April 2020 Beers & Budgeting | Quarantine Spending & Saving

TL;DR

In April, the couple had a three paycheck month, bringing in $11,500. They saved $2,400 but also spent a significant amount on groceries, alcohol, and online shopping. They owe taxes but are working on being more conservative with their quarterly tax payments. Their investments have been fluctuating, but they are still actively contributing to their down payment fund and retirement accounts.

Transcript

[Applause] fearsome budgeting quarantine edition is coming up here's how much we spent and saved and all that fun stuff for April first beer beer I show up to these yes so let's use your can since mines in this awesome koozie okay all right here we go sit in focus there it is alright modern times coffee stout modern times is on my favor breweries t... Read More

Key Insights

• 🧑‍🤝‍🧑 The couple had a three paycheck month, which significantly increased their income for April.
• 🛀 They saved $2,400, showing their commitment to financial goals despite increased spending in some areas.
• 🍉 They have experienced fluctuations in their investments, but continue to actively contribute to their long-term savings.
• 👻 They are working on being more conservative with their quarterly tax payments to avoid owing large sums.
• 🛍️ Online shopping has become a tempting activity during quarantine, requiring better tracking of expenses.
• 👋 They are thankful for their stable jobs and good health during this time.
• 💗 Their down payment fund is steadily growing, showing progress towards their future home purchase.

Questions & Answers

Q: How much money did the couple bring in for April?

The couple brought in $11,500 for April, thanks to a three paycheck month.

Q: What did they spend a significant amount on during April?

They spent a significant amount on groceries, alcohol, and online shopping while in quarantine.

Q: How much do they owe in taxes?

They owe $2,600 to federal taxes and almost $1,200 to California state taxes.

Q: How are they planning to be more conservative with their tax payments?

They are working with their CPA to make more conservative quarterly tax payments, aiming to avoid owing a large sum at the end of the year.

Q: How have their investments been performing?

Their investments have fluctuated, with losses in some accounts and gains in others. They are currently up 18% on Robin Hood and still up 19% overall for the year.

Q: What are they actively saving for?

They are actively contributing to their down payment fund and have saved close to $88,000. They are also saving for a future Jeep Wrangler purchase.

Q: Did they receive their stimulus checks?

No, they have not received their stimulus checks yet and are still waiting for them.

Q: How are they managing their expenses during quarantine?

They are finding it easy to overspend on online shopping but are trying to track their expenses better. They recommend their "how to control your spending" workbook for others who may be struggling with this as well.

Summary & Key Takeaways

• The couple had a three paycheck month in April, bringing in $11,500 and saving $2,400.

• They spent a significant amount on groceries, alcohol, and online shopping due to being in quarantine.

• They owe taxes but are planning to be more conservative with their quarterly tax payments in the future.

• Their investments have fluctuated, with losses in some accounts but gains in others.

• They are actively contributing to their down payment fund and retirement accounts.