What I Made
Well, July has come and gone and it’s time to look back at my savings rate for the month. As you can see in the chart below, July was a big drop!
My total income for the month of July was $3050
My total hard cap expenses for the month was $1300
The total savings into my investment account was $1000
My total savings percent for the month of JULY was 32.79%
That left me with $650 of disposable income for the month, not bad but I knew it was going to be tight.
What I Spent
My family and I had two mini vacations lined up and when you are on the road in a minivan with 3 young kids and a beautiful wife, things start adding up fast!
On the first trip we stayed for free at a campground in Birch Bay, Washington. My In-laws pay for a year round RV spot that allows other family members to stay for free. BOOM! My kind of trip.
We bought groceries like we would at home so that expense come out of our hard cap pile.
The kidos stayed with the grandparents in their RV at night while the wife and I pulled out the old trusty tent.
It was a bit of a circus but the price was right: Free!
Our second trip was to a place called Osoyoos. I probably spelled that wrong but meh.
This trip was more expensive than our first, no grand parents to mooch off 🙁
This is okay though.
The one thing I have always kept in my mind through the last 10 years of saving is this; Never rob my family or myself of an experience because I was trying to be too frugal.
The thing about being frugal is that I still want all the great experiences that come with this great life, I just want to do it in a more responsible way.
We did the whole trip (3 days, 800 miles) for just over $300. That is for the motel, gas, food and drink. Pretty reasonable for a family of 5.
Our motel was on the lower end of the scale but it was equipped with a kitchenette so we made most of meals and had picnics on the beach.
Kidos on the lake.
It was a great trip!
| 2016 savings | |||
| Date | Amount Saved | After Tax Income | Saving % |
| 1/1/2016 | $2,000.00 | $3,150.00 | 63.49% |
| 1/15/2016 | $2,000.00 | $2,960.00 | 67.57% |
| 1/29/2016 | $2,200.00 | $3,480.00 | 63.22% |
| 2/12/2016 | $2,100.00 | $2,700.00 | 77.78% |
| 2/26/2016 | $2,000.00 | $3,700.00 | 54.05% |
| 3/11/2016 | $3,000.00 | $4,120.00 | 72.82% |
| 3/25/2016 | $3,000.00 | $4,400.00 | 68.18% |
| 4/8/2016 | $3,000.00 | $4,300.00 | 69.77% |
| 4/22/2016 | $2,000.00 | $3,290.00 | 60.79% |
| 5/6/2016 | $2,000.00 | $2,800.00 | 71.43% |
| 5/20/2016 | $3,500.00 | $4,600.00 | 76.09% |
| 6/3/2016 | $2,000.00 | $2,600.00 | 76.92% |
| 6/17/2016 | $2,000.00 | $3,050.00 | 65.57% |
| 7/1/2016 | $2,000.00 | $2,840.00 | 70.42% |
| 7/15/2016 | $0.00 | $950.00 | 0.00% |
| 7/29/2016 | $1,000.00 | $2,100.00 | 47.62% |
| 8/12/2016 | 0 | ||
| 8/26/2016 | 0 | ||
| 9/9/2016 | 0 | ||
| 9/23/2016 | 0 | ||
| 10/7/2016 | 0 | ||
| 10/21/2016 | 0 | ||
| 11/4/2016 | 0 | ||
| 11/18/2016 | 0 | ||
| 12/2/2016 | |||
| 12/16/2016 | |||
| 12/30/2016 | |||
| EXTRA TAX RETURN | $3,000.00 | ||
| Year Total | Year Total Pay | Saved % | |
| $38,100.00 | $51,040.00 | 68.855% | |
On Track
My year savings TOTAL is now $38,100.
I’m on track to pass my last year total of $46,180. Summer is usually pretty slow and I don’t expect to start saving too much until Sept.
My hard capped bills are $650 bi-weekly. Not much room to wiggle this down anymore.
I brought my bills down this year by getting rid of my cell phone. This saves me around $800 per the year. My wife insists that we keep are land line telephone so I decided to see how cheap I could get it. I argued with my provider for about 10 mins and got it knocked down from $30 a month to $9. This will save me $252 per year as well.
I’m currently saving close to 70% of my after tax income. I aim for 50% or greater but most people suggest a minimum of 20%
I’m always looking for ways to spend less and save more so feel free to give me any helpful tips.
Haha, I love the tent – certainly doesn’t look like your typical camping tent 🙂
I love your mentality of never depriving your family of an experience, I think everyone could learn from having that mentality. Looks like you had a great trip and good savings too. A great July all round.
Tristan
Hey Tristan, thanks for stopping by and I just have to say I love reading your blog!
“I love your mentality of never depriving your family of an experience”
Every so often I have to take a step back and reassess- why am I even doing this? I find myself getting caught up in trying to break my old records on saving and earnings and have to remind myself that the whole reason for this is not to break records or goals.
It’s about being able to work less in the future to spend time with my family. So it’s not logical to give up the great times we can have now in pursuit of money! Balance is needed 🙂
Cheers Steve
You’re killing it Steven. You’re doing great man, I’m sure that whatever your long term goals are you’re going to crush them! Keep up the good work man!
Thanks for the kind words John.
The fact that you are so young and already involved in taking the smart approach to investing says a lot. I look forward to seeing your journey and when you become an old man like me (mid 30’s:)) I’m sure you’re going to be in a great financial position.
Just remember, if you see a market meltdown, buy as much as you can!
Steve,
You’re an inspiration brother. You’re doing many things right and the dedication will definitely pay off. You reap what you sow!
PID
It’s a long and twisty road but that makes the journey that much more exciting!
Thanks for the comment PID.