Budget Analysis – October 2020

October Budget


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
Rental Income $1,776
Other Income $879
Total $12,205


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. 

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


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. 

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!

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