One of my goals for 2007 is to live off my monthly graduate student stipend while paying $150 / month into an IRA. All other money I receive (odds jobs and gifts) is funneled into my high yield savings account.
My March expenses looked like this:
Clothing $36.69
Dining $46.62
Entertainment $84.85
Gifts Given $42.97
Groceries $6.89
Household $3.50
Joint Expenses $1000.00 (includes rent, utilities, food, gas, etc)
Medical $6.00
Parking $4.00
Personal Care $66.00
IRA Contribution $150
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TOTAL EXPENSES: $1447.52
Total March Stipend $1377.50
Uh oh! I overspent my stipend by $70.02.
Luckily, I’m not worried. I underspent the stipend by $90.14 in January and $139.31 in February to leave myself a $229.45 surplus. In addition, I made $290 this month in odd jobs.
So, while I’m not worried, I’m not ecstatic, either.
There are a few reasons why this month was unusual. First, Mr. Bean and I took a weekend trip and incurred extra expenses in gas and hotel. For this reason, we each contributed $1000 to our joint account rather than the typical $800. I also got my haircut this month and bought a new jar of my preferred (but pricey) moisturizer. Both of these expenses are what drove my “Personal Care” category up to $66.
I also spent ~$70 on a new paid of running shoes (I place this in entertainment category). I am an avid runner, but can typically get my shoes to last ~4 months since I have custom made orthodics which help preserve the life of the shoe. However, when my knees start to ache, I know it’s time for new shoes. My knees started hurting around March 28. The thought crossed my mind to wait a few days so I could stay place the expense in April, but then I realized how silly that was. My Challenge to live off my stipend while contributing $150 / month to an IRA is just that – a Challenge- and the months that I stay under my limit provides a cushion for month’s like the previous.
Regardless, this month proves the point of why it’s important for those of us on a relatively lower end of the income spectrum to watch how we spend our money. A few extra indulgences and you’ll find yourself in the red!
March Spending Analysis
April 1st, 2007 at 11:11 pm
April 2nd, 2007 at 03:31 am 1175484695
I decided once to try going back to Oil of Olay only the more expensive stuff. It felt and smelled like sun tan lotion. Yuck!
April 2nd, 2007 at 12:50 pm 1175518245
I'm now hooked on olive oil.
April 2nd, 2007 at 01:37 pm 1175521065