I have been writing down my income, expenses and savings every day without fail. Mostly I do within few minutes to few hours after spending. Previously I was using the diary and note down in it, but from last 2 years I have been using an app for it. I know people prefer it automatically gets the expenses from the bank account but for me writing everything is better option as I will know thar where I am spending.
Now coming to the savings part, I have been following 50/30/20 rule but not full heartedly. But I try to maintain atleast 20% of my income into investment. I am talking about the in hand income and not the Provident Fund, Gratuity or others because I don't have any control on them. So for example if my in hand salary is Rs 100 then I try to save more than 20% of it. And when I have seen the charts of 2022, 2023 it's always around 20 to 22%.
So this time I thought to myself to increase my savings rate and go closer to 30% and see if it happens. So I am happy to share that in April 2024, I reached very closely to 30% mark, 29.2% to be exact.
This is a great achievement for me. Because if I see the expenses, I can try to save more in coming months. I just have to cut down on some expense. I can partly do this because this time I have cut down some of the expenses, which is just miscellaneous expenses.
Now my Hive earnings, or any money from dividend is not calculated in this whole excerise. So if I totally see, the savings would be somewhere around 32%. And now my target for this year is to get to the 30% mark. And once I get to thar I will try to increase it further. Ultimately my goal for another 6 years is to reach the savings at 50% because that will eventually means that I will be ready for retire early.
As of today, if I leave my crypto earnings, I am nowhere near to my FIRE number. And with crypto too, if I have to reach to my FIRE number, Hive has to become 10x from its current price and if it does then only I can think of attaining FIRE. This the April Progress.