that I dont use the odd job money Ive put in savings.

February already has been a little spendy. Ive contemplated doing a budget, but I think Im just going to wing it for a few more months and see how things go. I tried a budget back in December. I can see how they can be very helpful to people like myself who dont have a large window of error in their spending, but I had trouble getting the categories right. Maybe after a few more months of this Ill have it down better.

Anyway, Im feeling positive.

1 Responses to “January Spending Analysis”

  1. LuckyRobin Says:

    Beanie--I'm curious. How did you get started being a personal chef and what all is involved in it? I'd be really interested to read a post about this if you have the time. I am a very good cook and this might be something I would be good at, but I haven't a clue what is involved in it.

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