How I spent my paycheck- June 2020

In this post I write about how I spent my paycheck between Needs, Wants and Savings.

Every month in 2020, I have been summarizing how I spent my paycheck between my Needs, Wants and Savings.  I have a high percentage of Fixed costs due to my mortgage, and my goal has been to increase my income so the percentage lowers. 

The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs30% on wants, and 20% on savings or paying off debt. I use a variation of this as you see below.

As such, I have now increased my income through selling on FB Marketplace and counting interest Fixed costs to be 41% of my paycheck (vs 47% in May and 55% in April and 56% in March).

See Below for the breakout.
  • Note:

Take Home Pay in June includes

It does not include:

  • Annual bonus paid in June,
  • Dividends (reinvested).

Expenses filtered by what percentage of total take home pay it represents.

Needs 41%:

  • Mortgage 29% of paycheck ( continues to be 23% of gross)
  • Car payment and insurance are the next highest at 5% of paycheck
  • Utilities, 4%.
  • Groceries were 3%
  • Donation to my local church 0.5% 

Wants, 14%

  • Health & Fitness, 4% gym charged me this month and I’m working on getting it reversed since I haven’t gone. I started seeing a therapist for accountability this month as well,
  • Braces for my Daughter (NEW) , 2% 
  • Family Cell (parents and me) 2% – the cell itself isn’t a want, but the unlimited plan we have is, and me paying for my parents is.
  • Shopping, 0% sold my dining room table & a west elm spool side table, no shopping for me!
  • Eating out, 3% had takeout and celebrated a lot this month for my daughter’s birthday
  • Gardener, 1%
  • Learning, 1% bought 2 courses this month to learn how to flip electronics since I’m always looking for a side hustle and supported another DFC member with another purchase.  All of May and June I worked on my own learning course, and it is out now! If your goal is to increase your Instagram followers, check it out here while it’s still $25 vs $50 original price. 
Instagram Statistics From The Week I Reached 10k Followers

Savings 45%

  • Savings in LIMBO – 18% figuring out what to do with this money. so far it’s in a Real Estate sinking fund (like a savings treatment).
  • Index Funds 12%, invested in index funds as usual 
  • NEW – added my first REIT into the portfolio. This is my first non index fund stock, 6%
  • Extra to my mortgage, 10% 
  • Roth 2019, 0%- Finally maxed that out.


To see how this compares with February check here.