Budget Analysis – November 2020

november_budget

Income

Time for another budget analysis. Let’s see how things went for November 2020. 

SourceActual($)
Full-Time & Side Jobs $8,379
401K / HSA Contributions $460
Rental Income $1,677
Other Income $16
Total $10,532

Expenses

I didn’t have any expenses out of the norm. I did help my parents with some stuff. Overall, with no travel and eating out, the costs were minimal. 

CategoryExpenses($)
Housing $1,409
Utilities $0
Food/Supplies $162
Personal Grooming/Medical $30
Transportation $315
Miscellaneous $1,491
Travel -$95
Total $3,312

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 $10,532
Total Expenses $3,312
Savings $7,220
Savings Rate 68.55%

I didn’t meet my goal of 70%, but 68.55% 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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