So it is already that time of the month again, and once again I can’t believe just how fast time is flying. Work is keeping me very busy (a good thing as I enjoy it – although I am sure I would prefer not having to work!) and a lot of things going on over weekends so really quite a busy little bee!
So once again my (reduced) salary hit the bank account. This was a real kick in the unmentionables. My company share scheme purchases are still being deducted which reduces the income, and my new tax code kicked in, taking my income down even further. To say I had to watch the pennies this month would be an understatement. I really can’t wait for July when I get a full size pay cheque again, I just hope it is enough.
To date I have been continually dipping into my cash reserves and they are starting to look rather threadbare. I am sure most people don’t count a company share scheme as being an emergency, but there you go!
My other half’s ISA kicked out more money again which is always nice – a bit of tax free income, yes please! This is now starting to become more noticeable and although I said it should be going off the mortgage, for now it is helping cover the gap until I get a full income again.
|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.||36%|
|Groceries||All the food and other stuff needed for home||2%|
|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….||1%|
|Eating Out||I include purchased lunches in this as well as meals out etc.||4%|
|Other||My catch all for anything I may have missed….||4%|
|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)||52%|
* 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.
Day to day “Things I choose not to do anything about” is up slightly, reflecting my reduced income.
Food for home is lower than it really is as I did a big shop but used up more of my vouchers. Arguably I ought to include the income from these vouchers, and then the expense, but then as I don’t include my bonus / tax refunds etc. I am not going to bother. Reality is it won’t make that much difference to me when I pull the plug given how much buffer I expect I will have!
Eating out was a little high as we went out for a few meals, and I have started eating the odd lunch at work. One for another day.
Other was a little high – this was a few naughty taxis home after an evening out, eye / contact lens check and odd things like that.
Oh. My. God. 52% savings rate. This is my highest EVER! A combination of having to really cut back due to the decrease in pay, and not wanting to change my direct debit savings!
The reality is however never quite as pretty as it seems. Yes it is a very high savings rate, however to keep the £1,100 going into the GTP ISA not only did I not put anything into cash savings but I withdrew some to make sure it was covered. Not a sustainable position to be in.
And what happened to the insurance money I was paying, wasn’t that supposed to be going into the GTP ISA? Well… yes it was. I actually decided it shove it into my other half’s ISA. Hopefully in only a couple more years that will then start paying out enough to cover my day to day living (not expenses, mortgage etc. but the odd food bill, eating out etc.).
Now I have done that, I don’t intend to increase the contributions any further until I max my ISA out, so any future changes or increases will go into mine, and most likely into VWRL.
How was your May?