Budget Review - May 2024
You earned $4,774.88 in May and spent $3,958.79, so you came out ahead by $816.09. You also moved $600.00 to savings, which hit your target exactly. Housing was your biggest category at 42% of spending, but the real story is the $1,124.00 yearly Geico payment, which made this month feel much tighter than a normal one. Without it, May's spending would have been $2,834.79. Setting aside about $94/month for next year's renewal is the single biggest fix for the "broke at the end of the month" feeling.
The Big Numbers
| Amount | |
|---|---|
| Income (2 paychecks) | $4,774.88 |
| Total Spending | $3,958.79 |
| Net (Income − Spending) | $816.09 |
| Saved/Transferred | $600.00 |
| Left after savings | $216.09 |
| Savings Rate | 13% |
Your two deposits ($2,387.44 × 2 = $4,774.88) match your stated income of about $4,775.
Spending by Category
| Category | Amount | % of Spending | # of Transactions | Target | Difference |
|---|---|---|---|---|---|
| Housing | $1,650.00 | 42% | 1 | – | – |
| Car (annual insurance) | $1,124.00 | 28% | 1 | – | – |
| Groceries | $295.82 | 7% | 3 | $350.00 | $54.18 under ✅ |
| Dining & Takeout | $250.30 | 6% | 10 | $150.00 | ⚠️ $100.30 over |
| Utilities & Phone/Internet | $249.15 | 6% | 3 | – | – |
| Shopping | $153.19 | 4% | 3 purchases + 1 refund | $100.00 | ⚠️ $53.19 over |
| Transportation | $101.00 | 3% | 2 | – | – |
| Subscriptions & Memberships | $70.46 | 2% | 4 | – | – |
| Entertainment | $31.50 | 1% | 1 | – | – |
| Health & Personal Care | $21.37 | 1% | 1 | – | – |
| Fees & Interest | $12.00 | 0% | 1 | – | – |
| Total | $3,958.79 | 100% |
Savings target: $600.00 saved against a $600 goal ✅
What's in each category:
- Dining & Takeout: DoorDash $94.15, Uber Eats $67.95, Venmo birthday dinner $45.00, Starbucks $28.60, Chipotle $14.60.
- Shopping: Amazon $64.77 net (the $23.15 purchase was fully refunded) and Target $88.42.
- Utilities & Phone/Internet: Con Edison $94.16, Verizon $85.00, Spectrum $69.99.
Top 5 Merchants
| Merchant | Total | Visits |
|---|---|---|
| Oakwood Apts (Rent) | $1,650.00 | 1 |
| Geico Auto | $1,124.00 | 1 |
| Trader Joe's | $295.82 | 3 |
| Shell | $101.00 | 2 |
| Con Edison | $94.16 | 1 |
DoorDash just missed the list at $94.15 across 2 orders. Your two delivery apps together came to $162.10 across 4 orders, which would place them third.
Recurring Charges & Subscriptions
| Charge | Monthly | Annualized |
|---|---|---|
| Rent - Oakwood Apts | $1,650.00 | $19,800.00 |
| Con Edison (amount likely varies) | $94.16 | ~$1,129.92 |
| Verizon Wireless | $85.00 | $1,020.00 |
| Spectrum Internet | $69.99 | $839.88 |
| Planet Fitness | $24.99 | $299.88 |
| Hulu | $17.99 | $215.88 |
| Netflix | $15.49 | $185.88 |
| Monthly Service Fee (bank) | $12.00 | $144.00 |
| Spotify | $11.99 | $143.88 |
| Geico Auto (paid yearly) | $93.67 equivalent | $1,124.00 |
Key totals:
- Streaming (Netflix + Hulu + Spotify): $45.47/month, or $545.64/year.
- All subscriptions plus the gym: $70.46/month, or $845.52/year.
Each of these appears only once in May, so I'm assuming they recur based on the merchant type. Your next statement will confirm it.
Worth a Second Look
- Geico $1,124.00: This is expected per your note. It isn't a problem, but it isn't monthly spending either, so it's worth planning for (see below).
- Small repeated charges:
- Starbucks: 4 visits for $28.60 (about $7 each).
- Delivery apps: 4 orders for $162.10, averaging about $40.53 per order. This is the biggest flexible spend in your data.
- Fees: A $12.00 monthly service fee. It's small, but it adds up to $144/year.
- Refund handled: The Amazon $23.15 purchase and its $23.15 refund cancel out. They were netted within Shopping, not counted as income.
- Possible duplicates: None found. The repeated Starbucks amounts ($6.85 and $7.45) fall on different dates and look like normal visits.
- Category guesses:
- Target ($88.42) is counted as Shopping. If some of it was groceries, your Shopping overage is smaller than shown.
- Amazon is also counted as Shopping.
- Venmo is counted as Dining, based on your note about the birthday dinner.
What I'd Change Next Month
- Set aside $94/month for car insurance. Next year's Geico bill then becomes a non-event instead of a $1,124 hit in one month. This doesn't reduce spending, but it smooths it out, which is likely the biggest factor in feeling broke.
- Cap delivery at 2 orders a month. Uber Eats and DoorDash came to $162.10 across 4 orders. Halving that saves about $80/month and moves Dining from $250.30 toward your $150 target.
- Rotate streaming services. You paid $45.47 for three. Pausing Hulu or Netflix and switching back when there's something to watch saves about $15–18/month.
- Keep Shopping to $100. Amazon plus Target came to $153.19. A simple rule like waiting 48 hours before buying non-essentials can close that gap and save about $53/month.
- Review the $12 bank fee. Check your account terms or ask your bank whether there's a way to avoid it. That could save $12/month.
- Keep your grocery wins. You came in $54.18 under your $350 target, so cooking more instead of ordering delivery should fit within that budget.
Total potential savings: about $160–165/month, which is more than enough to fund the Portugal trip.
Next Month's Plan
This plan is for a typical month with no annual bill.
| Category | This Month | Suggested Budget |
|---|---|---|
| Housing | $1,650.00 | $1,650.00 |
| Car insurance set-aside | $1,124.00 | $94.00 |
| Groceries | $295.82 | $320.00 |
| Dining & Takeout | $250.30 | $175.00 (step toward $150) |
| Utilities & Phone/Internet | $249.15 | $250.00 |
| Shopping | $153.19 | $100.00 |
| Transportation | $101.00 | $105.00 |
| Subscriptions & Memberships | $70.46 | $53.00 |
| Entertainment | $31.50 | $40.00 |
| Heal |