Savings Update – April

I am a little late with this post but one of the important things about this blog for me it to track how I am doing.  If I can see the progress I am making then I am more likely to keep with it.  When I plugged my numbers into my budgeting spreadsheet this month I was actually a little excited as I was able to save even more than March.  If I can keep this up I should be able to have freedom from the 9-5 job in 9 years (but hopefully earlier).

I still have automatic transfers to the joint savings twice per month (increased from last month) but as I spent less than my target budget I had extra money left at the end of the month.  When I mention my “target budget”,I do not have any strict spending limits but I have goals of what I think each spending category should be based on my average spending last year.  If I am able to stay within these target budget guidelines then saving 40% of my take home pay should be easily doable.  Here is a summary of each of my major budgeting categories that differed by more than $10 from my target:

Categories that were under budget:

Transportation(although, to be fair my husband filled my tank a couple of times)
Misc shopping

Categories that were over budget:

Food (groceries)
Dining and entertainment (due to my White Mountains Trip)

The end result was that I was able to save 52% of my take-home pay.  This was almost a 21% improvement over last month!  (Still doing a happy dance over here!) Happy smiley animated emoticon Comparing my expenses to April of last year I had a 45% improvement.  This is the first time I have compared my actual spending to the previous year and I will admit I was pretty surprised at how much of a different it was.  I know I have said this before but paying attention to your spending really does make a difference.  I know May is going to have some additional expenses but it is also a three paycheck month (yay!) so that should help.  For now, I am going to relish in the progress because progress = motivation to stay on track.

Leave a Reply

Your email address will not be published. Required fields are marked *