Income and Expenses – August 2016

Tracking your expenses isn’t a new idea, but it really is a great one. I think the best way to keep myself accountable is to write everything down for all to see. I recommend everyone actually write out your outcomes from each month. It seems to have more impact than just looking at your Mint budget. Let’s call this my “Weight Watchers for Money”.

My goal from now on will be to keep my savings rate at or above 70%. Let’s see how I did this month.

Below I’ve recorded in charts and graphs some data points I thought might be good to keep track of.

Paycheck $4,780
401k $1,500
HSA $238
 Misc Income $0
 Total Income $7,183

Income Notes: N/A

Rent $700
Food & Dining $390
Bills & Utilities $125
Auto & Transport $130
Misc $441
 Vacation $494
Total Expenses $2,280

Expense Notes:

*Vacation – Great trip to NYC due to travel hacking. Thank Mad Fientist for the ideas.

 Monthly Report
Savings Rate 68.3%
Net Worth $131,909

Monthly Report Notes:

This month was one of my highest spending months in some time. I recently decided to start dressing a little more like an adult, which is a whole lot easier when you leave in Florida. When 90% of your daily outfits revolve around shorts you know you’re doing something right.

The vacation was somewhat significant at around $500 but due to using credit card rewards I saved myself a good $1500 getting my hotel for free and taking advantage of my Southwest Companion Pass.

Net Worth Chart

NW 8/16

Final Word

Running savings rate is decent but dropped below my last reported savings rate of a whopping 71.4%. Find that post here. This month I fell below my 70% target, which gives me a good goal for September.

Is your savings rate increasing, decreasing, on track? Let me know.

4 thoughts on “Income and Expenses – August 2016”

  1. Thanks for sharing your recent income/expense update with us. I think you have an amazing savings rate too. If you are over 50% I think you are so far ahead of most people. The conventional wisdom always stated to save 10% of your income which I think is garbage. The reality is that it should be much higher and you are achieving it.

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