How Much Did I Save in May 2019?
May was not a good month for my savings.
I have been writing about how much I am saving each month and I intend to keep on doing it. It does help me to evaluate myself and it keeps me motivated. Hopefully, it will also help others to commit to their financial journey.
While saving has a very symbiotic relationship with our income, how we manage our money plays the biggest role.
“If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed.” — Edmund Burke
In some of my other stories, I already discussed the importance of limiting our expenses in order to improve our savings rate and therefore, pave the way to financial independence.
May was an average month in terms of net income but a little bit better than April (+12,4% MoM). April marked the lowest income of the year so far. I do not have a fixed income like most people and I can easily have 10 to 15% fluctuations month-over-month.
Now, it is time to jump to the numbers. Let’s check my 2019 saving results so far:
January: $1689,23 February: $3029,34 March: $8277,20 April $4251,54
May: $1231,22
So as we can see May is my worst month so far. Unfortunately, I had several unexpected costs such as car maintenance, health expenses, a 4-day trip to Rome and some June vacation bookings. The aggregation of all really knocked down my savings rate.
On the other hand, I got some good news. I managed to sell my motorcycle and that will have a positive impact on my net worth (which I will start sharing as well).
Focussing on the average saved amount in the first 5 months of 2019 we get $3682,46.
Comparing to my average savings in the first quarter of $4331,92, I am down roughly 15%. May had quite a big impact but hopefully, in the coming months, I will be able to save more and stabilize around the $4000 mark.
“Financial independence comes from small goals compounded…”
From 2019, I started to seriously track all my financials. By seriously I mean I make it a monthly ritual. Yes, it does takes time to compile everything but I do like the visibility it gives me over my personal finance.
How much are you saving each month? Share your goal with me in the comments below.
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Disclaimer: I am not a financial advisor. Always do your own research when investing.