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Home > My Challenge Total So Far: $4,137.84

My Challenge Total So Far: $4,137.84

January 2nd, 2007 at 08:54 pm


Standard Recap Info:
I spent $1592 a month last year. My Challenge savings are the difference, $1592-$1026 (see below) = $566 times 10 months = $5,660.

Add to that $263 in “savings” and $24.48 in my emergency fund, I’ve saved $5,947.48. If I take out what I spend in Europe, $1809.64, which is not part of my Challenge, I’ve saved $4,137.84 living on CA Minimum Wage for 10 months.

* 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. I’ve taken FICA and SDI (CA State Disability Insurance) out for a total of $1073. I had $9.27 in extra income from recycling this month.
** When I originally began the Challenge March 2006 I assumed no federal or state tax liability, but I’d 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.
***$703.82 is the amount I have banked and unspent for non-monthly expenses; this does NOT include my savings and emergency funds. It is obviously not what was budgeted less what was spent. Each month I budget for non-monthly purchases; for example, I budget $55 for auto insurance every month, but only spend it twice a year.

2 Responses to “My Challenge Total So Far: $4,137.84”

  1. threebeansalad Says:
    1167771460

    Terrific! What an achievement!

  2. Ima saver Says:
    1167774387

    Ae you going to continue this?

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