2020 Mid-year finance check-in

mid-year finance check in

Mid -Year finance check in

It’s already July, before you know the year will be over. Mid-year is the best time to analyze your finances to take a closer look at your financial goals and health. It is also time to check on your investment contribution and savings goal for the year.

Few things that I like to check during the mid-year check-up are

  • Total Income
  • Total Expenses
  • Roth IRA Contribution
  • HSA Contribution
  • 401k Contribution
  • Other Investments
  • Savings Rate

Mid-year is also a perfect time to look at your expenses trend so you can adjust your budget accordingly. Since I moved to a new location, I will wait for a few more months before changing my budget. 

Mid-Year Financial Summary

ItemAmount ($)
Total Take Home Income $55,443
401k Contributions (Including company match) $14,626
HSA Contribution (Including company match) $3,510
Total Income $73,579
Total Expenses $25,140
Total Savings $48,439
Savings Rate 65.80%

The above table doesn’t factor in any money I had to pay for the divorce settlement. Also, I am not tracking any post-tax investment or Roth IRA as those items are already included in the Total Take Home Income.
Overall, pretty happy with the ratio of expenses to saving. However, I am still behind my savings rate goal of 70.00%

Mid-Year Expense Summary

Budget CategoryAmount ($)AVG/MONTH($)
Housing $8,972 $1,495
Utilities $1,437 $240
Food & House Supplies $2,912 $485
Medical/Grooming/Clothing $1,506 $251
Transportation $4,702 $784
Personal/Hobby $178 $30
Other Expenses $5,433 $906
Total $25,140 $4,190

With the move to HCOL compared to Utah, my expenses for next 6 months is going to be significanty different. I expect my expenses to go higher which means the 

Mid-Year Retirement Contribution

ItemContribution ($)Employer Match($)% to Max
401k $12,397 $2,229 63.57%
HSA $2,760 $750 49.43%
Roth IRA $3,000 $ - 50.00%

I am on a pretty right track to maximizing all three major retirement programs. I will be maxing the 401k long before the year is over. 

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