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 April expenses looked like this:
Gifts Given: $88.13
Joint Expenses $900.00 (includes rent, utilities, food, gas, etc)
IRA Contribution $150
TOTAL EXPENSES: $1303.79
Total March Stipend $1296.00
Uh oh! I overspent my stipend by $7.79.
A few explanations, I went to three baby showers in Aprilóhence the high gifts given category. One of the showers was out of state. I rode with a friend, and gave her $47 to cover gas and tolls (typically I donít have an ďautoĒ category since the car expenses shard my Mr. Bean and I go into our joint expenses). Clothing was high this month because I bought a new business suit.
Once again, I failed to live directly off my stipend, but this month was at least closer to target than
Still, the point is really being driven home how careful I need to be if I want to stay within the means of my current income!