I've just been doing my budget for April as it's pay day today (hurrah!), and I've noticed something....... I haven't accounted for some monthly savings that I make.
Every month I save £185 which sits in a savings account and accumulates. When a one off spend or a big annual spend is required, I'll withdraw this money from the account and pay for it. I did just this for my car tax in March.
I purposely don't pay for the one off spends with my wage, as I've been saving for them in this account. It dawned on me that I haven't accounted for this money in my 'Income & Expenses for March 2014'. However, I do account for the spending side of it (Car tax).
Therefore, I'm pleased to report that due to this error, I've recalculated my figures and found that my saving rate for March has increased!
I managed to save and invest £1,152.87 in March, My total income was £1,596.07. Therefore my saving rate for March 2014 = 72.2%.
I couldn't quite believe it. I re-checked my figures 3 times now and it is correct. I am so happy with that error.
Before I started doing the blog in February, I had a fantastic month for Ebay selling (for me). I received £222 after fees and packaging. The money came in later on in the month. I was able to invest all of this money in the shares for March, which inflated my savings overall last month. I'm not expecting another Income like this from Ebay as I cleared out a lot of things around my house that held a decent value.
I will continue to include the £185 monthly saving in my future Income & Expenses reports.
It's pay day today, and I've just increase my saving rate to over 70%........ Now that's a way to start the day!
Have a great day everyone and thanks for all of your encouraging and supportive comments. It really does help me stay motivated!
Labels: Income & Expenses