Well based on the readings from other sites, I need to look at my savings percentage each month.
That, again, is quite sad – although not a disaster. I do save but not as actively as I should. Also just because my savings percentage is low does not mean that the rest of the cash has actually been spent. It is likely to be lingering in my current account earning no interest.
I have looked back at last year and my average savings % each month was 35%. Its lowest was 24% and its highest month saw a 51% savings rate!! Pretty chuffed with that considering I wasn’t focused on this.
That isn’t too bad compared to some with debt and an negative bank balance at the end of the month.
I need to raise this, the target being 50% or more each month, ambitious but required to rescue the situation and try and make my money work for me before I loose my job again.
This year so far:
Jan-14 = 42%
Feb-14 = 38%
Mar-14 = 47%
Apr-14 = 37%
May-14 = 41%
Jun-14 = 60% — bonus time! made a big effort this month.
Jul-14 = 51% — Great! I have managed to do this out of my standard income.
Aug-14 = 58% — Yes! I have managed to keep this up. I need to do this while I still have an income.
Sep-14 = 58% — managed to keep this up this month, investing in shares and my normal pension and NISA savings.
Oct-14 = 58% — I am cutting my costs where I can – even though I have been spending on the house this month and re-investing dividends.
Nov-14 = 32% — this was because I have not invested any money this month towards shares as the ones I am looking at are too high at the moment.
Dec-14 = 124% — I have purchased shares this month using the money from Nov so exceeded my income. If I cut out the Nov monies, I have saved about 61% this month.
My average for 2014 has been 48% ! That beats last year’s 35% so I am making a difference and its starting to count.
Now to try and increase that average in 2015. Using MoneyStepper’s spreadsheet I will track my spending this year and see what happens.