Firstly, apologies for the slow progress on posting of late. Fortunately the NHS at its best has helped once again, so things can (hopefully!) get back to normal!
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. It felt like a very tight month and that I was having to carefully watch every single penny
So as always I had my steady Salary drop into my bank account, always nice. I get a new tax code for next months income (as I do trailing income), and only a couple more pay cheques with my share scheme contributions coming out. 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 steadily increasing and starting to make a noticeable impact on my monthly income. It has taken almost 3 years to get this stage, but shows it is worth it!
So, steady as she goes on income.
|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.||34%|
|Groceries||All the food and other stuff needed for home||4%|
|Alcohol for home||Home alcohol consumption only||5%|
|Bicycles / Car related||Any costs related to either the bikes or the car||1%|
|Alcohol Out||Generally, its the pub….||1%|
|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….||2%|
|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)||50%|
* 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 this was the first month of not paying out for insurance which is reflected in the lower “do nothing about” costs. We have also switched energy providers, however this won’t impact on the savings as we will continue to put the same amount into our joint account, it will just go on something else.
The Other and Eating Out were a bit higher than anticipated as we had friends over and took them out (they aren’t English) so a little more expense than planned.
The Groceries were quite high, and this excludes the “free” shopping I have been doing with some gift cards, so a little work to be done there.
Also the alcohol out was a touch more than I had planned, as there was an offer on at Majestic. Naughty Majestic for tempting me like that!
Lastly…. savings rate…. 50%!!!!! I really can’t believe it, I thought that would be an impossible rate and I am REALLY happy with this. The downside is that I have realised whilst my share scheme contributions go out I am burning through cash reserves to keep the money going into ISAs at their levels.
I have made next month an even bigger challenge as I have increased the amount going into my other half’s ISA to cover the cancelled insurance. I chose this rather than an IT at present as it means I get cash flow sooner. Once my share scheme finishes I will consider redirecting some of that into my ISA – although at that level I may just put more into VWRL and not separate it out, keep things simple!
How was your April?