August 2022 is almost half over, and summer is starting to wind down. I was able to accomplish a lot of projects this year, and I’m starting to think about the fall and winter months ahead. My finances are doing well, and my savings rate has been up. Here is a quick update.
Projects
As with most years, there were a lot of projects on my plate. I have managed to get through most of them, however. The pool deck and the trim on the garage doors were repaired. The driveway was sealed. And my flagpole was repaired.
Looking ahead, I’m now in the process of splitting and stacking firewood for our cabin. There are also a few inside projects that I’d like to tackle this winter both at the cabin and at home.
Finances
As I already wrote about, I’ve been saving a lot of cash as of late. Over $1000 a month has been going to cash savings. I have split the contribution between a savings account and a money market account at my brokerage firm. My logic is that I can still save considerable cash up for emergencies, future purchases, and some wants, and still have some dry powder should a buying opportunity arise.
Rental Property
Our rental property continues to perform well this first year. We are closing in on $12,000 in bookings thus far. With a few months still left in the season, we might be able to secure a couple thousand more in rents before the close of the year.
There is still some work to do on the property, and all the proceeds will currently be going back into it for repairs and upgrades. Hopefully within a year or two we will have a nice cash flowing asset that we can use in our spending budgets or use to finance the purchase of a second property.
Wrapping Up
August 2022 is nearly half over. It has been a successful summer and year so far. Hopefully your year has been as prosperous. Share your experiences below.
Read Also:
$10,000 in Bookings at our Rental Cottage
What Would You do With an Increase in Cash Flow?
Where to Get Cash Quickly When You Don’t Have an Emergency Fund
Money Mistakes You Can’t Afford To Make in Your 20s
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
