Earned Income Savings Percentage: March 2008 (0%, YTD 29.63%)
Sorry for the delay, some of this info is a bit dated as I try to catch up with my posts.
Our savings contributions continue to be feast or famine. With both my wife and I collecting a paycheck in January, we were able to contribute a nice lump sum to savings in February.
Reality came back quickly in March and we were unable to save any of our income. The rest of 2008 is beginning to look pretty bleak as well with our big move in July and the related moving expenses.
Here are the results:
The Numbers:
Our Living expenses dropped to the $4,000/month level in March
As a young family living in a large expensive city we struggle to keep our expenses in check. We have been able to trim most of our excess fixed costs each month. There is no gym membership, no landline, minimal magazine subscriptions, etc……
The $4000/month level for our living expenses is important b/c it represents the approximate level that we can live off of with our current income level. To reach this level we need to be very conscious with our variable expenses.
My wife continues to work part time.
We have been able to avoid child care costs by having her work on the days that I am post call and able to watch our daughter.
Her supplement to my income will end in May as we prepare for our big move. Unless we are able to trim our expenses in our future locale, we will have to consider having her work part time again when we get settled.
It will be the 4th Quarter before we have a chance to turn things around.
Managing our personal finances can be frustrating because changes seem to move at a glacial pace and it is rare to be able to make large changes to our net worth very quickly. I remain optimistic that if we keep focused on the fundamentals we will be successful in the end.
