Monthly Savings Update – July

Summer is in full swing, and apparently so is my spending.  OK, to be fair I had one really large expense that threw everything off plus we had a vacation in there but I was unfortunately not able to meet my 40% savings goal (again) this month.

The large expense I had was one of my life insurance policies annual premium was due.  As this is an annual premium I have yet to figure out how to budget for it and account for it here.  I ended up moving some money over from my savings to help cover the cost of it but I did not log this transfer on my budget spreadsheet.  So I am actually showing a negative net number on my balance sheet as I did move a little bit of money over to our joint savings at the end of the month.  If I did not have this large expense to take care of in one month I would have been able to save more than 50% of my take home income. I still could have moved even more money over but I don’t want to throw off my numbers too much.  Maybe after doing this for a year or so I will be able to figure out a better way to account for large one-time expenses like this.

Although I did have some additional expenses from our vacation, as I mentioned in my vacation post the overall cash flow I experienced was not actually all that terrible.  My massage greatly increased my Personal Care category and my food numbers were a little high but other than that I did a good job of not spending extra money on my vacation.  And of course the casino earnings did help a little as well.

On the plus sign I did a much better job in the extra income category this month.

Clothing Consignment: $11.60
Housewares Consignment: $7.20
Ebay Sales (from June): $51.33
Casino Earnings: $206

Total: $276.13

Not bad!  I adding the money from the the Ebay sales and consignments to our joint savings but only a portion of the casino earnings as I needed to replenish my cash anyways.

Although my accounting is a little whack this month due to my life insurance premium, I ended up moving only 30% of my take home pay to our joint account and towards our financial independence goal.  This is the third month in a row that I am short of my 40% goal.  My monthly average over the past 5 months since I started on this journey is just shy of 40% at 38.8% so my hope is that I can make up some ground in the coming months.  In the meantime I am trying to stay focused and not letting these shortfalls discourage me as even if I am short of my goal I still have forward momentum.

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