Monthly Savings Report | June 2019 was a Bust

I’m just gonna say it—June was a bust!

I began publishing monthly savings reports in January this year to document how much money I save per month. This was the worst month for savings yet.

Overall, savings has been trending higher over the last few months (shown in the chart below). I saved $537.70 in May 2019, and $791.64 in April 2019 respectively.

But June 2019 was a different story…it was a bust.

I regret that savings fell drastically. It was a bust of epic proportions.  

Speaking of busts, I sincerely hope Zion Williamson does not turn out to be bust.

$161.40 Saved in June 2019

So far this year I’ve been consistently saving around $500 per month. 

However, in June 2019, I failed to come even close to that average. I saved $161.40 during the month. 

This was due to several factors which included the NBA Finals and spending money on new clothes.

I decided to save less for a month because I needed some stuff.

$1,161.22 saved so far this year now.

Technically, I didn’t save anything in June 2019 because I had to withdrawal money. My annual savings dropped down to $1,161.22, which is almost nothing saved so far this year. 

So what happened? Well, as mentioned in the portfolio commentary, I sold one of the positions recently. I transferred most of the proceeds back to my TFSA. However, a portion of it was kept in cash outside my investment portfolio to prepare for a potential change. I usually spend all the money that sits in that account so I don’t count it as an investment. 

Anyways, this month impacted my targets for the year. The primary personal finance goal for 2019 was to save at least $6,000. But considering the year is already half way over now, this is looking like it will be more of a challenge than expected.

Concluding Thoughts – June 2019 was a bust

Obviously this was not the first half of the year that was anticipated.

But on the bright side—the portfolio now generates over $580 in dividend income annually, and that’s not even including the overall portfolio return (the markets have been generous this year in case you didn’t know).

This situation needs to be viewed as a lesson, though. It is easy to become complacent once some money is saved, and when the portfolio is performing well. It is easy to feel like it’s ok to start spending, and it is ok to spend money within reason. But it’s also time to push the needle because compound interest is just beginning to work to my advantage. I need to maintain the same tenacious approach to savings I have over the past 2 years.

In summary, June was a challenging month for savings, as spending increased and some money was withdrawn . Overall, $161.40 was saved, which brings this year’s total savings to $1,161.22.

Although the new pursuit has become part-time blogging, I still expect that savings and growing the dividend business to be prioritized accordingly. Hopefully savings is back on track in July…

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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.

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