BUDGET Spending UPDATE First 3 Months in RETIREMENT!
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- Опубликовано: 23 сен 2024
- It's only been 3 months since I retired, but I wanted to see how close to my budget I came for these first 3 months. I share my actual spending. Fixed expenses are pretty easy to predict and budget for. But variable expenses can vary all over the place! I share how much my expenses varied. If you want to plan for early retirement, this video is for you!
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**I am NOT a financial planner! This is just the story of my personal financial planning for retirement. You should do your own research and talk with your financial planner before investing.
Personal budget spreadsheet
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• My PERSONAL Monthly Re...
• What I’m Doing for HEA...
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“My house is paid off and my car is paid off” I love to hear that. It never gets old. I have done nothing since the beginning of the whole Covid thing as the budget is kept tight. Disney has a special going for 3 months at 2 bucks a month so I got that for my dog because she loves cartoons and it helps her anxiety. Down to 31k to go until debt free and it’s a good feeling. Keep inspiring Julie, thank you. 🌹👍🏻
Your dog likes cartoons? That's so CUTE!! Good for you knocking out that debt! 😁
Thank you for sharing
all your personal spending
You’re doing so well
Everyone should following you
Looking forward your new video
Thank you again
You're welcome and thank you! ☺
Good for you stay under budget. You now have a lot of time to enjoy and as you mentioned before, we do not need a lot of money to retire. Just enough to pay bills and small budget for travel here and therể. Good luck. I always enjoy watching your videos. Thanks.
Thank you!! Yes, a nice life doesn't have to be expensive! 👍
Great planning. Nice that you came under budget and still had lots of fun. Love the quote.
Thank you! ☺
I'll be 59 in a few months. I have been focusing on my health the last few years and this year, i started to learn about social security. Recently, i started to watch RUclips videos about retirement. I realize good planning makes a huge difference in retirement. I always thought early retirement was for the millionaires and I would have to work till 70. Then, i came across this video. I started to watch your video from the oldest. I admire you for your research and determination. You knew what you wanted and proactively worked on it. I always wanted to have a long healthy retirement life so that i can spend fun times with my grandchildren. But other than working longer, i never looked into my financial situation closely. Thank you for making me realize that!
Thank you for sharing this! I LOVE hearing this!! ☺
I love how you are planning to volunteer in the community. You are truly inspiring.
Thank you! You do the same! 😁
Your videos are a good public service!
Thank you! ☺
I am so grateful for my benefits.
Nice job! Love your ending quote!
Thank you! ☺
Excellent! I've been fully retired since the end of the school year in 2016 (I was a high school English teacher after I retired from the military), and this far down the retirement road, my expenses are way less than yours. Everything of mine is long time paid off and all that. I've been traveling about 6-8 months out of the year for the last few years--fun, safe, and inexpensive places that I've been recently are Marrakesh, Morocco, Ho Chi Mihn City in Vietnam, and Bangkok, Thailand. Europe is okay, but super expensive and lots of crime these days. London is...well, these days, it's like Detroit, except with an English accent. Paris is the same way. Rome less so, but I haven't been there in a couple of years. Okay, great video!
Thank you!! I LOVE to travel and will add those places to my list! My daughter went to Indonesia recently and it was very inexpensive there. They got $10 hour long massages! 😃
Love the transparency!
Thanks!
I let God take care of the grass. I sometimes help with the tree.
It must not be hot where you live! 😁
Me too. Grass goes dormant in the hot months. A green lawn isn’t a necessity.
90 today, no rain for about a month. All depends on your priorities. No one on my street waters, so we don't want to break the trend.
@@Butler_Buck That's nice! Everyone in my neighborhood waters. In fact most people water more than I do. When I see their beautiful, lush, green lawns I think about how much it must have cost them!! 🤭
Thanks Julie. Another great video. I am retiring in 3 years and your videos are very helpful! ❤
You're welcome!! I'm glad to hear that! 😁
Thank you for sharing your research and insights! This has been so helpful. My main barrier to early retirement by far has been figuring out health insurance. I’m hopping over to that video next. 😊
You're welcome!! Yes, health insurance is tricky in early retirement. 👍
I was "wow" with the electric bill average, then the water bill hit. Ouch. I don't spend on or track a budget. I still have a little income from my PT work. My main expense is deferred repairs on a 27 year old house. But not having to work full time is fantastic. Next big financial decision will be when to start SS as next year I can claim early. Good job keeping up with the expenses, setting goals and making it happen. Best//
Yes June, July, and August are VERY expensive for water. But the rest of the year is good! I agree not having to work is fantastic!! Thanks! ☺
Thank you for your channel and the good information you provide everyone😊
We already know if you collect at the age 62 you get 30% less. And of course at your full retirement age of let's say 65 you get 100%
if you stop work add 62 years old but not collect until 65. Does the rate at which you get paid also goes up or just 100% of whatever it was supposed to be
except don't collect your Social Security until 65 does the actual amount go up or stays at when you retire at except you get 100% versus 70%
Thanks! There's a website where you can put in what age you stop working and what age you plan to collect. It is really helpful! ssa.tools/
I’d love to see a video on how you actually track your expenses or is it truly as simple as recording every dollar you spend as you spend it? I’m okay with fixed expenses but the variable ones (esp food) are harder to keep up with. I tend to buy household items and personal health/beauty items at the grocery store so the receipt would need to be subdivided. It seems,s overwhelming yet you did this for an entire year before retiring? Surely you must have some tips to share. Thanks.
