How has your year kicked off? It's amazing that we're into February already and I've left my role at a bank to now prepare for the amazing Africa adventure.
Here's our monthly look-back at finances for January and this month has been a massive improvement on December. We recognise that it's important to be fully transparent so here goes, enjoy the financial porn below!
January monthly numbers
Planned - $60 Actual - $17
Have not read anywhere near as many books this month due to tackling the massive tools of Titans book by Tim Ferris. What books have you been reading this year so far?
Planned - $450 Actual - $385
Over the moon with the entertainment expenses for this month and I see this as being the first month we're under. Possibly due to pre-paying a lot of expenses in advance although very happy with this
Planned - $130 Actual - $141
Same same here, happy despite being over. This is a broad category and could include much more. This is exactly the same amount as December, which is quirky.
Planned - 52$ Actual - 52$
Again, this expense will stay constant unless there is a longer month. Have dropped off the 7 min work-out app and it's something I want to get back into
Planned - 39$ Actual - 40$
Happy and almost on point with the spending for the mobile category this month
Planned - 260$ Actual - 212$
Similar to entertainment, and very happy to have lived up to the expectation of this being reduced in January
Planned - 750$ Actual - 700$
Happy with this although not entirely unexpected :), perhaps this one is cheating :P
Planned - 265$ Actual - 407$
This is probably over as a result of not including some expenses which could have been considered "entertainment". Perhaps I could increase this section and reduce entertainment although still not too unhappy. Have been consciously eating out less and more at home with the girlfriend.
Planned - 300$ Actual - 426$
I'd say that $300 is unrealistic and may need to be increased. Having said this for Feb 2017 it should go down as I won't be catching public transport for much of the month.
Below is a visual representation of the Money Glee month in numbers
Now that this is out of the way let's talk about something that a lot of people in the personal finance community track, savings rate. Does it matter how much you're saving? Most people will say yes and you would generally be correct however why does it matter?
The savings rate is vital due to it creating solid financial habits. As you know we're massive fans of the habit and while earning more is also fantastic, by saving more you can work on both offense and defence. Despite the savings rate being important occasionally you will not be able to cut back any further, which is why some "experts" focus on the income earning equation.
Speaking of which, should probably be getting our savings rate going in this update too!
How did your January look financially? Any other exciting goings on?
Did this help you? If so, please share!
Thanks for reading and here's to a fantastic March for us all! Remember to live you Money Glee