After balancing my final account, I've been waiting on the statement, the numbers are in. Sadly, overall I spent 14% more than the previous year( 2020).
First, my savings accounts increased by $6789.87; liabilities went up by $2400.07. Last month I used the CC for dental work, I'll be paying it off this month, I wanted to use the CC for points, that equal cash.
I paid off $15,429.81 in student loans; decreased the mortgage by $3455.10, and my net worth increased by$2306.14.
Where I spent my money the most was student loans, up 269% (payments); entertaining, up 101%, I bought season tickets to football games, dental up by 125% and personal care, up by 86%, I started back going to the salon and I'm now cutting this out, so my personal care line item should decrease. Clothing was also up, 26%
I didn't see much decrease but the mortgage decreased by 7%, auto registration was down by 9%, cellular down by 9%; and miscellaneous spending down by 4%
Looking at these numbers really put things in perspective. I'll admit, I lost focus in June and hadn't started budgeting again until December.
Some things I'm doing to ensure this is a better year:
- Started the cash envelopes back up
- Started budgeting again
- Cutting my salon visits
- Will not buy season tickets to the games this year
That's it
January 9th, 2022 at 02:21 pm 1641738079
I honestly forgot about the HSA, and just learned that since I have COBRA I can still contribute. The amount is minimal so I'm going to use it for upcoming doctor visits
You're also right about the start of the pandemic, in 2021 things started to get a little “normal” for me. Not sure why I hadn't thought of that 🙄
January 9th, 2022 at 02:36 pm 1641739010
January 9th, 2022 at 05:12 pm 1641748338
You can deposit the amount you are going to pay the dentist to the HSA, then reimburse yourself. The cash flow will be the same, but depending on your tax bracket, you will ‘save’ 12-25%. This is true for any medical bills up to your HSA limit. You my be able to still make 2021 deposits. Check with your plan.
And I urge you to think about denying yourself salon visits and football tickets. if these bring pleasure to your life, are you ‘punishing’ yourself by dropping them? Maybe cut back salon visits to longer intervals. You are doing great, and life must have some simple pleasures…
January 9th, 2022 at 08:22 pm 1641759741
Your are right, I've already decided no tickets this year and reduced salon visits.
Regarding the HSA, I'm on COBRA, and thought I couldn’t deposit since it would post-tax, now that I know, I'll be making contributions
January 10th, 2022 at 09:10 pm 1641849011