Again, like the last Net Worth Update, this feels awkward to write. It could come off as tone deaf or other negative things, which is why it took me 2 weeks of hemming and hawing to put it out. But, in the end, I fell on the "meh, you should be honest" side of things. Any time I put one of these out and it has good news, there will be people who are struggling who may read this. This time, with COVID and so many other things, there may be more on the struggling side. If that is you, I'm so sorry, and I hope you get some good luck and things turn around.
So, just like last year, my savings year has ended! As a teacher, I find it makes sense for my savings year to run from the beginning of September until the end of August. And, as it has for the last 3 years that I've been tracking, the amount I've saved has gone up. Last year it was $43,800, this year it is $48,500. That means it increased $4,700. This is actually low, because I'm getting refunds for trips I paid for that COVID cancelled, but it is outside the savings year. So, in reality, it's probably more like $51,000 for this year.
The increase is due to a few things.
I got a retirement indemnity at the end of this school year, as I'm leaving for China and done with Dubai (well, whenever that happens, I'm still here!).
COVID cancelled some trips I was very much looking forward to, and made me want to not spend money as a way of finding some control in the madness of a global pandemic.
I continued tracking my spending in my Spending Tracker app.
I kept my side hustles going, even if music took a pretty big hit due to COVID, the writing continued.
Overall, it was a savings rate of 61% (ish), which is at least 3% better than last year. My total income was just shy of $80,000. I had 3 months of saving more than I had in any previous year, and the most I've ever saved, which was August, at around $7,000. During that time, my Net Worth bounced around a lot, but ended up over $61,000 higher than the year previous.
I know that this puts me ahead of a great many people, and in these crappy times, makes me feel a bit guilty. I've tried to donate more to good causes, including the lovely theater that has taken my brother in and is treating him so well, the Lebanese Red Cross , NAACP Legal Fund, and Planned Parenthood. I know I'm lucky to have a job that pays well and that I love. I know I am so lucky to have my health. But I also work at both of those things. I've built a 16 year career one brick at a time my health one meal at a time, and my finances one saved penny (logged dutifully into my spending tracker) at a time.
You can do it too. It may be hard. It may require some good luck. Don't give up.
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