Percentage Of Income Saved In July 2021 – 34%

Percentage of income saved in July 2021: Chronicling how much money was saved from blogging, dividend investing, and my part-time job. This post may contain affiliate links.

---

By tracking my percentage of income saved in July 2021, I am hoping to motivate myself to save more and paint a clear picture of how much money I am saving to grow my dividend income.

I also hope to motivate others to save more money.

Last month, I was able to save 32% of my income. So, my goal was simply to increase my savings rate.

Fortunately, I was able to accomplish my goal to increase my savings rate over the prior month.

In this article, I will reveal my percentage of income saved in July 2021 and discuss which income streams paid me.

Let’s dive right in.

Percentage Of Income Saved In July 2021 – 34%

I saved 34% of my net income in July 2021. I achieved this savings rate by simply paying myself first when I got paid.

Overall, I am satisfied with this month’s savings rate because it improved by 2% over the previous month. That means more money was invested into dividend growth stocks.

Another noteworthy point about this month is that I was able to increase my savings rate even though I went on a small road trip. I went to the beach and did some exploring in Barrie, ON during the month. I incurred a few extra expenses as a result, such as a new bathing suit, a car rental, and restaurant costs.

If I really wanted to, I could have saved a lot more. But I chose a more balanced approach and still increased my savings rate at the same time.

Income Sources In July 2021

The three income streams that paid in July 2021 were my part-time job, blogging, and dividend investing.

There are many different income streams for financial independence. But I’m not really on the hunt for any besides these three (part-time job, blogging, and investing). I’m just focussed on improving and building these three.

I enjoy spending time on blogging and dividend investing, so it’s not even like I’m working. And my part-time job covers my expenses and helps me build my dividend portfolio.

As such, I am only focussing on building these three income streams.

As for the income, I earned $53.48 from dividend investing, and $83.98 from blogging in July 2021.

Although I do not disclose my earnings from my part-time job, I will tell you that the bulk of my savings was from that.

Looking Forward To Next Month

By tracking and analyzing these write-ups on my percentage of income saved, I am hoping to motivate myself to save more.

So, my main goal for August 2021 is to save a higher percentage of my income than I did this month.

At the very least, my goal is to save at least 35% of my income. Ideally, I will save at least 40%.

However, I do have another road trip planned, and I did splurge a bit on some new Nike SBs and some clothes for the first time in a year.

But even with these extra expenses, I am confident that I will be able to save a higher percentage of my income than last month.

If you’re looking for ways to motivate yourself to save more, check out this post:

Money Savings Challenge: 9 Fun And Easy Ways To Save Money

Percentage Of Income Saved In July 2021 – 34% – Final Thoughts

In summary, I saved 34% of my net income in July 2021.

This includes all of my dividend income, blog income, and earnings from my part-time job.

By sharing my savings report, I am aiming to motivate myself to save more money. It holds me accountable and gives me something to aim for.

Ideally, I want to save 50% of my income. This will allow me to invest more money into my dividend portfolio. In turn, I will be able to grow my dividend and overall income even higher.

How was your savings rate in July 2021? Did you track your percentage of income saved in July 2021? Or is the summer a write off for savings?

I’d love to hear about your savings rate in the comments below.

Related Articles On Saving Money And Personal Finance

Percentage Of Income Saved In June 2021 – 32%

What Percentage Of Your Income Should Go To Retirement Savings?

Pay Yourself First – How To Pay Yourself First

How To Budget – 7 Simple Steps To Build A Successful Budget

I am not a licensed investment or tax adviser. All opinions are my own. This post may contain advertisements by Monumetric. This post may also contain internal links, affiliate links to BizBudding, Amazon, Bluehost, and Questrade, links to trusted external sites, and links to RTC social media accounts.

Connect with RTC

Twitter: @Reversethecrush

Pinterest: @reversethecrushblog

Instagram: @reversethecrush_

Facebook: @reversethecrushblog

Email: graham@reversethecrush.com