Financial independence is really important to me and it’s my main financial goal. Part of that includes tracking my expenses and investments to make sure I’m on track in meeting that goal. For the option to retire by the time I’m 50 (11 years from now), I’m aiming to save 70-75% of my take home pay to ensure a large enough cushion to live comfortably in retirement. To maintain some privacy, I’m going to list these in percentages, rather than dollar amounts.
I realize that it’s still technically September, but I don’t plan to spend any money today so these numbers will be the same tomorrow as they are today.
Fixed Expenses: These costs include my association fees, phone, internet, gas, electricity, water, etc. For September, fixed expenses equated to 10% of my take home pay.
Variable Expenses: Somewhat easier to control month to month, this includes gasoline, groceries, home supplies, clothing, restaurants, entertainment, etc. For September, these made up 15% of my take home pay.
Investments: This includes any money transferred to savings accounts, Roth IRA, brokerage accounts, and my 401k. This makes up the remaining 75% of my take home pay. My employer has a 401k match, which I’ve excluded from this percentage.
How was your September? Any challenges?