January Savings

Since this blog is to encourage us to save, I thought it might be motivating to record our saving progress at the end of each month. I'm going to share the percentage we saved from our monthly income along with what we did a good job with and what we could reign in.

Savings Percentage for January: 31.09%

Just above of our 30% goal. We spend 26% on fixed monthly expenses that include rent, utilities, satellite/Netflix, cell phone and insurance. That leaves 74% for necessities like groceries, gas and for everything else we want to buy that month. 

If we were to go "scorched earth" and do nothing but drive to and from work and eat ramen everyday, we could save up 64% of our monthly income. It's comforting to know that in an emergency we could save more than half our monthly income. 

WHAT WE DID RIGHT:

What was great about this month was that I was so aware of our savings goal. It was something we were working towards. Usually we just spend less than we make and whatever is left is what we saved. Knowing the exact amount 
we wanted to save helped us keep focus.

I was more aware of the little things I could cut. Instead of the vanilla chai tea latte for $4.50, I opted for for $1.50 coffee. Which also saved me 200 calories (double score!). 

I bought a $10.50 Megabus roundtrip ticket to see my sister in April. It would be triple that price to drive. Plus, I can read, crochet or sleep on the bus which I couldn't do if I drove (or shouldn't do).

I Grouponed responsibly. As a deal seeker, daily deals can be a downfall. However, done correctly can be a great way to do things you wouldn't otherwise for a great price. I'll have to go into detail in another post. 

WHAT COULD BE BETTER:

We tend to spend a lot at restaurants. January was no exception. It was close to 10% of our monthly budget. In February, my goal is to get that down to 8%. 

We prepaid for a Valentine's Day dinner at a local fine dining restaurant (which is included in the 10% eating out category). While expensive, we're forgoing any gifts for each other.

Overall, it was a great month. I can only hope to do as well this month. In February, I would like to give myself some money saving challenges to share. If January wasn't your best month, here's your clean slate.