Percentage of income saved in June 2021 (32%): Chronicling how much money was saved from blogging, dividend investing, and my part-time job. This post may contain affiliate links.
In case you are new to this blog, I am a personal finance blogger who is pursuing financial independence through blogging and investing.
Since I am an analytical person who prides himself on incremental improvement, I document both my dividend and blog income.
While those two income streams are coming along nicely, I also realize that reaching financial independence requires saving a high percentage of your income.
So, in an attempt to increase the percentage of income I save, I am testing out a savings rate report. My goal is motivate myself to save more of my income.
In this post, I will highlight the percentage of income saved in June 2021.
Let’s dive in.
Percentage Of Income Saved In June 2021: 32%
In total, I saved 32% of my net income in June 2021. I achieved this rate through paying myself first.
This is an OK amount considering that I did not incur any significant expenses during the month.
To be honest, I am not that satisfied with it and believe I can save a lot more in the coming months.
Check out this article to learn what percentage of income to save for retirement: What Percent Of Your Income Should Go To Retirement Savings?
Income Sources In June 2021
The three income sources that paid in June 2021 were my part-time job, blog income, and dividend income.
Although I am not disclosing my part-time income, I did disclose my blog income and dividend income during the month.
For the record, I earned $60.69 from blogging and $93.81 from dividend investing in June 2021. Therefore, my total passive income was $154.50 during the month.
The bulk of my savings came from my part-time job, though. But over the long term, I am hoping to change that by investing in dividend stocks and growing my blog income.
Looking Forward
Ideally, my percentage of income saved will increase each month through writing these reports.
I worked less than 25 hours per week at my part-time job in June, which is still up from the winter months, when I work less than 20 hours per week.
Looking forward, my hours will increase to full-time for the next few months.
During this time, I am anticipating that my percentage of income saved will increase.
To put it bluntly, my goal is to save at least 50% of my income.
But I do have several road trips planned, so this will be challenging.
At the very least, my goal is to save a higher percentage each month. In July, I will consider it a failure if I save less than 40% of my income.
Percentage Of Income Saved In June 2021 – Final Thoughts
In summary, I saved 32% of my net income in June 2021. The three income streams that paid me were my part-time job, blogging, and dividend investing.
Although this is a decent savings rate for the average person, I am not satisfied with this savings rate as a financial independence seeker.
Frankly, financial independence seekers should save at least 50% of their net income.
If a person can manage to save 50% of their income, technically, they can afford to take one year off work for every year they work.
If I combine a 50% savings rate with other growing income streams, I will be able to achieve financial independence in a much shorter time frame.
Consequently, I am hoping to motivate myself to save more by tracking my percentage of income saved.
Do you track your savings rate? Do you know your percentage of income saved in June 2021?
I’d love to hear about your savings rate in the comments below.
Related Articles On Personal Finance And Saving Money
What Percent Of Your Income Should Go To Retirement Savings?
Money Savings Challenge: 9 Fun And Easy Challenges To Save More Money
Pay Yourself First: How To Pay Yourself First
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.
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Email: graham@reversethecrush.com
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