That's a great idea! Yes, I picked apart my receipts and tracked things for a whole year. The biggest thing was really just the grocery receipts. Separating household items from food. 👍
What you are close to10k subscribers!! I remember the 100s
It's so exciting! I remember you from the 100s too! 😃
Julie, great video! Thanks for sharing your budget, it's helpful! It's nice to hear that you were able to stay under budget and still live your life and have fun!
Thank you! i am having a great time too! 😁
Great video, I hear you about the water bills. We have been through many droughts in Australia and to help reduce water consumption I use water saving granules on my lawn, mulch my gardens, and deep water once a week, that usually helps keep our lawn green in Summer. Asia is wonderful for cheap travel and the food is amazing. We are on a road trip now and it is so cheap to travel in our little van and make all our meals. How wonderful you get to spend time with your grandbabies, what a wonderful gift for them
Water saving granules is a great idea! I'll have to look into that. I haven't been to Asia yet but it's on my bucket list! Thank you! ☺
That is detailed budgeting! I love you are underbudget!
Thanks!! 😁
I am glad to hear you are enjoying early retirement! Limited time to enjoy entertainment during working years is understandable. I just splurged on a one month subscription to Netflix (with ads) for $6.99 so that I may watch Monsters. Thanks for including all of us on sharing the finances of your retirement journey!
Thank you! I love Netflix! 😁 You're welcome! ☺
I love to see this. Real budget, real numbers! You are so thorough. I spend a lot on food/groceries too and it's only me in this home! Well, my dog eats quite well too so I factor that in. 😊 Have a great weekend!
Thank you!! Yes food is SO expensive!!! Every day is a weekend now! 😃
@@HappyonMonday "everyday is a weekend!" I love that and can't wait for it to be my reality! One more year, hopefully.
@@Mightyluna You got this! 😁
Great video. Love how you manage your plan. BTW great quote
Thank you! ☺
I was shocked when you first gave your budget, given that your house and car are paid off. But then each category made sense. And your spending will fluctuate with each season. It took me about a year to sort it all out. It gets a lot easier once you have the actual spending for variable expenses over time. I never saved for retirement so I live on 30% of my monthly income and invest the other 70%. It's become a game to see where I can trim spending, even a little bit, without feeling deprived.
Yeah life is expensive. Wow good for you! Living on 30% of your income is fantastic!! 😁
I would plant fruit trees, herbs, and vegetables to help lower grocery bill.
I have a vegetable garden. My yard is probably too small for fruit trees! Thanks! 😁
@@HappyonMonday get the book grow a little fruit tree
@@elizabethmccurdy4263 I will look it up! 😃
love your channel Julie!
Thank you! ☺
Way to stick go the budget.
Yay! 😄
How did you do a baseball game for $4, a movie for $3, and ice cream for the grandkids for $3? I’m moving to Washington if I can get ice cream that cheap. 😉 I like your budget videos. It is nice to compare how folks track expenses. On your water usage for your lawn, does your sewer bill reflect higher as well? Some water companies can offer a secondary meter for water used outside the home for usage like sprinkler systems.
So I took the amount spent over the 3 months and divided by 3 for a "monthly" average. I went to one baseball game in the 3 months. It was $12. I went to one movie that was $9 (that was a matinee). And got ice cream with the kids once ($9). Sorry if it was confusing! We do not have a second meter for watering. I wish we did! Thanks!! 😁
I was wondering the same thing. Make sense you averaged. I think things must be cheaper where you live. I don’t think I can go out for a scoop of ice cream for less than $7 here. For more than 2 people we’d be at $21 just for the ice cream!
