Year End Summary – 2020

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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

SourceActual($)
Full-Time & Side Jobs $101,895
401K / HSA Contributions $27,249
Rental Income $8,535
Other Income $6,872
Total $144,551

$140K+ in income. That’s a whole lot of money compared to what I was making just five years ago. However, I am off by a lot from my goal amount of 200k. One thing to note is most of this income is after-tax. 

However, I will still need to pay $10K+ when filing taxes since I didn’t withhold any amount from 1099 jobs. Nonetheless, a good year for income. 

Expenses

CategoryExpenses($)
Housing $18,491
Utilities $1,650
Food/Supplies $4,227
Personal Care / Clothing $1,337
Medical $1,821
Transportation $7,691
Training/Books $47
Travel $2,638
Miscellaneous $10,893
Total $48,795

Savings

Actual($)
Total Income $144,551
Total Expenses $48,795
Savings $95,756
Savings Rate 66.24%

My savings rate posted here is inflated compared to the actual savings rate because I am not factoring in any cash I had to pay as a part of the divorce settlement. Ignoring the fact I didn’t need to pay the settlement money, I had a savings rate of 66%. That’s very close to my savings goal of 70%. 

2021 Goals

Here are some of the financial goals for 2021 – 
1. Savings Rate of 70% 
2. Earn 200K after-tax including 401k and HSA Investment

Happy Budgeting and keep tracking!

** The table and font sizes in this post are all jacked up, and I have no idea what’s going on. I have spent too much trying to fix it, and now I don’t even care.**

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