April Spending Report
Welcome to my first ever monthly spending report!
We do spend money, and live a comfortable, privileged life. However, there is some intentionality in how we spend our money. The objective almost always is to spend money on things which enrich our lives. So I talk about money all the time, and love budgeting. How does this play out in my real life?
Here’s a summary of what This Fascinating Adventure spent money on in April:
For privacy reasons, we aren’t sharing our income. Some expenditures will be notated as a percentage, some as a dollar amount. This listing does not include every category we spent money in this month. However, it does cover the larger and more common categories for us.
Note: In honor of full transparency, our household is in the top 5% of income earners in the United States. We recognize the advantages of being high income earners.
Expenses (With Dollar Amounts)
This month we went on a cruise! It was a belated Honeymoon trip and we had a fantastic time! We paid for our cruise in-full months ago, partially out of our own pocket, and partially with generous gifts from our Celebration of Marriage guests.
What we ended up spending on the cruise this month went toward casino money, extra drinks/food, some tips, and a couple of souvenirs.
This month we donated toward the DeafBlind Camp of Texas, and a local scholarship fundraiser for students at our Deaf school in town.
These were co-pays for a specialist, and my weekly counseling sessions (I can’t stress the value of this particular expense).
All of these expenses are reimbursed through HRA benefits at Mr. TFA’s workplace.
Quarterly Taxes: $3430
While we both pay taxes through payroll for our W-2 income, I also pay quarterly taxes on my Freelance income. I did a Roth conversion and a Backdoor Roth this year, converting some money I had hanging out in a Traditional IRA to my Roth IRA. This tax payment includes projected taxes for these situations.
We save throughout the quarter to prepare for this payment.
We grocery shop a few times a month (one big trip every 3 weeks, and weekly trips for produce), and this total includes all our paper products and household items (toilet paper, trash bags, etc).
This also includes a handful of restaurant outings. Our average monthly food expenditure for 2 people is about $500. It could be lower, but we value having yummy, quality food. It could also be higher.
I drive a lot for work, and fill up about once a week. It’s an absolute drag. This also includes 2 round trips to cities about 3-4 hours away. One trip was a weekend visit to my nephew, and the other trip was to the port where we took our cruise.
This month I bought a sun hat to wear on the cruise (and while working in the garden). My husband bought a couple of swimsuits at Sam’s Club.
Expenses (With Percentages)
Housing: 17% of our post-tax income
When we purchased our home, we intentionally looked at homes we could afford on one income. This includes the mortgage, property taxes, home owner’s insurance, utilities, etc.
Student Loan Payment: 31% of our post-tax income
We are in debt-payoff mode, and are coming to the end of our last debt (sans mortgage): a student loan. Every dollar we can spare is siphoned toward the student loan balance (in addition to the minimum monthly payment, of course).
At this rate, our balance should be paid off well before the end of the year.
Retirement Accounts/Savings/Taxable Investments: 23% of our pre-tax income
This is between a small pension I have, Mr. TFA’s pension and 457, our taxable investment account, and our savings accounts.
I contribute to my solo 401k separately, and did not make a contribution this month.
Goals for May:
- Continue to attack the student loan
- Begin saving for the next quarterly tax payment
- I would like to work fewer hours this month, for self-care and burnout reasons
- Plant our garden
- Continue paying our savings account first
Hey, yo, May! We’re coming for you!