Monthly Savings Update – August

The end of August always means that summer is unfortunately coming to a close but on the bright side of things at least my savings was dramatically increased this month.  I knew that my numbers would look a little better as my friend was paying me back for her share of our AirBNB rental but also a bunch of my other costs were down resulting in my best month of savings yet.  Woohoo!

Constantly being aware of what money is going out, and using this blog to keep myself accountable, has paid off.  Many of my spending categories came in below budget.  And this was the first month all year where I didn’t spend any money on fitness classes or training.  At times I wanted to go to a spin class to get in a really good cardio workout as I am still nursing a sprained ankle and can’t run but my end goal of financial independence kept me from attending.  Instead I just did my own workouts at home or used the spin bikes at my own pace at my personal training gym free of charge.  My cardio endurance may be suffering slightly but not substantially.  The good news though is that my life is not suffering.  I am still able to enjoy life even though my spending is greatly reduced.

Although I don’t limit myself to my budget categories I use them more as guidelines so I can track my progress.  Here is a summary of where I did well, or didn’t.

Categories that were under budget (by $10 or more)

Fitness (yay, zero spent out of my $200 budgeted amount!)
Vacation (actually had money coming in)

Categories that were over budget (by $10 or more)

Life Insurance
Food (grocery stores)

Some things came in right around where they should but as you can see the number of categories where I was under budget outnumbered those categories that were over budget.  And some were under by quite a bit.  The end result was that I was able to save a whopping 61% of my take home pay!  Yay!  I really wish I could keep up that savings rate going forward but as this is sort of evening out the AirBNB expenses I paid for ahead of time in June I know it is not realistic to maintain.  But I am still psyched that I could hit such a high number and Mr. SFF also put a little money towards our savings so it was overall a great month.  If I average out my after tax savings rate since starting the journey in March I am at just over 40% which is what my target goal is.  Let’s hope I can maintain that level of savings through the rest of the year!

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