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
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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