July ’17 Income and Expenses

So it’s that time of the month yet again – how time flies! So how was July? There were no major, out of the ordinary things to shout about, so a fairly regular month in all senses – a number of work trips that meant I saved a small amount on my transport budget but in reality this was negligible.

Income

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’s just part of the growth of those portfolios. The income thrown off by my other half is included, although this month was very low (the third month always is). A little bit of a pain, but the rolling 3 month average from it still continues to tick up. This month I haven’t just thrown the income off the mortgage as we are saving up for a rather large bill that is going to be coming up – more on that in another post.

So, steady as she goes on income – very slowly creeping up.

Expenses

Item Notes Amount
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 2%
Alcohol for home Home alcohol consumption only 2%
Bicycles / Car related Any costs related to either the bikes or the car 0%
Alcohol Out Generally, its the pub…. 2%
Eating Out I include purchased lunches in this as well as meals out etc. 3%
Other My catch all for anything I may have missed…. 5%
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) 45%

 

* 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.

Digging in

So, what to make of all of this? This is my joint highest savings rate of all time – I am super stoked about this given that I don’t feel I really hunkered down heavily for the month. The good thing is the savings rate, however the downside is that I did not get any more cash into my cash flow fund (CFF) which does worry me. I calm myself on this as I did take money out of the CFF, firstly to add into the Go T’ Pub ISA (more to follow in the GTP update), and secondly to round up the money that went into my other half’s ISA after I received my tax rebate. If I hadn’t done this then I would have got some into the CFF. This doesn’t really help me much now as I have so little in the savings pot, but…

I was trying not to buy booze for home, but we were running low on whisky and brandy and there were some offers on so I bought some…. and unfortunately drank it!

I also took a step back in preparing next months tracking spreadsheet and looked at what it may look like if everything went well – this should become my baseline but as I have never achieved it…. The answer? 47.2%. So could I one day hit 50%? I would like to think so!

So overall nothing too exceptional this month, although the “other” category was a bit higher than my normal, however this covered some train tickets to visit friends, some taxi’s (I know, right? Disgraceful!), my DIY disaster and my magazine subscription (MoneyWeek before you ask!).

Am I happy with the month? Actually no. Despite the high savings rate, I still worry that the CFF hasn’t really ticked up and so far hasn’t recovered since November’s hammering so I desperately need to do something on that this coming month.

And on that happy note…. I am off to the pub!

How was your July?

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Author: fireinlondon

Fighting the high cost of living in London

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