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January 2007 Month 11 Totals

February 13th, 2007 at 08:53 pm

Some delayed totals, eh? Well, think of it this way; your next recap is close and it will be the final for the year!

Standard Recap Info:
I spent $1592 a month in 2005. My Challenge savings are the difference, $1592-$1026 (see below) = $566 times 11 months = $6,226.

Add to that $303 in ďsavingsĒ and $30.61 in my emergency fund, Iíve saved an additional $6,559.61 over what I had saved before. If I take out what I spent in Europe, $1809.64, which is not part of my Challenge, Iíve saved $4,749.97 living on CA Minimum Wage for 11 months.

*$703.82 is the amount I have banked and unspent for non-monthly expenses, saved from March 1st through January 31st. This does NOT include my savings and emergency funds. I really needed my banked money this month; but I guess I bank it for a reason.

** My income is calculated as follows: CA minimum wage of $6.75 for 40 hours a week, at 4.33 weeks in a month, $1178 total. Iíve taken FICA and SDI (CA State Disability Insurance) out for a total of $1073. I had $10.13 in extra income from recycling this month, $1 from a GoZing survey, and $17 from SurveySpot for the last yearís surveys. This brought my income to a mighty high of $1101.13.

*** When I originally began the Challenge March 2006 I assumed no federal or state tax liability, but Iíd actually owe $47 a month, so I have to budget $95 a month (for the last 6 months of the Challenge) to catch up. So my actual spendable income averaged over each month is my original calculation of $1073 less $47 for $1026.

***** I spent a lot in January, for mainly two reasons. My semi-annual car insurance was due; thank goodness I had prepared and been putting a little away every month. My annual car registration also came due. My Guy had a birthday, and my other big expenses were for his present and taking him out to eat.

***** This money I carry over into the beginning of February.

2 Responses to “January 2007 Month 11 Totals”

  1. Lux Living Frugalis Says:

    Our December spending was wildly huge as lots of big yearly ticket items came due like house insurance, time share dues & taxes, time share membership, auto insurance, house taxes, plus our regular monthly expenses....egads, it was a large enough amount to feed a third world country for a week!! Too much!! I choked writing out those big checks, but it was surely nice to have the money put back to do it with.

    Congratulations on doing so well with your challenge. I am very impressed with your diligence in playing by your own rules that you set up early on -- all the way thru the game!

  2. threebeansalad Says:

    I've been waiting for this! Thanks! I'm trying to live on less than $1338 / month this year including a $150 / month IRA contribution. Your blog has given me great guidance. I hope you continue blogging after the Challenge is up.

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