Is it really that time already?! Well, this month has been a little bit confusing to put it mildly. I at least got my tax refund through, however they put it onto my credit card rather than into my bank account which doesn’t help. Coupled with a bunch of work expenses coming through at random times means that it is all rather confusing – for the first time I actually don’t believe the numbers, but I have cross checked, downloaded my bank statements again and it seems there. I even phoned up my credit card company to check what the balance was and matched everything. Despite all this I am still struggling to believe it, but it is what it is. I am not including the tax refund value in any of these figures as this will go straight into my other half’s ISA again.
In addition, I have made my life slightly harder – so I advised my FA that I would be transferring my tax refund into my other half’s ISA, and took make life worse for myself I decided to round it up, which means I have to find more cash – potentially raiding some of next months income which will be tough.
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 (but rapidly approaching an additional 1% of income) so it is more of a statistical error but starting to get more significant. This month was a milestone income from her ISA as it tipped over another rounding point which was a major boost psychologically. It’s only taken a couple of years to get to this point so I can’t wait to see how that keeps going!
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.||41%|
|Groceries||All the food and other stuff needed for home||1%|
|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….||2%|
|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….||11%|
|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)||42%|
* 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.
So what are the key standouts? Well the stuff I do nothing with is down to 41% which reflects the increase from my other half’s ISA income.
Groceries and alcohol at home incredibly low as I didn’t buy anything for home other than a few vegetables to go with food from the freezer – the joy of those big bulk buys every few months! The alcohol out and eating out was relatively low given some work trips and working from home balancing out the expenses. The “Other” is pretty high. This is a fall out from May, there was some funds I missed from when I was out – clearly one too many whilst I was out partying and so hit me in the wallet. I honestly think had that not caught me out I could have clocked a 50% savings rate – my first ever time – but not to be, this month! What I liked is, that I was able to take the 11% hit on my other without causing too much hurt (ok, I have no Cash Flow Funds available), although I am now worried about next month.
All told though not a bad month at all. Especially after a recent article showed that the UK savings rate has dropped to 1.7%. Basically, if you take home £1,500 per month the average person can’t save £30. That is really rather scary to me.
So how was June for you? Did you manage to keep things under control in the sun?