So its that time of the month again when my salary hits and it’s time to review what I have spent my hard earned cash on, and where I could have done better.
So as always I had my steady Salary drop into my bank account, always nice. I don’t include any of my personal ISA dividends in my income statement, that is just part of the growth of those portfolios. The income thrown off by my other half is included, however this is an incredibly small amount at present (less than 1% of income) so it is more of a statistical error! On the plus side I have finished paying off some tax so I got a bit of a pay rise after – although this wont show until next month’s savings rate as I will spend it next month!
So, steady as she goes on income – very slowly creeping up.
|Things I choose not to avoid*||Mortgage, Insurance, shared bills etc. – yes, we could move somewhere cheaper, not have insurance, reduce our bills a bit and so on, but we are where we are.||43%|
|Groceries||All the food and other stuff needed for home||5%|
|Alcohol for home||Home alcohol consumption only||0%|
|Bicycles / Car related||Any costs related to either the bikes or the car||1%|
|Alcohol Out||Generally, its the pub….||9%|
|Eating Out||I include purchased lunches in this as well as meals out etc.||2%|
|Other||My catch all for anything I may have missed….||3%|
|Holidays||Any spending related to holidays, flights etc.||0%|
|Savings||Anything left over! This includes money into ISAs, mortgage payments and non relief pension contributions. My company pension comes out before it hits my bank account so isn’t included, nor do I include the “top up” of money when my money goes into my personal pension (i.e. I put in £100, I register it as £100, not the £125 that gets credited in my pension)||38%|
* This covers a number of things that I would class as essential for me. Yes, I could move to somewhere cheaper to reduce the mortgage (which in turn would reduce the insurance I have to pay), yes I could reduce my bills by switching energy supplier etc. but it comes down to what I am happy with. There are a few other things in there that are classified as essential that others may object, and so I have just lumped it into there.
Ok whoops. So Alcohol out this month was a little on the erm… high side? A few big sessions really did hit the wallet this month, but I don’t in the slightest bit regret it! The fact that alcohol at home is still 0% I am quite happy with.
A lower transport costs helped offset the large grocery bill this month – but this has filled the freezer up so that should give a fair amount of meals for sometime!
So, how did I do on my Savings Rate goal? Just shy of my stretch target, but 38% savings rate, I am happy!