At the start of the year, I had planned to cashflow about $40,000 in expenses. This was in addition to paying off my outstanding debt. I knew it was going to be tight, but I was also determined to make it happen.
I had four main categories of things I had planned to pay for this year. I am happy to say that I was able to pay for most of it! There were two main factors that helped me pay for these things.
One factor is that I finally got a new job that nearly doubled my salary. The other factor that helped me reach my goal was that I was able to get back the $15,000 I paid towards my student loans in 2020.
These levers, in addition to budgeting, allowed to pay for all of the following and more.
2022 SET IN STONE EXPENSES
Expense 1 – $8,000
I have paid off all of this.
Expense 2 – $22,300
I have $6,000 left to pay on this.
POTENTIALLY VARIABLE EXPENSES
Expense 3 – $3,860
In total, I ended up spending $4,206.35 and this was way more than I budgeted. However, I did learn a valuable lesson from this experience that will help me going forward.
Expense 4 – $5,000
In the end, I spent $3,516.56 in this category.
THOUGHTS THUS FAR
I had estimated that I would need to spend $39,160 in 2022. In actuality, my total costs ended up at $32,002.91 and I still have $6,000 to pay over the next 8 months.
My goal was 2023 is to keep all my spending to $3,000 a month. I am also considering getting back into YouTube to help keep me accountable. I have two main focus for 2023 and that’s getting to my goal weight range and living on $3,000 a month.
I want to be able to fully retire from Corporate America within the next 10 years. As it stands, 2023 will be year 2 of my (hopefully) 10 year journey to Financial Freedom.