Things were pretty normal in terms of income in Q2. There were no bonuses or missed paychecks. I did get only about $375 in paychecks though! Probably my lowest paycheck amount ever other than unemployed quarters in the past? My net income was about $300 less than Q1.
In Q2, I only saved 59% of my net pay: depositing 105% of my net pay to various savings accounts and withdrawing about 45% of my net pay from savings accounts to cover spending. My savings deposits were split up to the following accounts:
This quarter, I finished maxing out the pre-tax 401(k) at $18,000. My employer will continue to make their matching contributions every paycheck for the rest of the year, as if I had been contributing each paycheck. I started on the after-tax 401(k) contributions.
All in all, I spent $11,706 in Q2, with education taken out. Housing + shopping + clothing added up to 80% of my spending this quarter. The pie chart cut off the legend for the following categories: personal care, recreation, life, and financials.
I had estimated I would spend $8,548 in Q2, so I went $3,415 over my estimate. $2,429 of this was the refurnishing and repainting of my home office. Most of the rest of the overage was extraneous clothing spending. I came in under my estimate in travel, entertainment, food, and transportation. Housing was right on the dot and was high this quarter because of some extra HOA dues and property taxes. Food and entertainment were mostly under because my boyfriend has been picking up those costs with our current expenses arrangement.
For kicks: I spent $87.37 on transportation in Q2, which bought me two tanks of gas, one Uber/Lyft/taxi ride home from somewhere, and a top up to my prepaid tolls account. Living in the city has some frugal benefits! I also spent a whopping $10.32 on travel and $157.61 on entertainment for the entire quarter. I spent $211 on average in 2014 on entertainment, MONTHLY. My food costs were also about half of what they were in Q1.
With the overages this quarter, I estimate that I am on track to spend $42,190 this year overall, which is about $4,083 over my original estimate or an 11% increase.
I’m not going into too much detail here since you can see that in my monthly reports.
Let’s check in on my goals from the beginning of the year:
1) Enjoy living together! Have an awesome trip to NZ! ON TRACK! Living together is going great overall. It’s definitely taking some time to get the place to a point where it feels more like things were chosen by both of us.
2) Contribute the maximum to all tax-advantaged accounts available to me. This means $5,500 in a Backdoor Roth IRA, $18,000 in a pre-tax 401(k) and possibly some additional funds to the after-tax 401(k) and possibly my 2016 Roth IRA amount in a savings account ready to deploy in January. This will account for probably about 2/3 of my savings in 2015. ON TRACK! I’m done with the Backdoor Roth IRA, the pre-tax 401(k), and have started on the after-tax 401(k).
3) Learn the ropes at my new company and have an awesome first year! ON TRACK! Things are going great so far. I like my group and things seem to be much less toxic than in my previous company. I’m really optimistic about how things are going!
4) Exercise for at least 45 minutes per day. My phone is really helpful at tracking this for me! ON TRACK! I’ve exercised for an average of 53 minutes per day according to my phone. February was the best month with the traveling!
5) Go to the gym (or run) three times per week. FAIL! This is just a flat out fail. I’ve managed to lose some of the stress weight from my last job and get a reasonable amount of general exercise and outside time (yay city life!), so I’m fine with this.
6) Contribute enough to a Health Savings Account such that Out Of Pocket Maximum ~= Current HSA balance + Employer contribution + my contribution. ON TRACK! I may increase this once my after-tax 401(k) is done for the year, we’ll see.
7) Succeed at Operation Bayes – I’ll explain this later. SUCCESS! Now you all know that this was applying to and getting into grad school, which I did successfully! Yay!
8) Spend under $40,000. FAIL! I’m now on track to spend $42,000 this year.
9) Save 70% of my net income monthly…and 100% of my bonuses. (Yay for a big raise that will allow me to save that much of my monthly income!) NO IDEA! Between the ESPP, lump sum contributions to my 401(k), etc. this got far more complicated to calculate in the same way that I was doing before. So far, I’ve saved 69% of my net income overall.
10) Contribute the maximum that I can to the Employee Stock Purchase Plan. ON TRACK! Definitely doing this.
11) Pay down the mortgage with any funds that are leftover after 2), including the proceeds of 10). NOT HAPPENING! I’m reasonably confident at this point that I will not make any extra mortgage payments in 2015, mostly due to two months of no income, setting aside money for grad school, increasing my emergency fund, and maxing out my after-tax 401(k). All of those things took….$85,000. Wow!