Lanny’s March Income & Expense Summary

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 March!

Luckily, last month I was able to cross over the 60% and hop back on track on the path to saving over 60% of my income for the year.  I was able to have some fun but not too much as February for me is the worst month of busy season, but can it really become fun or have a better month?  Let’s get real – public accounting sucks.  Which is also a huge reason why Bert left this wonderful grey haired career, yes Jews do get grey hair, for a cookie cutter, motor boating job, weak Bert, but you have a life on track.  What the heck am I even talking about?  Man, something has to be wrong with me and I have no idea what that is.  I’m just an Italian kid from Akron, I shouldn’t even be here right now…

Lets dive into the fun month of March’s Income and Expense breakdown:

Income Summary

Salary – 83% (decrease of 7% from last month, due to huge dividend income (almost $800) and other spiffs)

Dividends/Gifts – 16% (up from 4% last month)

Other – 1% (down 4% from last month, gas reimbursement for work)

Expense and Outflow Summary

Household – 20.2% (Mortgage + escrow, Utilities were lower due to lower gas bill; lower, and you’ll see below why…)

Transportation – 10.1% (Up 1%, Auto loan, Insurance, Gas, no car troubles in February, no long trips, no real change)

Entertainment – 4.0% (Netflix, Bachelor party…)

Health – 2.0% (health insurance, gym; staying similar)

Clothing – 1.0% (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, just busted it out at the wedding this weekend)

Food – 1.00% (same from last month, due to travel for work, Groceries + Coffee)

Self Development – Minimal – haircut

= SAVINGS ~61.6% = 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

income and expense

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 had no idea I’d be able to do it.  It helps when you receive close to $800 in dividends and those are reinvested, why do we DRIP?  Further, had a bachelor party… this cost me quite a few bucks and I’ve learned – do what makes both the bachelor happy and join in those things he is doing that makes you happy – something I need to take with me as I have quite a few more to go this year… all in good fun though.

Conclusion

It was hard and I’m more upset at myself, in terms of controlling what I want to do with my time and money.  I NEED to be better and know there is easy room for it, hands down.  This saving, however, has allowed me to stay on track during Q1 for my goals, and to keep pace with Bert in regards to his quarterly check up – but I hope he likes the taste of my back as I’m sprinting ahead, little man.  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



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13 thoughts on “Lanny’s March Income & Expense Summary

  1. I really like the fact that you are both challenging each other! Now Lanny, a 61,6% savings is totally awesome! I just can’t imagine being able to do so. Will probably be the case next year while on the trip and not so many spending, but still! Congrats on reaching that.

    Cheers!

    Mike

    • DG,

      Thank you — I have to push the little guy – he actually sent me a text when he read it as I called his new position cookie cutter haha. Oh well, I’ll wait for his next jab at me.

      What’s weird is that it’s all due to the reinvestment of dividends that saved me this month. I have about $450-$500 tied up within 2 bachelor weekends coming up and not including any transportation at the moment… mother f*… jk jk

      Thanks again MDP, I’ll continue to push limits here and you do the same.

      -Lanny

    • MDP,

      Well, I think the hangovers for multiple days in a row aren’t helping… joking haha. But in all honesty – I am struggling with finding a balance and time for myself. Which is the problem, you know? Ever have a real tough time balancing it out?

      -Lanny

    • Tawcan,

      I know, it was very hard though and I am trying very hard to balance life and savings and am finding it become more difficult as life events are happening to my loved ones and close friends. Ever run into that issue?

      -Lanny

  2. Lanny,

    Great savings rate, bud. Really impressive!

    I’d love to get back up to 60%, but it’s just tough with relying on online income only.

    Keep up the great work. You’re killing it. 🙂

    Have a great weekend.

    Best regards.

    • DM,

      Thank you! What’s cool is you don’t really need to – you have a lot of amazing things going on in your life and you’re doing quite well in the income/expense approach being almost completely free. So congrats to YOU.

      Thanks DM – have a great weekend as well, CAVS PLAYOFFS TODAY.

      -Lanny

  3. Awesome achievement. Btw how do you calculate your saving rate? There are variable calculations from different sources

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