Savings Rate

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The Importance of Keeping Track of Your Finances

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The Importance of Keeping Track of Your Finances

Over the weekend, I was checking my Personal Capital dashboard to see how bad the down market has hurt our net worth.  As you would imagine, our net worth took a hit, just like everyone else. This does not mean that I am running to the hills and selling everything.  We have to remember that retirement investing is an investment for the long haul and we can't get scared by a dip in the market.  It is always important to remember this fact whenever the nightly news scares you into thinking that this is the crash to end all mankind.  Don't worry, the market will recover and we will be better off than we were before.

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The 2015 Summit of Coin Spending Rate

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The 2015 Summit of Coin Spending Rate

How much you spend on recurring basis will continue to affect how fast you can invest and the more you invest, then the faster you will reach financial independence.  Our 2015 goal was a 50% savings rate and we were on track to hit that goal until we purchased a house.  Therefore, we did not meet our goal, but we are happy at where our finances are heading with a plan of paying off the mortgage early and investing a minimum in 15% in retirement accounts each year.

Our September Savings Rate

Our September Savings Rate

One of the best ways to build wealth and reach the financial summit is to have a high savings rate.  As I detailed in an earlier article, our savings rate has continued to increase since last June.  So, I decided to do a monthly article on our savings rate and explain what caused the increase or decrease in the rate.  Our goal prior to purchasing a house was 50%, but now a decent chunk of our income will be going towards the mortgage payment.

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Our August Savings Rate

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Our August Savings Rate

One of the best ways to build wealth and reach the financial summit is to have a high savings rate.  As I detailed in an earlier article, our savings rate has continued to increase since last June.  So, I decided to do a monthly article on our savings rate and explain what caused the increase or decrease in the rate.  Our goal is to reach 50% every month, but there have been a few months this year that have not reached 50%.