My Monthly Expenses For SepTember 2016
This month was a little more expensive because I paid for my license and DEA in California. I also helped mom out with some expenses. A doctor spending $4,500/mo isn’t all that much but my goal is to minimize expenses and maximize savings because I would like to spend on the things that are important to me and spend less time working to pay for fillers.
My goal is to constantly optimize my monthly spending. As I’ve said before, my income is what allows me to be able to achieve certain goals, such as financial freedom. Not all goals in life are tied to money, but the ones that are depend a lot on how well I balance my inflows:outflows.
I’ve spent some time talking about my inflows the past few months, listing all my income sources as well as my recent burnout from my job, trying to retire just to return back to working, my side-income and where I’m going next with my career.
I’ve never been naturally frugal so curbing expenses is where I need to spend most of my focus. I’m still YNAB-ing which is the ideal way for me to stick to a budget. I am still blown away by those who have financial goals but are putting budgeting on the back-burner.
I suppose if you are making around $1 million a year budgeting could be ignored. Like my friend who lives with his wife in Rancho Santa Fe, Ca where the median household income is $172k. His monthly take-home is around $60k a month. At that level it takes an effort to sabotage your financial life.
Some people can’t reach their desired weight-goal because they aren’t willing to count calories. Some can’t stop eating sugar to improve their diabetes because they can’t part with the one thing that is poison to them. Others can’t get themselves out of a depressing, boring career because change is painful. And yet others can’t shake the fear of an uncertain financial future because they aren’t willing to budget.
Change Of Life, Time To Redefine Financial Goals
I ended up spending above my goal this month but I’m not giving up. Now that I’m no longer single my financial goals have changed so it means back to the drawing board for me. The good news is all I gotta do is come up with a new financial plan and start working towards it. The habits, undoubtedly the hardest part of this, are already in place from several years of practice.
Couples Spending Together
My partner and I actually have had a few back and forth’s about this. I don’t tend to eat out much and don’t spend too much on lavish nights out with drinks and all. I enjoy having my fun, no doubt, but I think it’s better to create that fun for oneself as opposed to depend on a business or a bar to provide it.
We are still trying to figure out our goals together when it comes to spending, expenses, investments etc. The most important thing I have taken away from reading up on couples joining finances is that I can’t make her be like me nor vice versa.
For the next 1-2 years I’m gonna be as lax as possible when it comes to spending. In time I know we will come up with a good financial plan together. Thankfully she isn’t extravagant or lavish and if anything she is quite sensible with money.
My ongoing expenses are my condo’s HOA dues, property taxes and internet at the condo. The latter is costing me $50/mo and has been valuable because now that I’m out and about writing a lot it’s great to have internet access anywhere I go thanks to Xfinity hotspots through Comcast.
I figure with moving, traveling and entertainment between the 2 of us I better start budgeting for a little more overhead.
Spending Prediction For 10/2016
I am going to try to predict my next month’s expenses from now on and then look back and see how laughably far off I’m gonna end up being.
My habit, whether good or bad, for he past few years has been to make up any excess spending by making extra income. The reason I am not drawn to this system is that it’s easy to just spend for convenience and punish oneself with extra work to make up for it.
First, it doesn’t instill the proper spending behavior needed to become financially savvy. I will simply spend when I feel the need to spend.
Second, if I associate extra work with punishment then soon I’m going to have negative feelings about work. Well, okay maybe it’s a little late for that but it’s a stupid cycle to spend a lot, regret the excess spending and try to make up for it with more income.
Next month I figure I will have the following expenses:
- Work/Blog: $150
- Housing: $1,700
- Dining out: $200
- Groceries: $250
- Entertainment: $350
- Travel: $300
- Internet: $50