Okay, well, I can’t do a spending update, since I took a break from tracking my spending last month, but I can at least give you all a glimpse at how my saving rates shook down with this last paycheck.
I know, I’m a party animal.
As a reminder, my goal is a 50% post-tax saving rate. But ’twas not to be this month, I’m afraid. Due in part to…
The total balance this month was on the higher end. Two health insurance premiums ended up on a single bill — and each one is $444.10. A few other miscellaneous purchases, plus charitable donations and my business paying for my Internet, and the total was almost $1,450. Ouchie.
Then I still had to pay out to my various sinking funds/savings accounts. I’m making a distinction here between the two because only savings account contributions are included in my saving rates.
Basically, I consider sinking funds to be saving for short-term (one year or less) goals, such as yearly premiums. Meanwhile, actual savings is for long-term purposes.
Savings account contributions
I only count long-term saving goals — things that will likely not be used for at least a year — in my saving rates. Those are:
- Savings ($300 this month)
- Emergency fund ($200)
- Car fund ($300)
- Roth IRA ($500)
- HVAC replacement fund ($145)
- SEP-IRA contribution (about $1,560)
Sinking account contributions
The following transfers went into short-term goals, so the accounts and contributions are considered sinking funds, not savings:
- Car insurance ($90)
- Taxes for quarterly payments (about $1,550)
- Funds for my annual termite protection premium ($27.67)
- Funds for my annual Mint Mobile prepaid plan ($16.78)
- House repayment ($600 put aside to write Mom a check the next time she’s down here)
- House escrow ($257.50)
There is also one long-term savings goal that doesn’t count in my rates. That’s because it’s not for me.
A relative came out as trans, and I’m putting aside $50 a month to eventually contribute to the cost of the surgeries when she has them.
My saving rates
Despite missing a workday (I took the day off after my super fun migraine)which took a bite — small, but there — out of my paycheck, I still managed pretty decent saving rates:
Not quite at my goal, but a pretty darn good set of numbers nonetheless.
How has everyone else’s finances been doing?