Monday 30 July 2018

Pay day for July

I have received a salary of 85321  rupees post tax for this month. I am not saving 50% for last few months due to medical expenses so I am going to save 50% and any short fall after I spend my money, I am planning to spend money from moms account just to see how much I will have to spend more. Out of pay 5k goes to tax shield and rest 41476 should be invested. I will be investing amount on 1st of August. I will be left with 41038 in month of August

My PF() stands at as of today. I am still not able to get my PF balance from EPFO site but I have raised request, although I have added 5040 and from previous balance it should be 560431(555391+5040).

Saturday 21 July 2018

Saving 50% of income

How much saving 50% of my income comes to?

I make 109607 every month if I have to save 50% it will be 54804. Out of which 5040 goes to PF and 3288 to spp directly from pay check so I will have to save 46476. Out of which 5k goes to tax shield and rest 41476 should be invested.


If I can automate 46476 I will surely reap rewards after. With decent emergency fund and good PF holding I should move all my money in index funds.


The other half 54803, taxes and cab costs 13765 and left with 41038 to spend.


I do get 5k from rental income but can not take that into account but will throw money in emergency fund as I have elderly mother and a property to maintain.


I know I have not touched 50% saving for last three months and goal is ambitious I should go ahead and automate the finances. Will fetch money from mom's account if I can not afford care or expenses go above 41k budget limit. Will see how long I can survive.


August: I should have 41038 in my savings account after I cleared my investments. The money I have to take out from mom's account is 41038 - Actual balance.

Sunday 1 July 2018

Goal progress

1. To save 50% of my post tax salary and deposit in MF without any second thought. 

Expensive month and was able to save only 14.54%. Failed

2. To have 15000 as passive income per month and not touch the savings at any cost unless medical emergency or job loss.

Passive income stands at 13747

3. Track my expenses every month and see how did it go.


Tracked expenses this month.

4. Exercise at least 20 days a month  Failed


Lazy and slacked :(

5. Read one book a month 


Failed

6. Plan 2 trips out of state.


Failed

7. Not to take unnecessary unplanned leaves from work.


Have not taken any unplanned leaves.




FI date and graph

My FI date is Apr 2024 which is 5 years 10 months which was pushed to 1 year after an expensive month. June was an expensive due to shopping(bought AC) , cash, medical, groceries and travel expenses. I was not able to walk 2 KM for 20 days as part of daily exercise and neither read any book. Things are not looking good in house, have to keep my head down and move on. In worst case scenario I will go back to hometown and live there. Mother's health is not good.



June expenses


I have spent 76886 this month shopping , cash, medical, groceries, medical and travel expenses are high this month. I have spent 36208 more than last year. I am expecting July to be high due to planned mom's medical and care expenses. I could have saved some money on eating out but I did not.