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Kitchen Table Kibitzing: Thursday, July 13 [1]

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Date: 2023-07-13  

Let’s talk money this evening.

Since Covid, I hardly ever do financial transactions in cash. Everything is on my debit card and I am always afraid to look at my bank account to see how much money I spend. This is a lot easier to do because all my statements are paperless. This week, however, I decided I’d brave the fear and take an honest accounting of my finances. A lot of people, I know, are really on top of their funds and keep meticulous accounting of their expenses. I’ve never been one of them. I think it’s time to start.

I have accounts at Redwood Credit Union and Charles Schwab. My Schwab money is in Cal Muni Bonds and money market with a handful of stocks. Redwood is cash, savings, a credit card, a CD and a few Cusco investments.

My conclusion after spending a few hours looking through my banking accounts and drawing up what my monthly expenses are? I need to cut back and start budgeting. I am lucky to have a pretty robust retirement fund but if I want to leave anything to my daughter I am going to have to stop being so cavalier about my money. If I end up living into my 90s (perish the thought!), I may not be able to do that.

I’m using the next month to figure out where I can cut back expenses, working from previous bank statements to see where most of it goes. The major costs right now, independent of rent, are personal training (three times a week), walkers for my dog (I did that when I injured my leg two months ago), and conveniently shopping at my neighborhood market (undoubtedly one of the most expensive food markets in the county).

I’m going to begin by cutting back to two trainings a week and force myself to go to the gym at least two more times even if it's only to use the rowing machine and do a few other exercises. Then by mid-August, I’ll cut back to one training a week.

The dog walking help is going to be harder to give up. Even though my leg is now better, I’ve been really traumatized since Aggie was attacked by a pit bull a few months back. It’s a real relief to leave the longer walk to someone else a few days a week.

And then there is my Verizon account. I pay over $200 a month for internet and cable and I hardly ever watch tv with the exception of MSNBC, some Netflix or Apple TV.

How are you all doing with your money? Where do you have retirement money invested?

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[1] Url: https://www.dailykos.com/stories/2023/7/13/2180265/-Kitchen-Table-Kibitzing-Thursday-July-13

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