Our state income tax refund was direct deposited into our account Friday. I transferred all of it to our savings. We're now less than $100 away from having our back porch account full funded.
I calculated another pointless personal finance figure. I was curious as to how much of our monthly family income goes toward building net worth, and how much of it goes to other stuff.
What I came up with (month of April projections) is: 32.4% goes to building net worth, and 67.6% goes to other stuff.
Or, for every ten dollars available to our family to spend, $3.24 goes to principal payments or savings, and $6.76 goes to interest payments, food, fuel, insurance (protecting our net worth), child care, entertainment, and some other stuff.
I had to think about how to handle my employer retirement match. I don't think of it as income. It's not available to spend at our discretion. But, it is a big part of the calculation. So, I ended up adding it to income.
I have no idea what a good number is. 32% sounds pretty good. 35 - 40% sounds better. I'll try to track this periodically over time, and see where it goes.
A couple of things
March 6th, 2013 at 02:44 pm