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.
|Full-Time & Side Jobs||$11,329|
|401K / HSA Contributions||$460|
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
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.
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!