@@terryallen4731 i just bought 2 ice cream cones for $9. I thought that was outrageous! I remember when ice cream cones were 99¢! 😕
PS. Should have said in the comments that I am enjoying your updates and imagine how it will work for me as I am trying to brave the move to retire in a few years.
@@terryallen4731 Thank you! I think you will just know when the time is right! ☺
Love your videos and your voice is ver soothing 😊
Thank you!! ☺
Good job ❤...You got this!
Thank you!! ☺
I love watching you I actually would love a monthly update is it was possible well just an opinion
That's an idea! I do a monthly portfolio update. But I assume you mean a monthly budget update?
@@HappyonMonday Your networth is technically over a million with a paid off home.
@@beatricerights Well my home is worth about $325,000 and my retirement savings are just under $500,000. So not quite a million in net worth. ☺
@@HappyonMonday You did really well as a teacher. Congratulations! I’m on the fence on leaving teaching myself but, I’m so close to the golden ticket. I’m 53 almost 54.
@@HappyonMonday I’m in nyc . What state do you live in?
Hi, on the ground this time 😁 Good to see that your budgeting is looking well. It is hard to believe that less than a month ago, we wee watching videos on how the market has dropped so much, and now the market it as highs. (Just shows that panicking is not a good investment plan). Only comment on your budget is look really closely on the benefits and costs on dental insurance I generally don't think it makes that much sense if not included in another plan., or subsidized by an employer. (Frequently its included in Medicare Advantage plans too). Glad to see that you are budgeting for travel and other fun activities for you too. ) Later
Thanks!! Yeah I've been really happy with the market! And I've been on the fence about dental. I'll think about it some more. ☺
That's amazing that you came in so much under budget! By after tax, do you mean the 3400 that you have budgeted includes that you have already paid the IRS and you don't have to worry about paying them? I was also wondering if you include your auto and home insurance and property insurance in your monthly budget. I remember your insurance and taxes were really low compared to so many other states. Maybe you pay that yearly so you don't include it. My home owners insurance went from 2200 a year to over 3800 a year so this is so frustrating. I am shopping around and hoping all these businesses will stop being so greedy and raising their rates.
Yes, my $3400 budgeted is after tax. My auto, home, and property insurance are all included in my monthly budget. I bundled home and auto through Geico. ☺
Great budget video! Can you share what budgeting app you use? Do you export to excel? We are debt free as well. We put money aside each month for car replacement sinking fund. Just a tip as I didn’t see that in your budget. Keep up the great work and enjoy your retirement 🎉
I don't use an app, just the spreadsheet I linked in the description. I'm old school. LOL. I use a cash back credit card to pay for everything so then I just look at the credit card statements and add up each category. Thanks! 😁
Thank you so much for your videos, you are so helpful. I am trying to figure out what my monthly budget in retirement would be. Can you share how you account for taxes? $3400/month is after tax, so do you allocate a dollar amount for taxes on top of the $3400? Can you share how to plan for that? Thank you 🙏🏻
You're welcome! I talk about taxes in this video. ruclips.net/video/W7wSGLE9qpo/видео.html It depends a lot on what tax bracket you're in.
Thank you!
wow, home insurance $60 ?! thats really good
Yep. $720 a year. Geico! 😁
Almost 10k subs. youtube can be a hard to make money on nowadays great job.
Thank you!! ☺
She makes good videos.
Turn your yard into a garden area.
That's an idea! 😃
Do you mind sharing who you use for cell phone service? I noticed it was only $30.
I use Cricket Wireless. My daughter uses Mint Mobile and hers is even less than mine! 😁
A $30 cell phone bill?? 😳 My mom has been on my cell plan for like 30 yrs but even if she wasn’t I can’t see how it would be $30. 😂😂 You have low monthly expenses and that is the key. Great job!! 👏🏾
Cricket Wireless is $30 a month. My daughter uses Mint Mobile and I think she only pays $15 a month! Thank you!! 😁
Redpocket has plans down to like $3 a month. I have $9/mo with 1GB and unlimited minutes.
Are you actively investing in the stock market even in retirement?
I can't continue to contribute but my portfolio is invested in the stock market! 👍
I subscribe but I'm not going to retire early. I luv what I do. Lol. I went on a vacation this month and go8ng on another next month to Jamaica 🇯🇲. This will be my 4th vacation this year. Hopefully when I retire I will be a Tax Free Millionaire. My net worth at 48 is $741k I will retire in 19 yrs. Lol 😂😂
If you love your job there's no reason to retire early!! Good for you! 😁
Also 48 w/ $1.6M in retirement w/ 750K house equity. Have 17 years to work. LOL
❤