Mid-year check in: How are you doing?

[james.hendrickson]

Our IRA which is invested in mutual funds is down approx. 2% from where it was at the start of year. We've been drawing $4,000 per month out of it for spending money, so it's actually done well.

Hows the performance relative to the S&P 500?

[disneysteve]

Hows the performance relative to the S&P 500?

That really only matters if their portfolio is intended to mirror the performance of the S&P 500. A better question would be to ask what the asset allocation is. All they said was that it's in mutual funds, but that could mean anything - stocks, bonds, money market, real estate, commodities, precious metals, etc.

[Scallywag]

Exchanged various odd funds for VTSAX. I do feel worried giving up some star performing funds but simplicity is the name of the game from now on.

[LivingAlmostLarge]

haven't checked too much

[corn18]

Well, our goal was to stay within our planned retirement budget. We are averaging $333 more a month than planned. Still have work to do in the food/dining category. Our daughter is living with us while she finishes up her last college course (maybe longer as she looks for a job). Still, we are spending $2,000 a month on food/dining. We also overspent on the pets due to illnesses, but we should plan for that. We did lose our 14 yo dog last week, so that should go down now. She was expensive the last 2 years due to having Cushing's disease. Down to 2 cats now. Otherwise everything else is well within budget. Savings is on track to plan. Might be able to retire next year after all.

[disneysteve]

Still, we are spending $2,000 a month on food/dining.

What is your target budget for that?

Since COVID hit, our food spending is down sharply. Yes, we're spending more on groceries but way less on dining out. We've done takeout once or twice a week pretty much but that's still way cheaper than dining in a restaurant. Now that things are gradually reopening (we did outdoor dining at a restaurant last night for the first time in 4 months), our spending will increase again though I think we were both pretty content the way things were so hopefully our spending won't return to pre-COVID levels.

[corn18]

Target food/dining budget is $1500 a month. Seems ridiculously high but we manage to spend it.

[disneysteve]

Target food/dining budget is $1500 a month. Seems ridiculously high but we manage to spend it.

It's not hard to spend that much at all if you enjoy dining out at nice restaurants frequently, and especially if you get drinks when you do. I'd say the single best tip would be to cut back on the alcohol if that's a factor. Have a cocktail or glass of wine at home before dinner and/or an after dinner drink when you get home. Or try to frequent more BYOB places.

[rennigade]

It's not hard to spend that much at all if you enjoy dining out at nice restaurants frequently, and especially if you get drinks when you do. I'd say the single best tip would be to cut back on the alcohol if that's a factor. Have a cocktail or glass of wine at home before dinner and/or an after dinner drink when you get home. Or try to frequent more BYOB places.

Or, stop drinking drugs all together. Its sugar anyway.

[scfr]

Well, our goal was to stay within our planned retirement budget. We are averaging $333 more a month than planned. Still have work to do in the food/dining category. Our daughter is living with us while she finishes up her last college course (maybe longer as she looks for a job). Still, we are spending $2,000 a month on food/dining. We also overspent on the pets due to illnesses, but we should plan for that. We did lose our 14 yo dog last week, so that should go down now. She was expensive the last 2 years due to having Cushing's disease. Down to 2 cats now. Otherwise everything else is well within budget. Savings is on track to plan. Might be able to retire next year after all.

Sorry to hear about your dog, corn18.

Regarding the food spending, does any uneaten food go bad and wind up in the trash? If so, a good place to start would be figuring out a system to make sure that doesn't happen.

[disneysteve]

Or, stop drinking drugs all together. Its sugar anyway.

Actually there is 0 sugar and 0 carbs in whiskey. Now mixers can be a problem, but a good bourbon or scotch neat or on the rocks is sugar-free.

[james.hendrickson]

My stocks are back to where they were pre-covid, and my wealth is up as well. My income still isn't covering all my expenses.

[disneysteve]

My income still isn't covering all my expenses.

What's the situation there, James, if you're open to sharing? How are you managing with your expenses exceeding your income? Do you have a plan to rectify that?

[james.hendrickson]

What's the situation there, James, if you're open to sharing? How are you managing with your expenses exceeding your income? Do you have a plan to rectify that?

Disneysteve - ah, honestly I got divorced which hurt my revenue a bit...and frankly I don't want to talk about it.

[disneysteve]

Disneysteve - ah, honestly I got divorced which hurt my revenue a bit...and frankly I don't want to talk about it.

Totally understandable. Hang in there. I hope things turn around soon.