May is now behind us, and I have the May balance sheet that goes with it. Now that summer is here, I’m expecting to see our home heating and cooling costs show a shift over the coming months. Plus, I hope our food budget has some small changes since we’ll be offsetting our grocery spending with a sizeable garden. Really, I’m glad summer is here. It’s been a long winter.
As far as income vs expenses goes, April was a good month for us. Using some rough math and rounding, I can see we brought home about $800 more than the previous few months and spent about $300 less.
April had a savings rate of 27.1%, and we were able to save $1,608.74.
May Balance sheet
Let’s dive right in and get the math out of the way. We invested $1,458.79 in 3M in May. Add to that the $94.90 from dividends that we reinvested, plus the $57.23 in rewards.
$1,458.79 + $94.90 + $57.23 = $1,610.92.
That means we had a savings rate of 29.48% for May.
($1,610.92 / $5,464.57) * 100 = 29.48%
We didn’t reach our savings goal of $2,000 in May, but we’re getting closer and more consistent with our investments each month.
The good news is that we were able to save more than 25% of our income. I’m waiting until after July to see if our savings rate stays consistently over 25%. If it does, I think we mark that goal complete and increase it. We’ll see what happens.
We didn’t reach our savings goal of $2,000 invested in May. We made a choice to go on a vacation instead, and that directly contributed to us not meeting the savings goal in May. In previous months, its been unexpected costs or annual (non-reoccurring) costs that steal that thunder. Either way, eventually this goal will be attained. It might just be when our investment income increases enough to make the difference in what our daily job allows us.
- We have a savings rate goal of 25%, and we saved 29.48% this month.
- I try to save $2,000 per month. We did contribute $1,610.92, or a little over 80% of the amount we want.
Here is a link to our current Goals.