Whew, that was a busy Q1! I quit my job, had ~1.5 months unpaid between jobs, went on an awesome trip for a month with my boyfriend, and started a new job.
Things were actually not too bad in terms of income in Q1. I only got paid enough in January to cover February’s budget, saw no income at all in February, and then saw a full month’s paychecks at my new, increased salary, plus my signing bonus in March. Thanks to the signing bonus, my Q1 net income was (by a small margin) the largest I expect to see this year, though each quarter should be reasonably similar.
In Q1, I saved 79% of my net pay, which amounted to a bit over $20,000 in savings. I’m hoping I’ll be able to hit 80% overall this year :)
My savings was split to the following accounts:
- 86% Cash savings
- 10% Mortgage payment principal
- 4% Traditional 401(k)
- < 0% HSA
I made my 2015 Backdoor Roth IRA contribution on January 2nd, so that is done already! Next up is maxing out the pre-tax and after-tax 401(k). I’ll finish maxing out the pre-tax 401(k) in Q2 and the after-tax 401(k) in Q3.
I haven’t made any extra mortgage payments this year and it’s looking like I might not end up making any. I’ll talk about that a bit later.
I think the idea of Fidelity/Vanguard Charitable is really cool (but expensive at my donation amounts…), so I’m doing something similar with a savings account at my credit union. I have automatic transfers set up for every paycheck and I’ll do manual transfers when I get a bonus. This account’s purpose is to get me to give my money to other people for causes that I deem worthy. I’m trying to let the account build up a bit so that I have enough to pay for my January donation next year instead of not having enough money in the account for a bit to take the donation out and so that I can make larger donations. I plan to increase the % within the next few years.
In Q1, I made my annual January donation as usual and made another couple donations for causes friends were supporting. Not all of my donations are tax-deductible, but that’s totally okay!
All in all, I spent $14,271 in Q1, about $5k of which was spent each on Travel and Housing. Another $2k on Clothing and everything else is tiny in comparison to those three. On the plus side, I have no more big travel expenses for the year.
I am going to try to reign in my clothing spending more in the rest of the year.
I was underbudget in a few areas:
- I only spent $355.09 on groceries, of $600 budgeted.
- I only spent $136.91 on work lunches, of $344 budgeted.
- I only spent $63.52 on fuel, of $144 budgeted.
- I had planned on replacing my passport in Q1, but that got pushed off until Q2. I replaced my driver’s license though, which countered that somewhat.
- I only spent $13.46 on dining out, of $40.00 budgeted.
I’m still on track to spend under $40k in 2015 (my goal for the year) – I’m expecting the other quarters to be an average of $8k apiece. I’ll check in on that again at the end of Q2.
Readers, how was your Q1?