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My monthly Savings Rate report: January 2021

Last Updated on January 31, 2021 by Mr. FightToFIRE

A new year, a new start of my monthly Savings Reports. Will this new start be a better one than last year or will it be barely positive like last year? time to dive into my January expenses and find out!
Unlike last year, we didn’t go on a holiday, so at least that big expense drops. Because of Corona we also didn’t visit family so gifts were limited as well. As for the income side of things, that was very good as well.

My income received a boost again thanks to the on-call I did at the end of December/the beginning of January. On top of that, I finally received my tax benefit for being married. My monthly net income will be bigger thanks to the so-called marriage quotient. Since my wife is still searching for a job in HR or educational sciences -which is almost impossible to get without Dutch- she has no income.

If your partner has no professional income, like my wife, the taxman attributes 30% of my income to my wife’s, with a maximum of 11,090 euros (the fiscal year 2021). However! The benefit has no effect on social security contributions since social security contributions are calculated on the income before the marriage quotient is applied. As such it’s a bit complicated to calculate. I had an acquaintance do it and according to his calculations I would receive about 350 EUR per month.

In reality, I now saw indeed an increase of about 367.74 EUR. Though it still depends on how your employer deducts the taxes.
I know mine deducts a bit too much resulting in always receiving about 300 EUR in taxes.

This page can contain affiliate partner links to products that I purchased this month.


So how much was my income in January? Well, I got 3,211,68 EUR which is very close to last month’s income. Of this, 8,89 EUR is interest from my savings accounts. The remaining 3,202.79 EUR, unlike last month, will now be my net every month besides the times I’m not on-call.

The situation for my wife hasn’t changed yet. No job so no income. At the moment, everything is covered by one salary and thus we receive the marriage quotient. I did promise my wife I would transfer 250 EUR of my salary to her personal checking account as the benefit is “thanks” to her not having an income. It’s only fair she gets to have some “personal” money.


I received my first dividends of 2021 this month:

  • 31/12/2020 – USDV – 21.34
  • 01/14/21 – TSM – 3.68
  • 01/27/21 – IUS3 – 25.34

Combining everything gives me 50.36 EUR for January.


Home management and ownership

My largest expense category is once more home management & ownership. Because we are moving to an older bigger house we were missing some conveniences and necessities that we had to get and that pushed it to 1,642.26 EUR.

Besides the monthly rent (645 EUR) and the interest I have to pay on the already borrowed amount (110.81 EUR), I now also bought 486.45 EUR worth of peripherals (see this in the broadest sense) from IKEA. Not only that, but we also bought a new solid wood bed frame and  P4 slatted bottoms both from Sleep Life. For this last purchase, I already had to provide a deposit of 400 EUR. Expect a big expense next month as well because they will deliver the bed this coming Thursday.

Savings Rate January 2021
My Income and Expenses for January 2021.

Food and supplies

Next up are the groceries done in January. We ended up spending a lot more on groceries than expected. 488.65 EUR for 2 is a bit better than last month -it would be really bad if weren’t-  but still relatively high. I don’t really have an explanation for it besides the cravings of a pregnant wife. We definitely have been getting more snacks compared to last year.

“Eating out” was limited to some extra fries and ‘frikandel’ (8.10 EUR). The snacks (31.53 EUR) were at the local Delhaize after we did some cleaning at my grandma’s place. The result is 531.08 EUR on food and supplies.

City and government

Surprising enough, it’s not my personal costs that are my next most expensive category, but it’s city and government for one reason. I don’t know if I ever mentioned this, but last summer my car got towed for being parked on a spot that was going to get cleaned the next morning. I paid the fine, but I never received the towing bill… till now. 181.50 EUR! Yikes.


Medical bills (66.22 EUR) for the pregnancy and underwear for me (51.96 EUR) were the expenses in this category. We spend 108.74 EUR in total.

Other expenses

The rest of my expenses were relatively minimal.
A quick summary:

  • Banking – 52.73 EUR:
    • Health insurance: 35.21 EUR
    • DVV Family insurance: 15.72 EUR
    • Cashback: +3.20 EUR
    • Yearly Beobank Visa fee: 5 EUR
  • Luxury – 11 EUR:
    • A subscription on Patreon and Spotify.

All the expenses

  • Home management and ownership
  • Food and supplies
  • Person
  • Online businesses
  • Luxury
  • City & government
  • Banking & insurance

The bottom line

Summing it all up for a total expense of 2,553.81 EUR! I’m left with 657.87 EUR which gives me a Savings Rate of 657.87 EUR/3,211.68 EUR = 20.48%.

So yeah, thank my lucky stars that I got a tax benefit. I am curious about next month as I will then have paid for the rest of the bed.

This was my January overview. My Belgian friend Roadtrip to FIRE shared where his 25K in expenses of 2020 came from, and how to score a high paying job.

JoneyTalks Had some amazing Podcasts in January. From Dividend investing to Travel hacking with Julia. Be sure to check out his podcasts!

Please share your thoughts in the comments below!

Mr. FightToFIRE

I'm a developer for a major financial institution in Belgium that is present in over 40 countries. I have over 8 years of working experience in the development of customer applications focussing on all aspects of banking. This helped me gain a deep understanding of the inner workings of a commercial bank. All of this experience in both banking and life culminates in this blog about personal finance and my fight towards FIRE.

Monthly Savings Rate Reports
1. My monthly Savings Rate report: October 2019
2. My monthly Savings Rate report: November 2019
3. My monthly Savings Rate report: December 2019
4. My monthly Savings Rate report: January 2020
5. My monthly Savings Rate report: February 2020
6. My monthly Savings Rate report: March 2020
7. My monthly Savings Rate report: April 2020
8. My monthly Savings Rate report: May 2020
9. My monthly Savings Rate report: June 2020
10. My monthly Savings Rate report: July 2020
11. My monthly Savings Rate report: August 2020
12. My monthly Savings Rate report: September 2020
13. My monthly Savings Rate report: October 2020
14. My monthly Savings Rate report: November 2020
15. My monthly Savings Rate report: December 2020
16. My monthly Savings Rate report: January 2021
17. My monthly Savings Rate report: February 2021
18. My monthly Savings Rate report: March 2021
19. My monthly Savings Rate report: April 2021
20. My monthly Savings Rate report: May 2021
21. My monthly Savings Rate report: June 2021
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Its still a nice saving rate despite of the extra costs!

Thanks for the mention!

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