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 # 10 – Apr 2021

Another month, time for another update. With the way the stock markets are going up, I love doing the net worth updates. Net Worth Update Summary Assets Current Month($) Prev. MONTH($) Change(%) Investments $263,819 $247,917 6.41% Cash $68,459 $70,422 -2.79% Home Equity $110,000 $100,000 +10.00% Total $442,278 $418,339 +13.63% Investment Details Assets Current Month($) Prev.

net worth update

Networth Update # 9 – Mar 2021

It’s a new month and it’s a time for another net worth Update.  Net Worth Update Summary Assets Current Month($) Prev. MONTH($) Change(%) Investments $247,917 $222,216 11.57% Cash $70,422 $70,183 +0.34% Home Equity $100,000 $84,400 +18.48% Total $418,339 $376,799 +11.02% Investment Details Assets Current Month($) Prev. MONTH($) Change(%) 401K $110,372 $102,409 +7.78% Roth IRA $81,179

boat

2020 – Networth Tracker

2020 – Net worth Progress Month Amount ($) Jan-2020 $262,849 Feb-2020 $236,134 Mar-2020 $232,670 Apr-2020 $220,293 May-2020 $248,763 Jun-2020 $264,808 Jul-2020 $271,677 Aug-2020 $291,506 Sep-2020 $327,604 Oct-2020 $317,473 Nov-2020 $320,673 Dec-20 $353,046 Net Worth Trend There were lots of ups downs, but overall pretty smooth sailing. Networth increase of 34% for the year.

https://unsplash.com/photos/S5fDuxsMJzk

Year End Summary – 2020

In this post, I am going to summarize my income and expenses for 2020 quickly.  2020 was a roller coaster for me because of the pandemic and all the happenings around my personal life. Let’s jump right into the numbers to see how I did financially!  Income Source Actual($) Full-Time & Side Jobs $101,895 401K

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.