July 2019 Monthly Savings Report

July was a busy month to say the least. It’s the summer and a lot has changed recently. For example, I found out I’ll be eluding the 9 to 5 again to become a part-time blogger.

But even with all these changes, I was determined to follow-up June’s bust performance with a more respectable amount of savings. 

Now that the month is over, I am happy to report that I did achieve a more respectable amount of savings. In total, I saved $459.42 in July 2019, which is $298.02 more than last month.

$459.43 Saved in July 2019 | $1,477.19 Saved in 2019

Considering that my goal is to reach financial independence through dividend investing and blogging, saving $1,477.19 per year could be considered a failure. I’m nowhere close to the savings rate I should be at.

Nevertheless, there is still another 5 months to go, and this year has been anything but ordinary.

Ideally, I will become more consistent with savings again after I get settled into this new position.

With all that said, there’s a reason I’m not too worried—my new job will afford me at least one more day off per week. So, even if I’m saving slightly less per month, I will have more time to earn income by side hustling. Plus, I will have a more balanced lifestyle to begin with.

As long as I can make progress with this blog and with dividend investing, I am happy.

Monthly Savings Report – There’s Big Room for Improvement

I must admit, there is a lot of room for improvement. I haven’t exactly been pushing my savings rate over the past few months, or even this year. 

I’ve just been paying myself first and spending the rest rather carelessly. I even spent some of my emergency fund…😟

This is how it typically goes for me, though. I’ll have 2 to 3 years of uninterrupted savings, while in my cheapskate mode lol. But after about 3 years, I reach the point of needing an entirely new wardrobe. As soon as I start buying a few items, it leads to some kind of a spending explosion. 

This year it started when I bought a camera. But at least I had so much fun with the camera photography became a bigger component of the blog. 

Then the NBA Playoffs came around. With the Toronto Raptors in the finals, I pretty much just surrendered my finances for a while lol. But it was totally worth it! The reason I save is to enjoy life more anyways.

The Main Thing Is to ALWAYS be Consistent with Savings, even if it’s small amounts

Even with all this spending over the past two months, I’ve still managed to set aside $620.83 by paying myself first.

Sometimes it feels like I’m living pay cheque to pay cheque along with the rest of the world. But it’s a lie, because my financial situation is always moving forward every two weeks. 

I just think anyone can put themselves in a good financial situation over time by keeping a little of each pay cheque.

July 2019 Monthly Savings Report – Concluding Thoughts

July 2019 was a big time improvement over June.

However, in the big picture, not enough money has been saved so far this year. $459.43 was saved in July 2019, which brings the total to $1,477.19 this year after some savings was withdrawn.

Although I am not on target to meet my savings goal for 2019, I am OK with it because of my new job opportunity.

If everything goes as expected, I will be saving as much or more again in the near future. More importantly, I’ll have more time to spend on blogging and investing.

---

I am not a licensed investment or tax adviser. All opinions are my own. This post contains advertisements by Google Adsense. This post also contains internal links and links to RTC social media accounts.

Connect with RTC

Twitter: @Reversethecrush

Pinterest: @reversethecrushblog

Instagram: @reversethecrush_

Facebook: @reversethecrushblog

Email: graham@reversethecrush.com