June’s cost of living might be the most ideal we’ve recorded so far. It’s still too early to know if this is an abnormally lower month of spending or it’s a sign of things to come.
Review of May
There was $4,211.75 spent in May. Food costs made up 18.5% of the total spend for the month. Transportation took up just 12.1%. Miscellaneous spending sucked 30.9% of our free cash, and the rest (38.5%) was spent around Housing.
Cost of Living Details
June’s home costs were in line with previous months. Our electric bill was low, which is great as it’s starting to get hot in our area. This is the time of year we start getting picky about using the air conditioner. All in all, we spent just $1,160.66.
Last month we spent $324.24 for groceries, and we spent $272.25 in June. I think we’re doing good with our food costs. We started a big garden this year to supplement our budget, but we won’t see those results until July or August.
The Dining Out costs went down a little this month, but it’s still too much for what we’re targeting. To rectify this problem, I’ve started to bring lunch with me on the days I’m going to the gym. I really should be doing it every day, but I want to make this lifestyle change stick before I go too extreme. I think we’ll know more when we see July’s Cost of Living. For now, I have again fallen short of the goal to keep Dinging Out under $150 per month.
Our transportation costs are pretty similar to last month. We spent $536.83 in June compared to $510.44 in May. We had assumed our lower spending in this category last month was related to being on vacation. But, this is the second consecutive month of us being right around $500.
In addition to that, we’re considering paying off our auto loan in the next couple of months. So, that will make an impact on our savings rate in the future and lower our spending in this category.
It has seemed that each month we have an annual cost or unexpected event that grabs some of our free cash and makes it harder to save. Not the case for June!
We spent $2,494.34 in June, which is a 59% reduction from May. Comparing those two months, it’s clear the big difference is miscellaneous expenses, or a lack of them. Quite honestly, I’m crossing my fingers that our monthly costs continue to be as stable as we’ve seen in June.
Different month, but the same story. We need to reduce our Dining Out expenses.
Here is a link to our Goals.