With a lot of things going on at the same time these past few months, I haven’t had the time to write anything. As a result, this Savings Rate report is more than three months behind. Eventhough it’s been so long, I still want to catch up and have a complete year overview by the end of 2022. To that end, I’m sharing the month of June. I saw some significant evolutions in terms of expenses due to some major changes in my financial situation.
This month’s income streams are:
- Salary (with on-call and double holiday pay)
- Child allowance
- My wife’s share of the expenses
June Income — €5,829.69
June gave me a nice extra in terms of salary. Next to my regular on-call, I also received my double holiday, which added a cool €1,957.98.
With that bit of extra and the child dependency benefit, my net income for June was €5,506.15.
Next up, child allowance: €169.79.
Per child, you receive government support through what’s called ‘kindergeld’ or child allowance.
They set this per child instead of going up for each child, like in the past.
It can increase depending on specific criteria, such as single-parent or special needs.
Unlike last month my wife transferred her part of the shared expenses, increasing my “income” by a couple of hundred euros. She also “refunded” some expenses, but I kept those in their respective categories as income.
Not included: Dividends
I didn’t receive any dividends in April.
June Expenses — €2,865.44
I made the capitalist gods happy this time by spending money on lots of stuff.
Investment Apartment — 1,133.59
In my future expense reports, you’ll notice that this category suddenly takes the forefront, and with reason. They informed me in June that temporary delivery was planned for July/august. Not wanting to waste this opportunity, I immediately called to arrange the handover.
In preparation for finally entering my apartment, I have already purchased some furniture and peripherals (€454.80) as I will rent out the apartment with furniture.
I have the usual monthly interest (€328.79) and principal payment (that I don’t subtract).
Finally, to pay for the last bills I received, I took a second loan of 35K, which had a €350 administrative cost. The money I originally set aside to pay for these final bills was deposited into my investment account, which saw a serious drawdown due to the Ukrain war and subsequent energy crisis.
Food & supplies — €526.53
As tradition would have it, food and groceries are one of the most expensive categories in June. Groceries are pretty ok at €342.25. What ate into our food budget were the sandwiches and other “small” snacks we get while working from home (€181.68).
By only going to the office twice, vending machine spending was limited to €2.60.
Personal home — €449.74
Two noteworthy expenses here:
- €190 Coway Air purifier for my wife, who got diagnosed with a dust and pollen allergy.
- €157.25 Gardena garden house + extension to use in the garden.
Some small stuff like a water pump to create a mini kitchen for our daughter and corner protection pushed us to €450.
Businesses — €441.31
Since my business is still low on cash, I applied for a business cash credit to cover the initial costs. While this request is pending, I spent some personal cash on trainings, Prime business, and software.
Luxury — €211.71
the usual suspects here:
Some noteworthy extra costs are €50 for presents for a friend who come a first-time dad, and €92.97 for entertainment (movies and W4L).
Banking and Insurance — €161.31
our yearly legal insurance fee is the main culprit for banking and insurance being so high. I also had my extended medical insurance (€16.08) but this got covered by cashback (€16.77). I really won’t be sad to see these small extra costs go once I go independent.
- Transportation – €68.90:
- Public transport – €65.60: Quite a bit on public transport because I don’t have a card anymore and I only go to the office twice or thrice a month. I’m also leaving in two months, so getting a card is pointless.
- Other – €3.30: Public parking
- Kids – +€21.00
- Selling some secondhand stuff and buying secondhand clothes netted us 21 euros. Also got a Lovery toy box refunded.
- Person – +106.65
- Expenses from the previous month, mainly made by my wife, were paid back here. We are both of the idea that we each have our personal account to pay back for “personal” expenses. I did have expenses here, but my wife paid back more, resulting in a net gain.
All the expenses
Finally! I was able to write about June! It’s still rather difficult to keep a fixed schedule ever since the arrival of my daughter now more than a year ago and now the switch to freelance. Things are moving fast, so I hope to be back on a better schedule by 2023.
To summarize June: An income of €5,829.69 and expenses of €2,865.44 provided me with a Savings Rate of €5,829.69/€2,865.44 = 50.80%.