Hello all and welcome back! We’ve now made it to our June monthly spend report.
This is the 3rd edition of this series and we’re having fun doing these so it’s something we’ll be looking to continue with moving forward.
June’s spend was another record for us, though these aren’t exactly the types of records we’re looking to break. Breaking spending records is the exact opposite of what we aim to do and is counteracting our records in net worth and dividend income etc.
That being said there are times when you need to relax and enjoy yourself a bit and this has been one of those times where life has been especially stressful and there has been a lot more work so blowing off some steam has been welcomed.
Let’s get into the spending:
June’s Spend:
So there’s the bad news… $8,557 is definitely spending far more than what our goal would be for any given month.
But, we did pay our entire property tax bill this month so that was $2,300 in itself that is a one off throughout the year. This definitely inflates June vs. other months on its own.
Everything else was fairly on par with May’s spend – which also was higher than anticipated and is definitely going to be cause for us to look into some of these recurring expenses and see if we can’t do a little trimming here or there.
The things that we’ve splurged on this month are things that we don’t feel any guilt about spending on especially given how pent up in the house we’ve been for months now, these included things like going golfing with friends, meeting up for a dinner and due to the extra OT I’ve been working Mrs. FIC needed to get out and about with her friends and baby to keep her sanity so there’s no guilt on our part for any of this spending.
June’s Cashflow:
And here’s the bright side.
On the positive side of things our income for the month was up. This was due in part to Mrs. FIC receiving 3 maternity pay checks instead of 2 and my being able to pick up a few extra shifts at work throughout the month.
This won’t be sustainable every month but we’re glad we were able to take advantage of the situation and provide a little extra income to the household. The added OT funded all the fun we’ve had in June while keeping us in line with our goals.
Goals.. to that end we’ll look down at the bottom of that table to the “difference”
We were actually able to put away $25 above and beyond what our target was for the month which is nice all things considered.
This “goal” is admittedly a fairly arbitrary number and it was based on a rough calculation to get us to $600k within 5 years time if we saved and invested this amount per month but that’s hardly an exact science nor will it crush our spirits if we do end up coming up a little short. Setting the bar that high and coming up a little short still means that we’re making tremendous headway so we aren’t going to stress out and burn ourselves out.
Let us know what you think of our spend report and your own spending in the comments or over on Instagram @FindependenceCanada and we’ll be sure to get back to you.
Also, if you don’t want to miss another post be sure to subscribe to the blog and follow along on our journey!
Thanks for stopping by,
FIC.