Received $122 bank interest
Received $240 I Bond interest
Snowflakes to Investments:
--Redeemed $30 credit card rewards (cash back) from our grocery card
--Redeemed $75 cash back on Citi card
--Redeemed $7 cash back on dining out/gas card
Other Snowflakes to Investments:
+ $8 Savings from Target Red Card (grocery purchases)
TOTAL: $120 Snowflakes to Investments
Snowball to Savings/Investments:
Savings (from my paycheck):
+$ 450 to investments
+$1,000 to cash (mid-term savings)
Pulled from mid-term savings:
-$165 Garage Door Repair
Short-Term Savings (for non-monthly expenses within the year):
+$1,500 to cash
-$130 Graduation & Birthday
-$100 Travel (college trip EV charging & multiple gas trips to camp)
-$100 DL supplies for summer at camp
-$ 78 Pest Control
-$ 70 Concerts
TOTAL: $3,584 Deposited to Cash & Investments
Note: Also pulled $1,375 July/August rent from 'college savings'
Hybrid Miles Driven:
Electric (EV) Miles Driven:
These auto updates are slowing me down. I decided to let it go. I think I have got the point across that we are saving a lot of money re: car gas.
Still expect to completely breakeven on EV purchase in just 5 years. (Fuel saved = cost to purchase car). I can circle back in 2025, do some math, and see how this played out. I expect gas prices will rise and the breakeven point will just happen faster. Interestingly, was not our motivation whatsoever re: EV purchase. Was much more interested in the quiet (re: hearing diability), just charging the car at home, not worrying about brakes on big hills (if ever). Stuff like that. But I always get "Your bad at math" comments. Always from someone with a $60K+ brand new SUV/truck with fuel payments that rival my mortgage. This has just got me thinking more and more how the car entirely pays for itself. Very quickly.
I always think, "What on earth do they think I paid for this car? $100K!?" It was a $15K slightly used sedan. Americans aren't known for their financial sense, what can I say. I know there's some expensive EVs out there but I don't know anyone buying those cars. MH's financially independent friend just bough a Bolt. He was eyeing the fast charging Kia? but told MH the Bolt was half as much. He just couldn't get past that, even if he could easily pay cash for the $40K car. My bff was financially independent in her early 40s and ended up with the same car. She is frugal to the extreme (most years lived without a car). She found a $100/month lease deal because of course she did. & my in-laws bought a Bolt this year. I've never had a car that all my friends and family were buying up. It's just such a no brainer if you are cost conscious. It's *the* car. I think it just stands out as the frugal sweet spot. You can go cheaper and deal with other issues (low range and battery degradation). I certainly have had some very broke friends buying or leasing less practical EVs due to low cost.
If there's something new and interesting on this front, I can do a separate post.
Note: I am always lagging a month behind because any bills charged in June will be paid off July 1 and reflected in my July numbers. I charge in one month and the next month I figure out how to pay for everything (if I need to pull anything from savings). So this update reflects June spending & July savings.
MH has the summer months off. His time off keeps getting shorter and shorter. I think it's only going to be July & August that we don't have the extra income.
Monthly college rent will be a new thing. I am just pulling from savings in the short run but will reimburse form I Bond money at the end of the year.
Nothing crazy on the spending side. But we have exhausted short term funds for the year. Ugh! & I mean, I will continue to save for the dentist, property taxes & insurance. But every other category (vacation, auto repair & misc.) has been exhasuted already for 2023. I've been resisting bumping the monthly savings amount because of all the more one-off kid centered expenses. But when I look through 2023, I don't see a lot of one-off expenses.
At the least I should probably add $50/month to short term savings (will start in January). For the summer I will have to pull from mid-term savings. The rest of this year will pull from MH's income.
Finally got garage door repaired. It was a nice surprise that it was a quick fix. Another long story, but it's done.
June & July were nice savings months, but it's all going to go to heck in August and September. August will probably be the worst. No MH income, tuition due, etc. & I am charging a lot of expenses that will be paid in September.