Friday, 15 August 2014

July 2014 Income & Expenses

    Hi everyone, hopefully everyone will be getting ready to enjoy another well worked for weekend! I'v been quite busy this past week and a bit so, sorry on the lateness of this post! As mentioned in my Blog Moving Forward 2.0 post I will be starting to keep a more in-depth record of costs and also post my income breakdown as well. So for the month of July the results are as follows:

Job: $1,361.34
Dividends: $57.26
Total: $1,418.6

Reoccurring Costs: $355.5
Variable Costs: $391.17
Total: $746.67

July's income vs expenses = +$671.93, a 49.4% savings rate!

    Overall I am very happy to achieve a 49.4% savings rate, that's almost half of my income that month! Working at near minimum wage definitely makes it harder to save up enough to invest in
quality companies, but it goes to show what a little self implemented cost controls can do! It also helps to be living at home with only a small amount of rent to!

    My expenses in July would have been less except for that I paid a $100 deposit for a trip in March to Punta Cana for my girlfriends brothers wedding, its going to be a blast! And also some additional spending on travel and other fun summer activities :) Compared to my previous months, I am expecting that August and September and the months going forward will be a real test of my ability to save. I am aiming for a saving rate between 15-30% due to increased costs from moving out of my parents home and into an apartment with my girlfriend. So, bearing in mind that rent and food costs will be quite a bit higher, unless/when *crossing fingers* I successfully get myself into a full time job at a bank, I'll most likely be posting somewhat boring recent buys of just ETFs, but will happily compensate by writing about the companies on my watch-list.

Hope everyone had a good July for investing and saving like I did! I should be making another post or two this weekend as I've finally some time to write! Have a good weekend everyone!

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