Holy crap this was a bad month savings wise! My March Net Worth still shows an increase of 8%, but my savings rate plummeted from 35% to 12%!
What happened this month?
Well, if you remember, I closed on my first house in December 2014. I was constantly asked if I was going to have a house warming party, and I constantly put it off. Due to upcoming travel for work, I decided March was the time to get that done. I also decided to be a good host and provide all the food, and many drinks for most of my guests.
You can see that my Necessary Expenses shot up by 215%. It’s hard to justify this as necessary because I know that the majority of the groceries were bought in preparation for the party. Looking back, I probably should have categorized those bills as Entertainment.
I was also in dire need of new pants. Now, I don’t know how most of you are, but when I buy a pair of jeans, I typically wear that one pair until they fall apart (Ok! I may be a little cheap!). That’s what happened here, the sole pare of jeans I owned were long past their expiration date. Since I was now wearing jeans every day for work, I bought myself a couple of pairs this time to rotate throughout the week.
My saving grace is that even though my expenses went up, so did my income. This is probably attributed to some overtime, but my retirement contributions doubled as a result so I am pleased with those results.