As you have come to see from us Diplomats – each month we share our savings from the income and expense we have endured during the previous month. Our goal is to achieve 60% savings rate in an ever inflationary lifestyle from advertisers, television, peers and co workers. Though it is difficult, we know the combination of being frugal, saving and investing allows us to achieve our financial freedom goals faster, by still enjoying the benefits of life itself. Was I able to hit 60% this month? Let’s check out my income and expense summary from February!
Sadly, last month I was a HUGE 0.40% away from 60%, aka 59.6% I was able to save. I was so upset at myself, how could I fail 60% by just a mere few bucks? I know I shouldn’t hang my head low, but when I set up my 2015 goals back in November last year, I had it set to save 60%. Dang! Obviously losing my roommate and the check to go with it was a huge downside to the cash flow last year, but was all worth it from a lifestyle perspective. Further, I’ve been chugging through busy season – so saving is essentially easier – traveling & working too much = little time for spending. Enough with my badgering, let’s see what this month produces for me or should I say – what nickels and dimes was I able to plug away in my attempts to save 60%?
Lets dive into the fun month of February’s Income and Expense breakdown:
Income Summary
Salary – 90% (increase of 4% from last month, due to lower dividends and lower “other” categories)
Other – 5% (down 2% from last month, gas reimbursement for work)
Dividends/Gifts – 4%
Bonus – 1% (overnight work bonus)
Expense and Outflow Summary
Household – 23% (Mortgage + escrow, Utilities were high due to higher gas bills)
Transportation – 9% (Down 1%, Auto loan, Insurance, Gas, no car troubles in February, no long trips)
Health – 2.59% (health insurance, gym; up 1% due to lower household costs)
Clothing – 1.52% (Amortizing of a wedding suit that I am in during the month of April – over 3 months I am amortizing the suit – Feb/Mar/Apr as I have not worn it yet and to be honest, haven’t picked it up!)
Food – 1.52% (same from last month, due to travel for work, Groceries + Coffee)
Charity 0.75%
Entertainment – 0.61% (Netflix, night at the movie theater)
Gifts – 0.55% (Valentines day gift and other misc gift)
= SAVINGS ~61% = This includes automatic savings from my pay to my online account, extra savings transfers to my account from this months income to my online savings accounts + automatic 401K contributions
Income and Expense Conclusion/Results
It was a great month and was able to cross the 60% mark this month from a review of the income and expense categories. I kept my food in check though I was in town more, I was able to catch a movie I wanted to see with someone and was even able to try and sprinkle a few roses to try to make someone’s day better. The month came and went, fast. It helps with a 2-3 day shorter month, and longer hour days from being in the office (worked over 80 hours a few times…). Also – I traveled to Wichita, Kansas for a week during the month and – well – it was great to get a way and was an interesting audit to work on, that’s for sure.
Conclusion
I am happy where I am with what I was able to save but I did in fact to save more. I know coming forward I’ll have quite the expenditures from festivities I will be involved in, therefore – my hand is close to my wallet and pocket – more on that later, however. Bert has been killing it with his purchases last week and I was able to “scoop” up some Caterpillar and HCP as well. I am excited for dividends to roll in for March, as February was another record setter! How did everyone do this month? Able to balance out saving and spending? I hope so! Looking forward to seeing the feedback and comments, appreciate the stop by!
-Lanny