May 2020 Income & Expenses – Savings Rate: 80,3% !

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Flow Diagram For My Income & Expenses In May 2020

A great month in terms of savings! Here is my income & expenses for may 2020.

The flow diagram visualizes both my income, expenses & savings in the same figure.

The currency is as always USD $.

 

Income

Here is what my income looked like in may 2020: Β 

My income this month was $5732,6.

Expenses

Here is what my expenses looked like in may 2020:

My expenses this month was 1,129$!

As always I strive to reach a passive income level of $1,666/month,Β  it would mean I would be financially free! More on that in the net worth report.

I really consider buying things before I actually do it. FIRE has made me save a lot of money, but at the same time I sometimes blame myself for spending money on things that I know I could survive without (fancy dinners eg.).

It feels good in the moment, but it doesn’t give me enough pleasure to defend the high costs.

Tracking my expenses is motivating and fun. It really makes me think twice about buying things.

Savings rate

This month’s savings rate was 80,3% !

My goal this year is a savings rate above 75Β %!

I will keep pushing to increase my savings rate, but I don’t want to do it in trade of having a good life every month.

It feels too good to load up my index funds, and in the next post about my net worth you’ll see how my progress are.


Read all my posts in chronological order here:Β Archives


Have questions, comments or suggestions? I would love to help you with your FI-journey.

Feel free to reach out directly at @Route2FI on Twitter or email me at post@route2FI.com


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9 Replies to “May 2020 Income & Expenses – Savings Rate: 80,3% !”

  1. Looks like another great month towards your goal ✊ Interesting that our expenses are practically identical during these times. I’m also at around $1,100.

    Congrats on your new e-book!

    1. route2fi says: Reply

      Awesome! What’s up with your traveling plans now btw?

      1. I postponed my plans to December of this year. Most restrictions should be lifted by then so should be ok but we’ll see. Crossing my fingers.

        1. route2fi says: Reply

          Looking forward to read about you post-FI-life!!

  2. How come you spend $60+ on blog costs? Why is it so expensive if I might ask?

    1. route2fi says: Reply

      It’s for 12 months!πŸ™

      1. I see, now that makes sense!

  3. Hi Route 2 FI, congrats on your 80% savings rate and the new book! It’s always so exciting to follow your journey πŸ™‚

    1. route2fi says: Reply

      Thanks! How was your month btw?πŸ™

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