February 2020 Expenses Part I (92% Savings Rate)

Where am I?

I am still in Cotacahi, Ecuador.

WanderWallet App I continue to use the WanderWallet app on my iPhone to record all expenses. I am able to enter a "trip" and set goals to help me stay on target. For example, my daily goal is to spend $40 or less, which would be a total $1,160 for the month of February ($40 x 29 days = $1,160).

February 1 -15, 2020 Expenses: $336.14

Cigna Global Health Insurance $120.00

Eating Out $ 62.10 Groceries $ 49.05

Data & Streaming $ 15.00

Cell Phone $ 21.99 (AT&T US Plan 3GB)

Transportation $ 0.00

Alcoholic Drinks $ 40.00

Coffee $ 0.00

Entertainment $ 22.00 (Bingo fundraiser, Superbowl Magic Squares)

Shopping $ 6.00 (2 bars of organic handmade soap)

Gifts $ 2.00 (Donation)

Lodging $ 0.00 (Staying at my cousin's house & 8-day house sit)

Daily Average: $336.14/ 15 days = $22.41 / day

Weekly Average: $22.41 x 7 days = $156.86 / week

Estimated Monthly Expenses: $22.41 x 29 days = $649.87 / month

Savings Rate

At this point in the month my expenses are 8% of my income, resulting in an 92% savings rate. This is astonishing!!

Unexpected Income

I completed another house and pet sitting gig which resulted in $120 of income for the month. So, although my expenses have been $336.14 for the first half of the month, that means I have only spent $216.14 of my own money.

I do not count house and pet sitting as part of my taxable income. Therefore, when I calculate my savings rate, the $120 is not included my income amount.

What have I learned?

1. Saving is still fun! I'm 7.5 months of the nomadic lifestyle, I continue to be tickled pink on the lack of purchases I make in general.

2. The price of grapes vary. This week a bag of grapes was $4.50! Where last week I believe I spent $2 or less. Why does the price vary? Grapes are imported so the vendor has to adapt their prices. Next time, I will ask the price first and then decide if I really want them or not.

3. I love the cherries and they have been consistently $2 a bag.

February Goals

Although my February daily average expenses were $22.41 for the first half of the month, I am still sticking with my $40 / day budget for the rest of the month. This will allow room for any excursions I would like to schedule.

I'm mentally trying to prepare for March expenses as well. March should be one of the most expensive months of the year for me, if not THE most expensive month. In March, I'm leaving Ecuador and going on a vacation to Disney World and staying on property. I have already paid for a dining package but I do have a day or two that I'll attend a math conference so I have to account for Uber and eating out on those days. Then I will be relocating to Belize after my Disney tip. It will be high season there, meaning lodging will be a large expense and I have a friend coming to visit of which we are planning some fun excursions that are not cheap. I'm glad that I've been able to keep my expenses super low while in Ecuador so I can reallocate monies that I did not spend here, to my time in Belize. Overall, I'm hoping my overall savings rate for the whole year will be around 75%. Let's see how I do!

Questions? Suggestions?

Use the comment sections below, or send me a message.