Budget Analysis – Jan 2021

budget analysis

Hello, 2021! After freeloading for almost six months, I finally moved and got a place with a friend. Let’s see how I did in the first month of the new year. 


Income

SourceActual($)
Full-Time & Side Jobs $7,061
401K / HSA Contributions $4,307
Rental Income $1,699
Other Income $1,203
Total $14,270

Expenses

I have a couple of new expenses starting this month. Mainly apartment rent and utilities. Other than that rest should be as usual with few unexpected expenses like dentist visits and car insurance. 

CategoryExpenses($)
Housing $2,470
Utilities $0
Food/Supplies $501
Personal Care / Clothing $0
Medical $872
Transportation $885
Training/Books $47
Travel $227
Miscellaneous $652
Total $5,654

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 $14,270
Total Expenses $5,654
Savings $8,616
Savings Rate 60.38%


Happy budgeting and keep track of every dollar!

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