Wednesday, December 30, 2009

Year end stats

I don't have a year-end breakdown of my expenses because I never tracked them. Big mistake I know! But I do have a savings account where we managed to accumulate 40% of our take home pay this year. That figure is inflated because neither of us contributed to a retirement savings plan. Yes that was another big mistake, but neither of us were eligible to participate as we were both newly hired in 2008.

According to the US Department of Commerce, the personal savings rate for 2009 is around 4.6 (averaging the monthly figures) So I'm quite happy with what we managed, but we could have saved more. Over the next year, I'll be looking for ways to trim our expenses while investigating alternative income sources. From what I've read on other blogs, it's a good idea to have specific goals in those areas. But I haven't yet decided how much I'll cut as I'm kind of new to the game. I do know that my wardrobe budget will get slashed, as well as my eating-out budget. I'll also look into at least 2 alternative sources of income. (Stay tuned if you're curious...) My goal for 2010 is to at least maintain my current savings rate.

What do you think? Is 40% a good number for a PF newbie? How much have you saved this year? What are your savings goals for 2010?

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