So have just checked my bank account for income and expenses for January 2016. My top goal for 2016 is to pay of the last part of the loan towards our house. Currently EUR 19.463.
One of the ways to achieve this is by lowering my spending. I in general find it much easier to lower spending than to raise income;)
In this statement, I only consider my personal finances. So do not include my companies (apartments and consultancy work).
- Salary after tax: EUR 3.212
- Joint expenses with girlfriend (rent, utilities etc): EUR 805
- Food account: EUR 268
- Vacation: EUR 227 (payments towards a vacation in April)
- Car mortgage: EUR 170
- Car insurance: EUR 91
- Fitness membership and personal trainer: EUR 421
- Coffee, alcohol, food out: EUR 38
- Books: EUR 25
- Clothes: EUR 27
- Movie: EUR 3
- Other items: EUR 1
Savings rate: 34,1%
Hmm, this is much lower than my goal of 50%;(
Quite disappointed about this.
This is my first month with income statement and this shows exactly why this should be done. I see myself as a very frugal individual. But looking at the numbers I can see that I don’t save as much as I want to.
Joint expenses with girlfriend. We looked at these spendings and can see that we can lower this with EUR 134 from March. Reason being that we no longer have a dog.
Food account. We can save some money here. We have decided that I go to a different supermarket (Lidl). Also we will make larger portions at a time and thereby freeze some food for other days.
Car expenses. 12.3% of my expenses is because of the car I only use once a week. There is only one conclusion here. I will have to sell the car if I want to achieve my +50% savings rate. By far the easiest way to lower my expenses. I investigated the matter and I actually have more debt in the car than it is worth. Debt is approx. EUR 10.000 but the value is only around EUR 8.000.
I have not made the final decision yet.
Vacation. Of all things, I think that vacations are key to happy living. Will have to see if I can attain my goal even with vacations.
Fitness membership and personal trainer. I have had a bad back for 1 year now. So have invested some money in a professional personal trainer for 3 months, quite expensive EUR 362 per month. Will unsubscribe the membership at the gym. That will save me EUR 50 per month.
The rest of the expenses are rather low. So for now no reason to change these habits.Leave a Comment