May 2016 Budget Review

May 2016.jpg

Ahh!! Another month down! How about those cookies!

May was a good month for us. We are finally into a routine and are getting the ball rolling with our life. Things have been good.

I am just going to jump right in here so that I can finish packing for my trip home. (Pre-schedule blog posts…so technically I am talking to you from the past oooOOoooooo).

That is a ghost noise.

Roll with. Kay, thanks!

For more information on the layout of this post and to view previous months Budget Reviews here you are; April.

Age of Money: 21 Days

Age of Money is it is the average age of your last ten cash transactions within the budgeting software, YNAB (You Need A Budget), that we use.

So, this means that our oldest dollar is 21 days old. That is pretty cool. I still don’t really understand this metric. I will put some effort into learning more about it.

Buffer: 32 Days

The Buffer is an old YNAB term used to show if you are living on last months income. If you have, for example, a 30 day buffer, you have 30 days worth of expenses in your accounts. To get the Buffer with YNAB you have to install the YNAB Toolkit Extension. 

I am happy with this. We are officially living on last months income in full, now. I don’t really want to see this number much larger, at the moment, since we are still in debt payoff mode.

Income

For the month of May’s income we use April’s paychecks. We live off last months income.

April’s income: $5,006.13

Unfortunately, I just started working in April, so all my paychecks started coming in, in May.

Expenses

Debt: $715.84
Food: $367.64 (Not 100% accurate, but this is all that is recorded in YNAB)
Housing: $2,367.27 (This includes rent. We live in a HCoL area)
Transportation: $86.98
Cell Phone: $126.00
Entertainment: $68.08 (Includes our personal money)
Travel: $87.90 (some things I needed in preparation for going home)
Gifts: $44.76 (Graduation gift for Brother in Law)

Total: $3,864.47 (If you include about $500 more for groceries it would be $3,364.47)

The reason the groceries aren’t accurate. Mr. Wanderlust and I sat down to rework our budget so we wiped the info clean to make sure that we could afford to get our pets back here. We figured it was much easier to do with a clean slate. We also had to change some things around for my self employment stuff. We did this about halfway through the month, and lost that data. We spent around $800 or so a month. Our accounts are set up just how we want them.

Expenses do not account for sinking funds or savings. It is only categories in which an expense was deducted.

Net Income: $1641.66

Honestly, this would normally go towards debt, primarily. But, because we started ‘over’ we filled in our savings categories to be reflective of the year in addition to any leftover income was placed in our travel fund to cover those expenses for June.

Kind of sad to see this number, to be honest. But the traveling is necessary and we are looking forward to having our cats back home with us.

Debt Repayment

We pay based on the avalanche method, meaning highest interest loans to lowest. The Parent Plus Loans we pay for Mr. Wanderlusts parents sit at 9% interest. Our Perkins Loans sit at 5% interest. This number, currently, doesn’t include our car payment which is in our Expenses at a debt. It also doesn’t include the lovely fees that are assessed by one of our loan provides. Thank you ECSI, just love paying a transaction fee each time I pay my bill.

Total towards Debt: $499.88

Interest Paid: $184.39

Total Paid 2016: $3,266.74

So, same as last month. Creepy.

Again. Not being aggressive on loans as I had to return home to pick up our cats and to attend a memorial service for two of our family members that we lost last year. Family trumps debt repayment at the moment.

This is definitely and introspective and forced reflective experience.

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