April 2020 Savings Rate
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Holy cow! 🐮 I earned more in this one month than I did my entire first year post college ($12K). 😯 My savings rate increased dramatically from March due to several factors, which I go into detail below. Plus my 401K finally opened.
Here’s more deets on April’s savings rate:
April Income: $14,213.20
That’s wild! I’ve hit my second lifetime 5 figure month! Last time was in October 2019.
This is in part due to two things—1. a couple of freelance projects got paid (finally!) and 2. I received some stimulus check money.
Unfortunately, I’ll owe taxes on the freelance work, which is not accounted for here, but for now I feel rich!
💰 Paycheck: $8,817.16
👕 Resale: $40.65
👩💻Freelance: $4,450
💵 Cash Back: $37.35
📈Interest: $14.55
🎁 Gifts: $837.65
📈Dividends: $5.84
April Expenses: $1,726.40
With my stimulus check money windfall, I gifted half of it to organizations fighting the cause and effects of COVID-19—the World Health Organization and my local food bank.
The other half went into my emergency fund which I am trying to increase to a years worth of expenses. My expenses are still very low this month because I’m at my parents house.
I was able to treat my family to dinner and Starbucks a few times this month too!
🏡 House: $850.00
💡 Utilities: $0
🚕 Transportation: $0
🥦Groceries: $20.95
🍽 Food: $141.20
🍹Drinks: $0
💻 Work: $141.20
🎥 Entertainment: $0
✈️ Travel: $0
🚙 Car: $0
🏥 Health: $66.12
🛍 Shopping: $37.90
🎁 Gifts: $473.25
🤷♀️ Misc.: $0
April Savings: $12,486.80
Finally! I’m 401K eligible. My contribution level is 65% per paycheck, so I’m hoping to max it out by July. I don’t get a company match, but am still going to get value by reducing my taxes slightly.
401k: $3,165.76
HSA: $0
IRA: $0
High Yield Savings: $2,105
Brokerage: $3,500
Checking: $6,881.80
Right now my savings rate goal for the year is 60% but I think I’m able to actually do closer to 70%. I also think I’m going to be posting a little less frequently than monthly on my savings rate progress. I think there will be better insights to pull if I follow up quarterly!
xo, Catie
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