Monday, September 12, 2011
Income/Expenses For August 2011
Each month I will post my income/expenses for the previous month. I track every dollar in and out, so what you see is exactly what I earned and spent (rounded to the nearest dollar).
Income from August 2011:
$141--Bonus and Spiffs
Total Income: $3,175
Expenses from August 2011:
$70--Fast Food and Pizza
Total Expenses: $1,131
*-The Everything Else category includes things I don't have a regular budget for. In this case, it was moving expenses. I paid a friend of a friend $50 plus dinner to help me move. He mainly helped with big objects like the couch, washer/dryer and a couple beds and couches. Me and my significant other split the moving costs. She also paid him $50 plus gas.
As always, in the interest of full disclosure I like to display my income and expenses from every month for public view. This will catalog my journey to financial independence and prove that it is possible to achieve early retirement on relatively modest means.
This month had a lot of the same as the past couple months. Income and expenses were pretty well in line. I had a minor victory with the moving costs. We originally hired a moving company due to the fact that we no longer own a car. In a blessing in disguise, our moving company canceled the night before the move was scheduled. This left us scrambling, but we found a friend of a friend that happened to have a van and needed a few extra bucks.This worked perfectly, as the moving company that we had hired were quoting $300 for the job. Of course, this extra cost came with the benefit of us not having to help at all. I'm glad to have spent a lot less and do my fair share of the moving. I saved money and got a good work out in. It's a win-win!
You will notice I did not post any internet expenses this month. That is because Comcast is transferring my account to the new address and billing was not available this month. My bill next month will likely be higher due to this.
This will be my last month with rent as high as this. My recent move will be extremely beneficial to my monthly expenses as the new rent expense is $450/month plus water. These costs will be fully realized in October.
Food costs were pretty conservative. I view anything less than $180/month in total food costs as a victory. If I were able to give up my Saturday night pizza runs, I'd be in really great shape!
I am considering joining a gym, which will have a negative impact on my bottom line financially, but improve my physical well-being. The apartment complex that I now live in lacks any type of true fitness center. The "fitness center", if you can call it that, currently consists of one universal machine, two exercise bikes, one elliptical, a 20 year-old bench and an old-school barbell with about 60 lbs. in total weights. I have been using it, and I'm surprised I'm even able to get a modest work-out in...but I can be pretty creative with my background in fitness. We'll see what happens with this. I'm disappointed that I may have to join a gym after moving, as I'm not truly saving as much money as the rent reduction would imply if additional costs are necessary in the form of a gym membership.
I managed to save 64.3% of my net income this month, which is very nice. I hope I can improve on this number in the future, and would like this number to trend closer to 70% going forward.
My goal is to average a 50% savings rate of my net income, monthly. So far, I've hit rates of:
I am now at an average of 54% for the year. I'm ahead of my goal and am confident I will meet and exceed a 50% savings rate average for the year.
How are your budgets doing?
Thanks for reading.
Photo Credit: RambergMediaImages