Much to be thankful for this year

What happened this last month?

We have a lot to be thankful for this year, even when not looking at finances. With the markets recovering and our making some sizeable contributions to savings, our savings number reached a new all time high. We still struggle a bit to get our expenses under control, but it’s hard to know exactly what we could cut because it seems like a lot of smaller things over the month that add up. Over the next several months, our expenses should begin to decline because the cost of putting new siding on the house and everything else that went along with that will begin to drop off.

This month, our cell phone provider, US Mobile (referral link) offered a discount if we purchased a years worth of cell phone service upfront. It essentially saved us 2 months of service, so we decided to go for it.

We also opted to purchase a new printer this month as well. Replacing ink cartridges has gotten expensive, especially at the last minute when an assignment is due the next day. We opted to go with one of the Epson EcoTank printers where the ink can be refilled and lasts much longer than the traditional cartridges.

With Christmas right around the corner, we started doing our shopping a bit earlier than usual this year. I think this helped reduce our stress a bit as well as we head into the hectic holiday season.

As for income events, I had some stock vest with my employer, which helped boost the amount we invested this month. I also received a bonus so that helped to increase our investment numbers as well. These events don’t happen every month, which is why it may look like this month we contributed a ton extra, but the 12 month averages didn’t change drastically.

Where did we spend the most?

Our monthly expenses were down slightly compared to last month. Annually, they’re up about $1300 compared to last November.

• $897 Christmas
• $750 Cell phone annual payment
• $349 Medical
• $213 Printer

The Money Related Numbers

55.13% to target number (previously 49.05%)

This is our invested assets divided by our target number. We have investments in a variety of types of accounts such as 401k, HSA, IRA, Roth IRA, and brokerage accounts.

56 months (previously 57)

The number of months until my 45th birthday and our finish date.

38.97 months (previously 47.37)

The number of expected months until we reach our target number. This is based on our current expected monthly contributions, assuming a 10% annual return.

The Expense Related Numbers

8.85 times annual spending (previously 7.97)

This is how many multiples of our annual spending we have saved up towards our goal. For example, if this value was 9.1 and we spent $10,000 annually, we would have $91,000 saved up.

35.41% to minimum FIRE (previously 31.86%)

The minimum number to achieve FIRE is 25 times our annual spending. This number shows how close we are to the absolute minimum.

16.06 times annual spending at goal number (previously 16.24)

We’d like to save 25 times our annual spending. This is how many times our annual spending we’ll have saved when we reach our goal number.

How Much We Invested

132.14% Month to Month Change In How Much Saved (previously 5.66%)

This number shows the change in what we saved this month compared to the prior month. It includes account like 401k, Roth IRA, and taxable accounts.

123.48% Month to Month Change in How Much Saved With Employer Contributions (previously 5.06%)

Same as the prior number, but with employer contributions counted.

9.94% Month to Month Change in 12 Month Savings Average (previously -2.88%)

This number show the change in what we saved this month compared to the prior month, but on a 12 month rolling average. This helps to smooth out months over time and shows a more general trend.

9.17% of 12 Month Average Net Income Invested With Employer Contributions (previously -3.02%)

Same as the prior number, but with employer contributions counted.

How we track the numbers

I’ve been using Mint primarily to grab the numbers each month because they do a great job of updating them. I put them into a spreadsheet that calculates the numbers you see above. However, with Mint closing their doors, I will begin using Empower again for net worth tracking.