As we are approaching the end of the year, I decided to look at my savings goals for the year.
I did not like what I saw since, I will not be able to meet my savings goal. Here are the major reasons:
1. I have decided to step in and help a family member and I gifted the money.
2. I have budgeted for a lower cost, in-country vacation but decided to take mom to Italy for her birthday.
3. I went to the US for a business trip and spent some money on shopping which was not budgeted.
I was a bit bummed about this but then I remembered to check my numbers by December 2015 and was surprised to find out that by the end of the year I will have increased my savings by 67%! Now, that is a great achievement.
I will plan more carefully for next year factoring in some unexpected expenses. I should have a miscellaneous category in my budget.
Still it is too soon to be thinking about the end of the year so, I will just focus on spending wisely. May be I can make up for a little bit of the gap between my goal and my end of year outlook.