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21 Jun 2013

Monthly Spending and Budget Report-May 2013

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 to help me (and hubby) to retire comfortably in our early 40s.

Like I mentioned last month, the costs of the renovations reflect in May expenditure. We lived above 100% of our income in April. Yes, we had a shortage. The bulk of our money went to the renovations. Meaning, its an investment rather than consumption. We are back on track with 21% expenditure. We had to squeeze ourselves to pay up the mortgage off course. Its been a tough year.

Our May 2013 monthly spending and budget report:

INCOME MAY'13 APR'13 NOTES
Real Estate9%
37%
Target is 25% .
Personal Income 86% 56% We are working on growing other income streams to bring this lower.
Interest/ Dividends 1% 6% Our emergency fund interest.
Online Income 5% 0%
Other 0% 0%
Interest on my Emergency Fund is 4.65%, which is below the inflation rate.

SPENDING MAY APR NOTES
Real Estate 10% 10% Still due to renovations.
Transportation 0% 0%
Online 0% 4%
Internet/ Phones 1% 1%
Consumer 4% 6% Includes food
Credit Card, Cash & Fees 2% 1%
Giving 3% 3% This should be at around 10-12%. It will even out during the scholarship payment months.
Life Insurance 1% 1% Fixed
Invested 79% 51% We paid most of it into our homeloan. I no longer top my Just Invest (Nedbank) savings up.
We lived on just above 20% of our income in May (comparing to 134% in April). Our Net Worth grew well.

TRACKING 2013 GOAL PROGRESS
  1. MAIN GOAL: net worth growth by at least 25%.-- 16% so far.
  2. BUDGETING: invest at least 40% of income.-- 48% 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.-- +/-R3700 April.

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