A look at my income and expenses for the first half of 2018.
One of the things I want to do on this blog is share my income and expenses each month. I’ve always found it useful and interesting to see this on other blogs, and I think it will help showing my actual numbers will help to put this blog into perspective. I’ve been tracking my expenses for a long time, and my income and net worth since the start of this year, so I thought it would be useful to have one of the first posts take a look at the first six months of 2018.
|Income type||6 months||1 month (average)|
Not too much to talk about here. My girlfriend lives with me and is studying for a PhD, so her wage is a lot less than mine. We’ve agreed that she should contribute ~£115 each month, and then the rest of her income is hers to do with as she wants (buying clothes, food, saving for holidays, etc). I then cover the rest of the expenses, as detailed below. The wage is after tax, national insurance, pension contributions and student loan repayments. The interest, which is so tiny that I almost considered just not including it, is from the money I have sat in a few different current accounts. I currently don’t track any “income” from my investments, as it just gets automatically reinvested.
|Category||6 months||1 month (average)||% of Income|
|Groceries & Toiletries||£1,359.79||£226.63||10.8%|
Mostly self explanatory. Bills includes (deep breath) gas, electricity, water, council tax, Netflix, mobile phone, internet, home insurance and Playstation Plus. Maybe I’ll break it down more thoroughly in a future Income/Expenses report. “Fun” is a vague category that includes buying CDs, games, concert tickets, etc, and “one-off” is another vague category for random things like furniture, or a new pair of glasses. Again, I’ll go into more detail in future posts.
My savings rate at the moment is a not too shabby 25%, which ends up as £500 into my stocks and shares ISA each month. There is of course room for improvement, but I think it’s pretty good considering my girlfriend and I are essentially living on a single income. My aim is to try to maintain this for the next two-three years, maybe see if I can push it to 30%, until she finishes her PhD. Then we can split the expenses 50:50 (more or less, depending on who earns how much at that point) and I can increase my saving rate accordingly.