The income statement for April is now ready!!
Salary after tax: EUR 3.105
*Holiday allowance after tax: EUR 2.839
New company payment to pension: EUR 644
Total income: EUR 6.588
*In Denmark all full time employees receive 12,5% of their salary in holiday allowance. It is kind of a forced savings. This is paid out the following year when on vacation. It is possible to have this paid out once a year. That is what I have done this month.
Joint expenses with girlfriend (rent, utilities etc): EUR 671 (down from EUR 800 last month)
Food account: EUR 268
Car mortgage: EUR 170
Car insurance: EUR 95
Insurance: EUR 28
Gas for car: EUR 20
Fitness equipment and physiotherapy fee: EUR 49 (last month)
Coffee, alcohol, food out: EUR 6
Vacation: EUR 422
Clothes: EUR 17
Extra health insurance: EUR 40
Total expences: EUR 1.845.
So total savings rate is: (EUR 6.588 – EUR 1.845) / EUR 6.588 = 80%.
The 80% savings rate is mostly because of the extra pay. But without this my monthly savings rate was 50,8%, which is over my 50% target.
Two things are very interesting here.
- Car is now sold! So this will have a massive effect from Juni
- I seems like I really spend a lot of money on vacations. From January to April I have spend EUR 1266 on vacation…
Quick note on vacation. Of all the things money can be spend on I have always considered vacation something you should not save money on. However these month statements makes me realize that it could have a large impact on the savings rate.