It’s the end of the first quarter of 2014!
I’m very excited to hopefully start spring soon and also very excited to have this time to reflect on the first three months of working towards my financial goals.
Every three months I go through my monthly updates and make a quarter review. It’s very useful for me to see how much I spent on each category not only every month, but every quarter. It’s also great to actually calculate your income every quarter and your savings rate. I think it’s surprising and motivating to see how your pay cheques and savings really do add up!
Here is my January- March 2014 in review:
|Debt repayment||900||9.27%||S/B 15|
As I mentioned in my 2013 Quarter 4 review, here is how I got to this:
These reviews and the goal amounts are based off of Gail Vaz Oxlade’s guidelines. You can access her budget guide here.
Breakdown of my review:
- Second column is the totals spent in these categories in all three months.
- Third column is the total spent in that category divided by the total income for all three months x 100 to get a percentage.
- Fourth column represents the benchmark for each category.
- Debt repayment should be about 15%
- Saving should be at least 10%
- Housing and bills should be no more than 35%
- Transportation should be no more than 15%
- Entertainment, extras and life (I put groceries and personal care items here) all together should be no more than 25%.
Red categories are where I went over, or went too under (in the case of debt repayment). Green categories are where I saved money, or exceeded expectations (like in savings).
The goals represent a benchmark of where you should be spending, but certainly you can adjust those to what is relevant to you.
This was a massive quarter for me! I’m super impressed with all of my categories.
I’m also very excited to share that my net worth is increasing at a great rate:
Slowly but surely working towards zero!
How was your quarter?