Monthly FIRE (Financial Independence) Report – August 2020

According to my calculations, August 2020 is month 23 of attempting to achieve Financial Independence, with a goal to eventually Retire Early. Hurray!

Highlights

Saved: $700.

Mehhhhhh. Down from last month. Due to some extreme spending in July, I did not have as much to sock away this month. I need to increase my automated payments to save more and therefore force myself not to spend.

Now this savings amount includes hubs savings as well, and I deposited some $ into M’s high interest savings account at EQ Bank (click here to set one up for your kid, best interest rate in town!). I kinda think I need to start breaking this out into MY savings vs. Family savings, but maybe still track both. Something to consider for next month.

Extra Income from Side Hustles: $53.

Also Mehhhhh. I didn’t have much time this month to sell stuff on Facebook or do Usertesting, so it’s one of my worst months. September is already better! Woohoo.

Expenses:

Category $ Relevant Notes of Notey-ness
Mortgage Interest 590
Mortgage Principal 807
Property Tax 345
Interest Charges & Bank Fees 5
Childcare 175
Parking 115
Auto Insurance 56
Life Insurance 156
Electric 230
Internet 124
Netflix 14
Home Insurance 0 Paid in June
Mobile Phones (2) 85
Home Phone 15 Annual Canadian # charge.
Water & Sewer
Groceries, Toiletries, Supplies 943 Under $1000! A win in my books 🙂
Fuel 75 We didn’t do much driving this month!
Medical, Eye care, Prescriptions, Vitamins 36 MORE masks for school, prescriptions
Health & Fitness, Sports 91 Swimming lessons for M + new goggles, workout socks, and a yoga brick so I can do more home workouts!
Giving 40
Haircuts 67
Heat (Wood & Propane) 0
Vacations 232 Awesome trip to the seashore with my parents, and a bit of staycation fun.
Auto Repair, Maintenance, Registration & License Renewals 1257 It was a bad car month. September will be too. We’re vigorously saving to replace the oldest vehicle.
Home Improvement, Services, Supplies & Maintenance 178 Mostly paint. The whole house needs it but I’m starting with the kitchen and hall, which are so dark! A few other household supplies fell in here as well.
Gifts & Holiday Expenses 37 Christmas Gift
Clothing 417 So, with back to school shopping and an underwear shortage in my home, this got way out of hand. Haha. We bought good shoes for the kiddo this time which added up to about $130. Partially what prompted “Saving September”.
Tech repair & replacement 0
Annual Memberships & Subscriptions 0
Education 0
UNKNOWN expense 56 We have a jar of cash hidden. SOMEHOW $56 went missing from it. We don’t know how. We suspect that we took money from it and neglected to record the transaction in YNAB.
Allowance – M 26
Allowance – I 249
Allowance – T 195
Dining Out – Family 176 Eeek.
Entertainment – Family 121 Foodie tour for Hubs and I. WORTH IT.
Lotto Tickets 14 Hubs pool. Still no payout.
Alcohol 129 Seems I spend this amount every 2-3 months. Had to do a restock. Probably need to slow down a bit here. I blame hot summer days that demand frosty beers. And margs. And Moscow mules? Martinis? Alright, time to slow down.
Business Transactions 0
Total Expenses $7,056

This is not a STELLAR month in our typical books, but we spent $1500 less than last month at least! Honestly this is below average monthly spending since I started on the FIRE train back in October of 2018, so really I cannot complain. Until I start actively being more frugal / making strides to once again challenge all expenses, this isn’t going to change.

That’s it for the August 2020 report. Thanks for tuning in!

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