Budget Analysis – October 2020

October Budget

Income

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. 

SourceActual($)
Full-Time & Side Jobs $9,550
401K / HSA Contributions $482
Rental Income $1,776
Other Income $879
Total $12,205

Expenses

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. 

CategoryExpenses($)
Housing $1,409
Utilities $0
Food/Supplies $502
Personal Grooming/Medical $701
Transportation $329
Miscellaneous $311
Travel $617
Total $3,869

Savings

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. 

Actual($)
Total Income $12,205
Total Expenses $3,869
Savings $8,336
Savings Rate 68.30%

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!

Share it with your friends!

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on reddit
Reddit

More Posts

technology

Networth Update #6 – November 2020

 It’s time for another net worth update. Time does fly fast. With the stock market tanking the past few days, my net worth probably went down some.  Net Worth Update Summary Assets Current Month($) Prev. MONTH($) Change(%) Investments $185,350 $190,240 -2.57% Cash $53,323 $45,233 +17.89% Home Equity $82,000 $82,000 +0.00% Total $320,673 $317,473 +1.01% Investment

lamb

Networth Update #5 – October 2020

New month, which means it’s time for another Net Worth update. Even with the 75% savings rate from the last month, I expect the overall net worth as I paid a big chunk of money last month as a part of the settlement. Let’s see how how the net worth looks. Net Worth Update Summary

New york

Budget Analysis – September 2020

Income I can’t believe it’s already October. Without wasting any time, let’s jump right into the last month’s budget Source Projected($) Actual($) DIFF (%) Full-Time & Side Jobs $6,500 $7,797 -20.00% 401K / HSA Contributions $2,820 $2,820 +0.00% Rental Income $1,750 $1,750 +0.00% Other Income $200 $112 -44.00% Total $11,270 $12,479 +10.72% Expenses Expenses were

Networth Update #4 – September 2020

Even with the craziness going around, stocks are at an all-time high. Including my contribution, I am up 12.38% for the month. On the first day of September 2020, my net worth is $327,604. I am officially 21.8% to FI. Check out the tables below for details. Net Worth Update Summary Assets Current Month($) Prev.

Say Hello!

Leave a Comment

LET's BE FRIENDS

It’s easy: all I need is your email & your eternal love. But I’ll settle for your email.