September 2019 Savings Rate
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Wow, wow, wow! 77.13%?! 😯 This has gotta be THE MOST I’ve saved in one month. It’s my first month into my F.I.R.E. (Financial Independence, Retire Early) journey, which I think has been a huge motivating factor to get me to save way more than I normally do. 🔥
For reference, my August savings was only at 14.49%—mainly due to starting a new job so had a lapse in paychecks coupled with some big expenses (like $500 on a haircut and color.)
Savings
I have ~$9,000 left to contribute for the rest of the year. I’m only on this contract job, in which I have a 401k, until the end of November, so I’ve upped my contributions to a whopping 29% to max it out in the next 5 paychecks. 😮 I need to be careful to not over contribute since my balance is been split up between my old 401k account.
I also opened an HSA that comes with my HDHP and need to crunch the numbers to see if I can max out this triple tax-advantaged account for 2019.
Here’s my full September savings breakdown:
Savings - Travel: $500.00
Savings - Big Event: $0.00
Brokerage: $1,300.00
Checking: $908.56
401k: $926.10
HSA: $0.00
Roth IRA: $1,600.00
Savings - Emergency: $400.00
Income
The majority of my high savings rate was a result of starting a new job. My new hourly rate right now is at $70/hr plus overtime, up from $41/hr, no OT.
In support of pay transparency and closing the gender wage gap, here’s a breakdown of all my income (gross pay, after taxes)
Paycheck: $6,545.09
Resale: $43.00
Freelance: $20.00
Cash back: $77.22
Expenses
The majority of my expenses went to housing and utilities (18.59%). But I also spent quite a bit on going out, which is my Drinks category. 🍻 I lump the cost of transportation (Uber/Lyft) into this category too so I can see my true cost of going out.
Right now in my life, socializing is a HUGE priority and something I don’t skimp out on. Saving for retirement 👵 vs. living with my friends in the moment 💃 is a trade-off worth spending on for me.
House: $960.00
Utilities: $283.35
Transportation: $15.56
Groceries: $90.75
Food: $53.29
Drinks: $102.88
Work: $45.00
Entertainment: $8.00
Travel: $93.49
Car: $79.60
Health: $213.00
Misc.: $31.84
October is gonna be a BIG month for me. I turn 28 and have lots of friends whose birthdays are this month too.
According to Wealthfront, which has been monitoring all of my accounts for the last few years, I save more consistently at a 53% rate. Hoping to be about that level when it’s all said and done, even with upping my 401k contributions!
xo, Catie
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