Budget Analysis – December 2020

Can you believe that 2020 is over! It was a bizarre year for many reasons. Not only because of the pandemic but also because of the considerable changes in my personal life. 
Anyway, let’s dive into my December’s budget analysis. I finally got my place. It’s good living on my own, but it’s going to be bad for my savings rate. I did get a roommate who is going to help me keep the cost significantly low. 
Let’s look at the numbers. 


Income

SourceActual($)
Full-Time & Side Jobs $11,329
401K / HSA Contributions $460
Rental Income $1,776
Other Income $35
Total $13,600

Expenses

I did quite a bit of traveling this month. Also, I had to put down the deposit for the new place. The expenses were higher than usual but nothing outside of what I planned

CategoryExpenses($)
Housing $2,473
Utilities $0
Food/Supplies $418
Personal Grooming/Medical $320
Transportation $545
Miscellaneous $448
Travel $818
Total $5,022

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 $13,600
Total Expenses $5,022
Savings $8,578
Savings Rate 63.00%

The savings rate was less than my goal of 70%. But overall, I am pleased with how the month went. Also, soon I will be posting the year-end summary to see how I did. 

Happy budgeting and keep track of every dollar!

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