Last month's income decreased by 15% compared to the same month last year (that's because D started his new job last year and he collected income from his previous business for the previous month - about $1500 extra).
But our expenses were 49% lower than last year.
Our savings was 3% lower (because we put last year's extra income into savings).
Knowing D now has an employee savings plan at work and that he'll be getting a raise, we've been working on the 2015 budget. I set the budget based on last year's expenses as well as anticipated expenses (had to increase a few categories including home repair since we hope to restucco at some point and medical - D needs allergy shots).
Since the employee savings plan is before employment taxes, I'm not sure how to calculate our savings rate. I was just going to add that amount to what we're saving. I'm trying to keep my 50-30-20 formula.
Have you re-jigged your budget for 2015?
Summary for November and a New Budget
December 9th, 2014 at 09:08 pm
December 9th, 2014 at 11:23 pm 1418167425
Can you share ideas and actions that lowered your costs 49%? I'm so impressed. I lowered our income by reducing work/contracts as a choice. Our income is fine. We're having a stock market meltdown and our currency is still tanking vs USD but we do this regularly and it's all political. I see it as a grand opportunity to buy quality stock at 'sale' price. Just wish to buy in January, not Dec. when I'll have to pay tax on dividends.
December 10th, 2014 at 12:00 am 1418169622
December 10th, 2014 at 12:06 am 1418169981
November was still lower, though, even without that because I set a careful budget on holiday spending! And I spent less on food, too.
December 10th, 2014 at 03:17 pm 1418224666
December 11th, 2014 at 06:52 am 1418280737
I recently upped my retirement 401k and 457 savings rates and figured out how to get it to 25% by the end of 2016. 2% will come from a raise in July 2015 but the rest is little adjustments every couple of months.
The budget is interesting because of the drop in gas prices but no change yet in commodity prices. Trying to cut the budget areas where I can and add a little to grocery category.