Below you’ll see the charts for the month. I still have one paycheck left to receive, so that should add to the month’s tally, but since I’ve done the last few months on the 23rd, I didn’t want to break that habit just yet. I guess it would make more sense to do this count on the first of each month for better consistency.
There’s really not much to say. I’d like to be making and saving more money, but it’s just not happening right now. With the winter coming, I’ll probably be spending $50 to $100 more a month for heating (electrical). I will be spending $50 less in rent for the next six months. Hopefully I can keep the rest of my spending down.
I’m currently putting 12% of my salary into the 401(k). Only the first 4% of my salary gets matched by company contributions; maybe I would be better off just putting in 4% to get the company match and saving more cash. Any suggestions from the readership?
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What software do you use to make all your charts.
Also, Do you use any personal finance software like Quicken.
For the charts above, I used Microsoft Excel. I do use Microsoft Money. It’s not great, but I like it better than Quicken.
What are considered to be “other assets”?
I haven’t adjusted properly for depreciation yet, but “Other Assets” include my car. I checked Kelley Blue Book, and the private party value of the car is about $1,500 less than what I have above. I’ll find a way to factor that in over time next month.In July, I still had two cars, and that explains why it was so much higher then.
You don’t want to put more into a 401K than your company will match. I would suggest putting the 4% into the 401K and the rest into a ROTH type IRA. The 401K money is pre-tax, but you pay tax in the end, the ROTH IRA you contribute after tax, and you never pay tax on that money or its interest again. Unless taxes are much less than they are today when you retire, you’ll get more out of the ROTH than the 401K with no employer match.
Two things:
* I’m already maxing out my ROTH IRA
* Although ROTH IRA withdrawals are not taxed now, rules may change in the future
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