ICM's Journey

[Ice Cream Man]

In this journal, I hope to keep track of four things:

Finance
For the most part, my finances are on auto-pilot at this point. However, as an accountant and FIRE enthusiast, I still constantly obsess over my numbers. I'm always looking for ways to shorten my time until financial independence. My intent in this journal is to document my progress. I plan to post quarterly financial statements and budget plans.

Health
An area of my life that I have certainly negated has been my health. I'm about 30 pounds heavier than I'd like to be and live a fairly sedentary life. I blame a lot of that on time prioritization. Time with family means a lot more to me now that I have a child.

Family
As noted above, family time is very important to me. However, I want to make sure that I'm putting as much energy and effort into my marriage as I am into being a parent.

Happiness
Happiness is the goal of everything. I go through bouts of depression, and I don't generally consider myself a happy person, despite having things in my life that most people would envy. I don't know how much I plan to go into detail about my depression here, as conveying mental illness is very difficult.

[Ice Cream Man]

Finance

Below is a breakdown of the last 12 months

Income
ICM: 50,011
DW: 40,559
VA: 1,673
Bank Interest: 236
Total: 92,479

Expenses
Taxes: 7,426
Health/Life/Misc Insurance: 2,658
Giving: 1,259
Mortgage: 19,481
Home Maintenance: 600
Utilities/HOA: 2,249
Phone/Internet: 1,508
Groceries: 4,450
Restaurants: 1,256
Baby: 2,904
Transportation: 3,268
Dogs: 1,066
Discretionary: 5,610
Vacation: 1,235
Christmas: 346
Clothes: 300
Career: 303
Total: 55,919

Things were pretty crazy in the middle with the birth of a child. Since then, we're up to a ~45% savings rate. It's definitely more relaxed than ERE standards, but marriage involves give and take.

[Adamski]

Welcome, and good numbers and savings rate.

Is VA a form of benefit in the US?

[Ice Cream Man]

Welcome, and good numbers and savings rate.

Is VA a form of benefit in the US?

It's disability payment from the Veterans Administration. I receive a small stipend every month for life for minor hearing loss.

[Lemur]

Welcome, and good numbers and savings rate.

Is VA a form of benefit in the US?

Either VA healthcare compensation from a minor disability or education benefits from the GI Bill.

@ICM : Looks like there is some room for improvement IMO. Your journal reminds me much of mine in the beginning...I was at a similar income 3 years ago with similar line items and also just becoming a Dad. My income has increased and my expenses have went down likely due to gaining 1 Wheaton level over time (search around the forum about this one, its very interesting). We're at the same savings rate though. As you soak the information in this forum, you will find great progress.


My Suggestions:

Mortgage: If it is possible to down size or get a roommate and/or move closer to work, I believe you will find most of your savings in this category.

Discretionary: Same here. I too have the 'other' bucket but it is $400 a month. Try decreasing slightly...next time you've to buy something, stop and see if it is simply you can get used, borrow, for cheap, etc. Try $400 a month (savings: $67.5 a month).

Restaurants: 1,256 ($104.66 a month): I understand this one. Date nights with the spouse. We usually spend around this amount. Once every 2 weeks or so. Usually it isn't restaurants but having 'inefficient' food every now and then (subway, etc.).

Groceries: 4,450 ($370.83 a month). Try $300 a month. More bulk foods, more rice, beans, lentils, base veggies. Don't buy any processed stuff (crackers, cereals, chips, ice cream, etc.) with the exception of maybe bread. (savings: $70.83 a month). Some forum members are really good at getting this as low as possible.

Above minor optimizations will save you $138.33 a month or $1659.96 a year. Changing home/transportation situation could result in savings of $800 or so a month for $9,600 a year.