March Money

April 7, 2011

I finally have some good news to report on the spending front. Last month, I spent 5 percent less than I did in March 2010. Progress!

My biggest savings were in the “other” category, which includes spending on material goods and credit card payments. My credit card payments alone were 57 percent less this March than they were last. Plus, last March I spent nearly $300 on stuff, including crafting supplies and new clothes. This March I was able to put that money toward my car insurance bill—which I paid three weeks early! (One of these days, I’ll bite the bullet, ditch the car, and put that 300 bucks right in my pocket.)

The anomaly this month was the amount I transferred to savings. I put 17.5 percent less in my savings account in March 2011 than I did March 2010. Still, my total transferred to savings for the first quarter of 2011 is 29 percent more than it was for the first quarter of 2010. So, I’m pretty happy with the current savings plan. And, apparently I should be. Channing tells me, if I want to become a millionaire, I should aim to put about 20 percent of my income into savings. (This is a tip he gleaned from Thomas J. Stanley and William D. Danko’s Millionaire Next Door, which I picked up for him last time I was at the library.) Well, guess what! I am currently putting a little more than 20 percent of my paycheck into savings each month. I’ll be millionaire before you know it.*

At any rate, I’m happy I kept spending down this month and was able to pay off that car insurance bill. The prognosis for April is not so rosy. Between paying taxes and financing Channing’s birthday trip to Kansas City, I’m not expecting huge savings next month.

 

*If by “before you know it” you mean “not in this lifetime.” At my current salary, it’ll take me more than a hundred years to save a million dollars.

 

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