Personal Finance

Budgeting my new salary

Hello everyone!

Welcome back to my blog. I am so excited about today’s post because I finally know what my net income is, which means that I am finally able to budget with my new salary.

When I got a raise I told you guys that my salary would be €2.500 because that was what I was told. On March 16th I find out that my salary was actually higher, namely €2.592,25. This is because I got a B on my assessment. So that was a nice surprise.

My net income is now €2.127,25. My net income increased by a little bit more than €300 compared to last year.

Now that I got that extra money, I will have to make some adjustments to my budget.

So let’s talk about what is going to change.

Savings

Last year I was saving €740 a month. This year I will be saving €850 a month. Most of that money will be going to my emergency fund and my moving-out savings. I am really happy that I am able to save that amount because that means that I am able to hit my goals earlier than anticipated at the beginning of this year.

Investments

Last year I was investing €108 a month. This year I will be investing €200, which is amazing. I am really excited to see my investments grow this year. Now that I can invest more, I will also receive more dividends, which means that my investments will grow even more!

Sinking funds

Finally, I increased the amount of money that goes towards my sinking fund. Last year I saved €60 per month, this year I will be saving €80 per month. This is not a big difference, but that will change in the future. I think in the last quarter of this year.

There is actually one more thing that has changed. My contribution towards my retirement increased from €43 a month to €66 a month.

I am so happy and so excited that I can finally start budgeting with my new salary. It has been 6 months since I asked for that raise, but the day is finally here.

I am really excited to continue sharing my financial journey with my new salary.

This is all I have for today. Thank you for your precious time and until next time!

Love,

Color and Coins

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