Our household fiscal year begins and ends on June 30th of each year. Both my husband and I work for school districts. I just calculated our rate of savings and retirement account funding and I am please to say that we lived on 40% of our total income (including rental property revenue). The forty percent includes mortgage, utilities, groceries insurance policies and a few small luxuries. I for see a drop in savings from here on since 1) my husband is earning less, 2) we will be paying on retirement home come November 3) we will spending a considerable amount of money in airfare in the coming years.As the CFO of our home, I will try to save at least 45% of our net income in the coming years. All in all, I think we are doing a good job at managing our finances.
End of fiscal year
July 15th, 2018 at 07:26 am