Another great month in terms of savings!
Here is my income & expenses for may 2019!
Seems like you loved the flow diagram from last month, so I’ll make it this month as well!
The flow diagram visualizes both my income, expenses & savings in the same figure. What do you think of it?
The currency is as always USD $.
Here is what my income looked like in may:
My income this month was 4563 $. As you can see most of it (94 %) was from my day job.
The post “Rent from partner” is for the shared cost (housing). My fiancee transfers to me, and then I pay the bill.
Here is what my expenses looked like in may:
My expenses this month was 1631 $. That’s $355 more than last month! A slightly normal month for me.
What have I done differently the last months?
It’s been warmer weather, which means:
-lower electricity bill (only $23,6)
-bicycling to work (my public transport is reduced this month by 135 $!)
Why did I spend more this month?
I attended a wedding, paid an expensise taxi from the wedding and had to pay for hosting of my blog. These 3 things was aprox. $300, which can explain why this month was higher than my record low expenses from april.
As always I strive to reach a passive income level of $2000/month, 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.
This month’s savings rate was a whopping 64,2 %, which I think is really good. I mean, my goal this year was a savings rate above 60 %. But somehow I feel bad because I didn’t reach a 70 % savings rate this month. Weird, right?
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.
The point is this. Probably I could hit 75 % every month now, but then I think my life would be boring and I would suffer. To increase my savings rate I therefore have to earn more (and yes, I got a new job which is taking care of this!).
You can read more about my new job and how much I will earn in my newsletter.
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.