Savings Update
The first half of the year is already a few months behind us. At the end of last year, I set a goal to save at least 40% of my pay. Once I set a goal, I love nothing more than to hit it. So, here we go on just how things played out for the first half of the year savings wise.
Some
months were better than others…but you knew that was coming. I increased the amount we are paying on our mortgage intentionally. By doing this, I knew I’d be reducing the overall amount saved. Although the savings rate suffered a bit due to this, I am on track to be mortgage free way ahead of the 30 year schedule they set for us. More on that in a different post though.
The summary
Well, for the first six months of the year my savings percentage rate was…43.8%! I’m 3.8% better than the goal I set out with for the year! Like I mentioned earlier, some months were better than others. The lowest month ended up with a savings rate of 28%. On the flip side, the highest percentage month came in at 59.7%! I am really happy with the results for the first half of the year, even with higher payments on the mortgage.
%
Total % Saved Mid Year 2019
The second
half of the year is going to make or break the initial goal for the year of 40%. If I can continue to save how I have been for the first six months, all is good. As you know, sometimes the unexpected happens.
I hope
you enjoyed the data on my savings update. I also hope your savings goals are on track for this year as well. With a little luck and a lot of discipline, the FIRE dream can become a reality. Don’t give up and remember that some months are going to be better than others. It’s all about keeping your focus and staying on the path to financial freedom, despite the obstacles that will surface. Keep saving!
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