Thursday, December 12, 2013

$20K Savings Challenge......November Update

In our family we save money. It is important to us to put money aside for "rainy days".  You know.....those unexpected days when things happen in your life that you can't plan on, but that DO happen and they cost you money you didn't know you'd need to pay out.

Our income is mainly the salary my Hubs draws from his job.  We have money taken off each paycheck from the top to put into savings, before we even get our hands on it.  This money that's taken goes into various pots....life insurance, health insurance premiums, long term care insurance premiums, investments and retirement savings.  It's automatic so we are never tempted to NOT put it into savings.
Once the automatic savings, plus taxes and medical/dental/vision payments are taken out, it leaves what we get to "live on".  From this amount we budget for bills, both monthly and irregular bills(semi-annual, etc.) and our variable bills(like food, eating out, etc.)  Anything left over once our monthly expenses are paid, I put aside into a Savings Challenge. 

For 2013 I am continuing my Yearly Savings Challenge.  I am going to keep the Goal amount at $20,000 again this year.
On to the November report.....

I have posted my November End of Month $20K $AVING$ CHALLENGE Totals.
Check out the Savings Challenge page tab at the top of the blog for the specific numbers.

I have 2 goals each month.....
The 1st is to actually finish each month in the black and not the red.
The 2nd is to hit the targeted savings amount of $1,666.67.
But seeing as I hit the $20K goal in October, we'll just see how much more I can sock away in November.

I have to report that we finished up November with a nice amount.
The extra cash amount we ended the month of November with?.......$1,825.64..

Income
We had $1,764.52 left over from our income after our monthly expenses were deducted.
 
Other monies received in November totaled $61.12.  This brought us to our gain of $1825.64 for November.

At this point, any money we save until the end of 2013 is bonus and I am glad to have it! 8-))
 

Outgo
As for the expenses this November, here are the good and the bad side of things....

HERE are the GOOD THINGS
 
*  Evidently I overpaid(again!)the long distance phone last month so our bill was only $4.05 in Nov.
*  Cash withdrawals were $370 less than in Oct.
*  I didn't buy any living room furniture yet so no spending there. 
 

HERE are the BAD THINGS
 
*  I overspent on the food budget by $182.
*  The electric bill was $130 MORE than in October because of the heat being on.
*  We had pet related spending of $186 due to having to put our doggy down. 8-(
*  The credit card bill was double Oct.'s bill due to clothes spending, but mostly due to mini-vacation spending.
 
The Food Budget costs for October are in another post, which is located HERE.

The 2013 TOTAL so far.....
With 11 months behind us, our Savings Grand Total for 2013 stands at $22,751.92. 
 
We surpassed our goal by $2,751 so far and have 1 more month to try to sock away some more!
 
Looking ahead for December......
 
*  Christmas happens, oh yes!, it does this month.  We are traveling during the Holiday season so there will be additional expenses for food, lodging and gas before December ends.

*  The credit card bill(with a lot of holiday shopping!)has closed as of yesterday so we will have a big expense paying it off this month(we never run a balance or pay interest on a credit card).  All those Home Improvement Gift cards I bought are on that bill too.  We will have enough cash to cover our bills this month but it will eat up much of our excess cash from paychecks, so I am not hopeful for saving much cash into the Savings Challenge in December.
 
*  Add in that the 3rd car(the one #2 Son drives)broke down last night, so we are looking at a not-yet-determined repair bill for that.  There goes more cash that might have been saved in December.

*  That living room furniture I haven't  bought yet?  It looks like it's not going to happen until sometime in 2014 now.  But I am ok with that.  It's not like we don't have awesome new inexpensive recliners to sit on instead. ;-)
 
So how was your November financially?
  
Did you spend less than the income you had in November?
Did you stay within your budget or not?
Did you pay off any debts or put extra toward your mortgage principle?

If you posted your financial progress on your own blog, leave a link in the comments so we can go check you out your progress too and celebrate with you!

Sluggy

4 comments:

  1. I'm so happy for you that you hit your $20k mark. Awesome!!!!! I'll happy dance for you.
    I think our car problems may be contagious. Sigh.

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  2. Your savings record is great! You are just so sensible!

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  3. What an awesome goal to hit! I hope I'll be in a financial situation one day where I can sock away that much extra each month.

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  4. That's so amazing, if I understand the 20,000 is extra after you have all the $ taken out for 401 k etc. is this in a special savings acct. ? Wow, I'm impressed. I'm lucky if I made it to $1000. But for 2014, I'm hoping to save $5000

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