We are in the final stretch of 2020. November is more than halfway done, and I am finally getting around posting the budget analysis for October. Let’s jump right into the details and see how I did last month.
As always, the most significant source of my income is my full-time jobs and the contract jobs I do on the side. I am also very excited to say for the first time in my life; I have maxed out my 401K contributions.
|Full-Time & Side Jobs||$9,550|
|401K / HSA Contributions||$482|
I am still living with my family, so my expenses are still pretty low. Once I move out, the costs are likely to be much higher. I went out of town for a little over a week, which made my restaurant expenses much higher than usual.
I also had to make an unexpected visit to the dentist, which cost me some pretty penny. I am still not done with the treatment and not looking forward to the dentist’s bills.
My goal is a savings rate of 70 % every month, which is usually hard to hit. I don’t factor into all income taxes, which makes this saving rate somewhat less meaningful. Anyway, it feels nice to have a specific target number.
To calculate the savings rate, I take all my expenses to divide that by take-home income + 401k & HSA Investment.
I didn’t meet my goal of 70%, but 68.30% is pretty dang good, considering that I traveled a bunch and had some medical expenses. I am delighted with October’s savings rate.
Happy budgeting and keep track of every dollar!