Hey everyone, it’s now November, which means Thanksgiving and Pumpkin Pie are now in season!
And with the start of every month, I publish a Net Worth Report to show y’all how my finances are doing for the previous month.
The point of doing this monthly is to show myself where I spend my money and to correct it for the months to come. This allows me to understand, mitigate, and reallocate unnecessary costs to help push me to Financial Independence faster.
With that, let’s jump in and see how I did in October!
Brief Disclaimer: Some of the products and services on this post may offer compensation for referrals. For the products and services that do not receive compensation, they are referred simply because I think these products and services and useful and will be convenient to have.
October’s paychecks came out to a total of $1,226.03, with two paychecks and a bonus coming in at $507.27, $507.28, and $211.48 respectively.
I didn’t receive any per-diem because I didn’t travel for work this month, but I did receive a refund of $65.00 for telecommunications usage because my company pays for my cell phone bill.
In terms of Venmo, I received a total of $41.80, which will be reduced from my expenses.
I also got money for a service charge of $11.25 (?, I’m not sure what happened here) and received $0.96 of interest. I should probably transfer some of my funds to a higher interest rate savings account instead, but I’ve been pretty lazy.
All of this totals up to $1,345.04. If we subtract the Venmo transactions, then my true total income is actually $1,303.24.
For those of you that don’t know, my paychecks come in ridiculously low because I am contributing 50% of my paychecks towards my After-Tax 401(k), which will allow me to utilize the Mega Backdoor Roth strategy to contribute an extra $35,000 to my ROTH IRA every year. Unfortunately, I haven’t been using this strategy to the fullest yet because I have not begun performing the rollover from the After-Tax 401(k) to my ROTH IRA.
Additionally, because my job is a travel job, I get these so-called “Per-Diem” checks because they were meant to be used for my living expenses while traveling. Since my job allows me to either use it or keep the rest, I decided to use as little as possible and put the rest towards investments, because in the end, who doesn’t like free money?!
Finally, you may see sometimes see Venmo transactions in my income category on my Net Worth Reports. The reason for this is because I tend to like paying for my friends, peers, or coworkers’ food with my card and having them pay be back because I can earn points with my credit cards. The points are then used to fund my travel worldwide and to expand my horizons with cool and awesome experiences.
This month’s expenses clocked in at $495.00, which is lower than September’s $672.67, but much lower than June’s $11,793.35 (who could forgot such a large month of expenses?!). If we subtract the Venmo transactions, the true expense amount would be $453.20, but let’s not use this amount and use $495.00 instead because it’s still an expense.
For October, my money was spent on the following categories:
- Restaurants: $169.26
- Automotive: $149.00
- Gasoline/Fuel: $75.66
- Service Charges/Fees: $37.06
- Online Services: $29.50
- Personal Care: $20.00
- Travel: $14.49
- Telephone Services: $0.03
In October, I spent a total of $169.26 on food, which is way lower than September’s $460.41. I actually didn’t have to eat out that many times this month because most of the time, I was at home with family and got to eat the parent’s home cooking. This is a great way to save money because you don’t have to buy groceries or cook at all.
Every year, the DMV charges you $149.00 for a vehicle registration renewal…
As much as I hate using money, this is a necessary expense and can’t be avoided.
Now that I have a car again, I have to fill up the tank whenever it runs out.
A tank of gas for my hybrid car takes about $25.00 to fill, so with $24.45, I got about a tank filled, which can get me around 400-500 miles.
This is a necessary expense and is dependent on how many miles I drive that month.
Luckily for this month, I didn’t drive as much, so I only spent around $75.66 to drive between home and work (500 miles distance between each other).
Service Charges/Fees: $37.06
I’m starting to get a bit worried about this category. I really need to look into whether or not this category occurs monthly or quarterly…
If it’s quarterly, then I should probably transfer over the money in this account to an account that doesn’t charge as much.
I’ll report back on this later…
Online Services: $29.50
I usually pay $10.00 for Online Services, as it’s for the hosting cost of Smart Provisions at Digital Ocean, a cloud infrastructure provider, but this month I purchased two shuttle tickets to take me to and from the airport because I went to FinCon.
The shuttle tickets only cost me $19.50, so it wasn’t that much… and if you add it with my VPS cost, it’s a total of $29.50.
If you’re interested in having your own VPS, you can sign up at the following link: Get $10 of Credit at Digital Ocean By Using This Link, $10 of Credit is enough for 1 month of hosting with a $10 VPS.
Personal Care: $20.00
This category, I could do without… somewhat.
I actually don’t recall what I spent in this category except for the fact they were all at Target.
I have to start watching this category carefully because that was ~$46 of expenses I could have saved.
In October, I spent $14.00 on travel as I had to pay for parking and some random hotel fees. It’s kinda weird and maybe I wasn’t able to sort out the items correctly, so I’m not entirely sure what happened here.
So… I thought I figured out what this charge is for…
Usually, FreedomPop charges you $0.01 to make your your credit card is valid, but apparently, they charged me 3 cents this month…
I said I was going to look into this charge, but I’ve been super lazy at looking into it… also super lazy at writing new blog posts, which I’m not sure why I am…
Net Worth: $194,238.22
Luckily, my net worth increased this month from $186,161.32 to $194,238.22 (4.33% increase).
2017 Financial Goals Status Check
If you remember back in my December Net Worth Report, I had written about a few goals I wanted to achieve. If you don’t remember, that’s alright as I’ll be writing them below so you can follow along as well!
- Spend less than $20,000 and downsize as much as possible.
- Current Spending YTD: $21,705.89
- Status: Failed
- Thoughts: Well, I definitely failed this… better luck next year!
- Make my budget line-items more clear and not vague.
- Current Line-Items: Pretty clear.
- Status: On Track!
- Thoughts: I think I am doing well on this, as I have been breaking down what I by line-by-line.
- Try to reach $200,000 Net Worth by the end of the year.
- Current Net Worth YTD: $194,238.22
- Status: On Track?
- Thoughts: $6,000 more to go in 2 months (November and December). I will make it thanks to the big bonus I received in October!
Finally, here’s a status report of how 2017 is going with my finances.
|Year To Date||$35,187.57||$21,705.89||--|
Overall, my net worth increased by 4.33% from $186,161.32 to $194,238.22.
How did you guys do in October? Have you been keeping up with your goals and resolutions? Did you blow through it already? Let me know in the comments below!
If you aren’t already tracking your accounts or net worth, check out Personal Capital! It’s an amazing online tool that provides great visualizations and is easy to use!