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24 Apr 2013

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Monthly Spending and Budget Report-March 2013

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To those new in this blog, This is my personal finance journal where I track my monthly spending. My goal for 2013 is to spend 60% and invest 40% of our income in order for me (and hubby) to retire comfortably in our early 40s.

I am very busy with the renovations of one rental unit, hence the silence. This is very costly but a story for the next post. How amazing is it that we lived on a mere 20% of our income in February. And yes we did double that to spending 40% of our income in March. But whats great is that we are still below our target budget of 60% spending and 40% investing. I am quite impressed with us, especially given the fact that we traveled a bit.

Our March 2013 monthly spending and budget report:

INCOME MAR'13 FEB'13 NOTES
Real Estate 17%
13%		 This is nicely toned down. I love it. 25% wouldn't be bad.
Personal Income 82% 72% We are working on growing other income streams to bring this lower and thus diversify risk.
Interest/ Dividends 1% 1% Our emergency fund has been reduced. Interest will be low. But we expect dividends to fill the gap..
Online Income 0% 14% I received a small cheque and deposited it last week. It takes about 6 weeks to be cleared.
Other 0% 0%
One thing that makes me unhappy is that the interest on my Emergency Fund is 4.65%, which is below the inflation rate. I took some money to the stocks in January.

SPENDING MAR FEB NOTES
Real Estate 10% 7% Wish this would stay his low a contribution to total income.
Transportation 0% 1% We live closer to Mr's work and I hardly ever drive.
Online 2% 1% Laptop was fixed
Internet/ Phones 1% 1%
Consumer 10% 3% Mainly food
Credit Card, Cash & Fees 7% 4% We used the Mr's credit card and paid it off over 50 days spread.
Giving 3% 2% This should be at around 10-12%. It will even out during the scholarship payment months.
Life Insurance 1% 1% Fixed
Net Income (Left to Invest) 61% 80% We didn't pay most of it to our homeloan like we usually do. We are using it to revamp one rental unit to hopefully get a decent rental. Thats one month delay in our mortgage pay-up plan. I no longer top my Just Invest (Nedbank) interest up.
We lived on just below 40% of our income in March (comparing to 20% in February). Our Net Worth grew by a tiny margin. Thanks to the misbehaving JSE. Being a newbie in stocks doesn't help either.

TRACKING 2013 GOAL PROGRESS
  1. MAIN GOAL: net worth growth by at least 25%.-- 7.8% so far.
  2. BUDGETING: invest at least 40% of income.-- 75% so far.  
  3. EMERGENCY FUND: 3 months worth of living expenses.-- DONE.
  4. GIVING: give of more than 10% of income.--5% so far.
  5. REAL ESTATE: Construct at least 4 flats/ increase the rental income by 30% .-- not yet.
  6. MORTGAGE: Pay up our home .-- not yet.
  7. STOCKS AND DIVIDENDS: Get at least R12,000 in dividends.-- not yet.
  8. EXTRA INCOME: Online income to R8000 per month by December 2013.-- +/-R3500 January.

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