Savings rate June 2020: drop to 24.45%

Finally the drop of income due to no travelling for work is starting to become clear. Travel will probably only pick up again near the end of the year so until then I will need to accept a lower income.

Additionally I had a few expenses that came unexpectedly..

Expenses

Lets start with the expenses and compare May and June

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Of course I only have high housing expenses every 3 months, so that means in June and July they will be low. On the other hand all my other costs did go up. While some are unexpected, some I will just need to keep a closer eye on.

The highlights

• Living costs are stable at 640 EUR which is normal for June
• Hobbys grew very high due to the following reasons: I started kiting, and as it is with all sports there is a start up cost. For kiting this is 450 EUR which will get you the initial lessons package. I paid a part of this already in June and will pay another part of this in July. A second sport I started was a rather expensive gym that gives a lot of personal guidance. There was a startup cost here of 120 EUR. This number will drop in half every month after that. Lastly I also spend 130 EUR on 12 spinning classes. I plan to go every 2 weeks or so, so I will be able to last for 6 months with this card.
• Groceries was quite high as well. I started buying more microwave meals again and healthy salads. I can see this very fast on my expenses, so I decided to stop buying prepared – meals for the future. Its good I track these things or I would not have noticed it!
• I took a short holiday, this costed me 186 EUR for 3 days. This will probably be my only holiday abroad this summer.
• There was a 167 cost to be part of a class action law suit against Grupeer
• Shopping remained stable (although I did send some items back, but I am still waiting for a refund) and health costs dropped a bit

Expenses overview for 2020

My total expenses for June were 2064, which is not that much higher then other months really, but I do feel there is areas I will be able to cut back on more.

Income

The extra income stream I got from travelling in Q1 has now officially ended, so I need to accept that for a few more months I will be on a lower income. But hey, its not such a bad income, even on a month I spend 400-500 EUR on sports I am able to save 24% and that’s not bad at all.

The good thing is this is giving me insight on my spending patterns without travelling, and it can help with my decision to just stop travelling for work at one point.

Saving Rate

With a saving rate of 24.45% I am at one of the worst months this year, but that’s ok. It does mean my goal of saving 5% more then last year is not yet lost, but it is at high risk of failure.

2019 saving rate: 45.8%

2020 average (so far): 46.99%

Whats next

I will need to budget another 250 EUR for kiting lessons in July, and 60-80 EUR for fitness (depending of the subscription I choose), but I do think with no more holidays planned and no unexpected costs (law suits and such) I will be doing better next month.

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