Again, in the spirit of making sure I’m moving in the right direction, I’m laying it all out here on this blog. I’m hoping that this blog will help keep me accountable with my finances and the goals I have set for myself. Luckily, my income and expenses rarely change so I am pretty confident I will be able to achieve my goal of building wealth and enjoying financial independence.
Expenses- ( Percentage of total net income)
Car Payment: 7%
Car Insurance: 5%
Life Insurance: 1%
Student loans: 10%
Cell Phone: 4%
Total Expenses: 71%
I’m happy to report I’m able to maintain a savings rate of almost 30% every month! For the last two years, I have been allocating this excess to building my emergency fund to sustain me for three months if I were to lose my job or have a major emergency and paying down my car loan debt. I now feel I am in a comfortable position financially to begin allocating this surplus to investing (in addition to my retirement savings) and really building real wealth.
Stay tuned for my goals for 2015 and how I hope to accomplish wealth building.
(Edited to show percentages.)