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)
Categories that were over budget:
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!) 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.