Today’s mantra: I will eat all the things!!!!
Today’s action: Start combing through your pantry, freezer, and fridge and make plans for all the foodstuffs you find.
I missed posting yesterday because I was too busy eating all the things at a meeting of my personal board of directors. Well, not all the things. I went to Whole Foods and Starry Lane Bakery after work to pick up vegan cheese and gluten-free bread, which were delicious and I regret nothing.
I am working on eating all the things in our pantry before we move, and I hope that I can get close Old Mother Hubbard with her bare cupboards by the time August rolls around. Today that meant working through my kind of gross rice and beans from Monday as well as the left over mac-and-cheese from last night, which was much better (there were also vegetables with both–don’t worry).
While I’ll still need to get some groceries this weekend, particularly oatmeal (unless I can accept eating beans for breakfast), I think I’ve got most of the key ingredients for next week’s major meals. I have a can of coconut milk, lentils, and pumpkin to make a pumpkin lentil curry with rice (or quinoa or sorghum… I have a lot of grains).
Today’s mantra: I can manage my money on my own! I will empower myself to learn what I need to learn in order to build a healthy financial future!
Today’s action: Sign-up for Personal Capital and run through the other steps (described below).
I did not sign up for personal capital. I am really happy with my own money management system—You Need a Budget. As for the other steps in Mrs. F’s email, I am on it:
- Track your monthly spending. I do it with You Need a Budget, not Personal Capital. My favorite feature of YNAB is the phone app, even though I almost never look at it.
- Know your monthly net income: My average net income is $2,483 currently.
- Know your net worth. Without being too specific (and feeling suddenly shy on the internet, my net worth is the highest its ever been, above $45K. On the one hand, that seems like a crazy amount of money to me, more than I make in a year, and at the same time, it seems like a crazy small amount of money to me, certainly not enough to build a life on. But as the old chestnut goes, a millionaire is made a penny at time.
- Calculate your savings rate. This is something I’ve never calculated this before! You take your annual change in liquid net worth (the balance of all your accounts as of Dec. 31 2016 minus the balance of all your accounts as of Jan. 1 2016), subtract any major non-salary inputs (none for me) and divide by your net take-home salary. This is actually a lot harder than it sounds, and I was getting numbers anywhere from 5% to 53%. The exercise definitely made me more aware of what I know about my money, and what I don’t. Having finally tracked down what I think are all the correct numbers, my savings rate is 37%. There’s definitely room for improvement, but it’s a lot higher than 5%.
This is also maybe something that would have been better saved for a weekend when I’m well-rested, as opposed to late at night on a weeknight (not my best time). I asked my man for help with the math and then he had other thoughts and opinions as though he’s some kind of sentient human being! The nerve!
Despite the grouchiness that staying up so late to do math has created, I highly recommend calculating your annual savings rate. It was really eye-opening to me to see my savings as a piece of my total pie, as opposed to a self-contained unit. (It’s great to save $5K if you’re earning $10K, not so much if you’re earning $100K.) Frugality is a quality I believe I have, so it’s interesting to see how the data of my life actually matches up to that. There’s room for improvement, but I knew that already. Hence, the challenge.