April 2016 FrugalMaster Results

A second month of above 50% of my income saved.  I don't think I have ever done that before.  It is part result of exercising with the FrugalMaster and part extra paycheck from my day job.  Every product sounds better with Master at the end of it right?  Well my product I was born with and continue to use every day by learning new things and challenging myself.  You guessed the product right, a mind.  You have one too.  It is a muscle and gets exercised every time I bend my willpower not to buy things I don't need.  Sometimes the evil marketers win out and I do make a purchase.  But over the long term I have been winning by saving and learning more about investing.  That on top of my continual drive at work to keep improving and learning new things makes my mind more fit than the rest of my body.  I currently have a sprained ankle being iced as I type.  Ah the joys of getting older.

Expenses

Overall I was under budget on all major categories that aren't fixed.  In fact I spent nothing out of pocket on healthcare last month (unlike the coming month of May).  Like I said earlier sometimes the marketing masters win and cause me to go over budget in the Guilt Free Spending Money (GFSM) category.  That was $167 dollars that won't be generating any dividends. 

My mind lost the battle when I purchased 2 mechanical keyboards for home and work.  I had one of these at my previous job and realized I type faster with them.  I got so used to it that I was typing horribly with the keyboard at my new job.  They were on sale so I also picked one up for home for gaming purposes and writing this blog faster (that is what I told my wife).

The second big ticket item was a trip to the day spa for my wife (mother's day) and daughter (13th birthday).  They get a 1 hour massage, facial, lunch and use of the hot tub or sauna.  It was a great deal on Groupon and couldn't pass up this gift.  I also found a Groupon for my wife for a hair salon.  She colors her hair every once in a while so I usually categorize that as I want and not a need.

Last, I adjusted my budget to account for increases in Satellite TV and Internet.  Both together caused my utilities to increase by $50.  After my last year of my Satellite contract is up I plan on cancelling TV all together.  For the amount of TV we watch (maybe an hour or two a week for my wife and I) it is not worth the money.  My kids watch PBS allot but that is available for free on my Roku or Apple TV.  That plus I need to cancel my old cell phone now that work provides one will save another $40 on utilities.  I just need to get off my lazy butt and call them.

Savings

This month I was able to save 58% of my income.  That beats last year's 21% for the same month.  The extra paycheck combined with $440 dollars under budget was a good feeling.  It allowed me to contribute to my emergency fund and my other 2 savings goals.  Also I have saved enough to max out my Roth IRA for the year.  Next I have to open my wife a ROTH IRA and contribute to hers.  I have read a few articles that details how you can contribute to a spouse's account when that spouse doesn't work.

Summary

Another month of spending less on needs for the family tells me I am heading in the right direction.  The more you save the more you can invest now to start the snowball.  This year so far has seen a drop in every month (besides February) compared to last year.  Part of it is because my income has increased this year vs. last.  The other part comes from continually practicing frugal living and reducing impulse buying.  For example, this year I have defined budgets for Holiday and Vacation spending.  We will need to stay within those guidelines and still have a good time.

I hope you had a good month of April as well and I look forward to reading your journeys.

Take care,

Dividend Family Guy