I'm trying not to be disappointed with April 2017. I spent less than I did over the last 15 months and I managed to double my average savings rate 31.8% for the month vs. 15.5% monthly average since January 2016. I was able to put $200 aside to contribute against my 401(k) loan (I can only make additional contributions of $1k or more per my 401(k) plan documents). I wish I spent less on restaurants but that will be a focus for May along with continuing my success with buying less.
Let's take a look at how I did:
I want to highlight a few areas for discussion.
Income: that is my normal take-home income for a month with two pay periods (I get paid every two weeks) and no bonus.
401(k) contribution and match: I increased my 401(k) contribution from 6% of salary to 10% of salary effective the first pay period of April to take advantage of the full company match.
Auto: My auto expenses were much higher than I would expect them to be because I had a number of costs associated with registering the new car, transferring the old car to my daughter, and driver's training classes so she could get her license. Those one-time costs totaled $693 in April. The average is higher than I expect future charges to be because it includes the $8k I put down on the new car in March.
Travel: Travel reflected an almost $1k credit for April. I was going to take my daughter to Washington DC on April break and I had prepaid for the hotel room, flights, and guided tours. It turns out, neither of us really wanted to go so I canceled the trip and was able to get the hotel and the tours refunded. The flights were paid for with credits and points and those were both returned to my account.
Qapital: I usually transfer money into Qapital but I had been saving money towards travel and I moved $400 out to pay for the DC trip that I ended up canceling.
I discussed shopping in another post.
My net assets increased $16k during April 2017 primarily due to my retirement accounts, they increased over $14k. Under $2k of that was due to contributions and loan payments. The remainder was earnings.