And just like that, the first half of the year is over! I often forget how quickly the summer months pass by and find myself, yet again, surprised that summer is almost over. The Single Income Life household will soon be in back-to-school mode but before I get ahead of myself, I wanted to recap our Q2 finances. Overall, it was a decent quarter but I’m a little disappointed at how much I let my guard down with regard to our spending. There are just too many fun things to do during summer that I purposely ignored our budget to take full advantage. June was the worst month, but I have been correcting a bit in July to up make for it. Knowing that I had to write this update definitely served as incentive to make some changes in July. Without further ado, here’s where we landed as of June 30:
Goal 1 – Increase savings rate to 50% of after-tax income
We landed at a flat 40% for the month of June and are at 54% YTD as of June 30. I’m actually surprised that it wasn’t worse. I have an upcoming post that will detail all the nitty, gritty details but at this rate, we are in danger of not meeting our 50% goal by year’s end. I’ll be looking at some adjustments to our budget for the last half of the year to see if we can salvage this goal.
Goal 2 – Increase monthly college savings by 25%
We upped our automatic monthly contribution by 25% in January and haven’t thought about it since. Thank goodness for automation!
Goal 3 – Increase net worth by 20%
We’re up 14% as of June 30 but much like goal #1, we are in danger of not meeting our 20% goal by year’s end. Our savings rate alone won’t be enough to get us there, so I’m hoping that we can get some help from the market in the last half of the year to get us over the finish line. The market’s performance in the first half already exceeded my expectations so I feel like this is a big “ask”, but one can hope right?
That’s all I have for now, friends. I hope your second quarter was much better than ours and if by some miracle you are still reading this, thanks for sticking it out with me! On that note, how did Q2 go for you?