Comments on: Income and Expense for July 2014

By: Stuff Our Parents Never Taught Us, Part IV: Savings Rate | No More Waffles

Stuff Our Parents Never Taught Us, Part IV: Savings Rate | No More Waffles — Wed, 27 Aug 2014 18:29:04 +0000

[…] almost 60% of his income, even after quiting his full-time job. Kipp normally doesn’t spend around 65% of his paycheck. I can go on, and […]

By: Kipp

Kipp — Mon, 11 Aug 2014 15:34:23 +0000

Thanks Jay. I hope you are able to find ways to save in your new town! Even if your savings rate % is down, if your dollar amount is up and you plan on moving back after financial independence it may still be helpful move, so the percent isn’t necessarily everything if you are planning on moving!

By: Jay @ ThinkingWealthy.com

Jay @ ThinkingWealthy.com — Sun, 10 Aug 2014 20:34:09 +0000

Congrats! That’s a hefty savings rate. Mine has taken a dive due to moving to a new city and adjusting to the absurd cost of living. I’ll get back there soon though… I hope.

Jay

By: Kipp

Kipp — Sat, 09 Aug 2014 11:45:46 +0000

Thanks No More Waffles! Yea 65% would have been without the deductible, I just need to keep this month tight as well to get through the second payment (once they are actually done that is). It looks like you had a phenomenal savings rate yourself!

By: No More Waffles

No More Waffles — Sat, 09 Aug 2014 08:32:07 +0000

Kipp,

Great job overall! Too bad about the hailstorm, but these things happen. Don’t let them get you down!

Almost 65% is an excellent savings rate and something to be proud about.

Keep it up!
NMW

By: Kipp

Kipp — Fri, 08 Aug 2014 11:37:48 +0000

No Problem, I will be getting some more dividend stocks once the ROTH transfer is complete, then after that probably around October or November once we get a single student loan out of here. I can’t wait to get rid of it

By: DivHut

DivHut — Fri, 08 Aug 2014 04:44:38 +0000

Thanks for sharing your income and expenses for the month. I look forward to following that dividend income progress. I’m sure over the months and year over year you’ll be amazed at how the income will grow. Till next time!

By: Kipp

Kipp — Wed, 06 Aug 2014 21:35:31 +0000

The plus side is that we need to know our weaknesses and leaks to improve, and at least we aren’t oblivious. I am not for the cold turkey approach, I am more for cutting back gradually of finding innovative ways to reduce the expense. An example, for alcohol I now ferment juice so that will reduce the costs in this category. Also, pop/soda, we now are only consuming 1 2-liter a week between my wife and I. A big improvement. But the high cost of this area seems to stem from coffee and grabbing drinks while driving. Need to work on that!

By: Kipp

Kipp — Wed, 06 Aug 2014 21:31:07 +0000

Hi MidwestFabs,

Thanks for the compliment! Income is based on my Net, but I add back in Retirement contributions (including any employer matching). I also take out charitable donations, that is the one area I choose to keep private.

The reason I use net income is because the Simple Math Behind Early retirement (post from Mr Money Mustache) uses your net income plus retirement contributions as a guide towards financial independence time frame.

Thanks for stopping by!

By: Even Steven

Even Steven — Wed, 06 Aug 2014 20:47:07 +0000

I think biggest areas for improvement are eating out a little less and buying less snack like stuff (in this category I include only “optional” food purchases, like juice, soda, chips, etc.)

This one ends up being a tough one for me, it’s my “leak” like a great poker player who plays craps and loses it slowly.