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).
$646–Bonus and Spiffs
Total Income: $5,816
Expenses from September 2012:
Total Expenses: $1,344
*The Everything Else category includes expenses I don’t have a regular budget for. In this case, it was all gifts. I gave a gift to one of my sisters for her housewarming party. She just purchased her first house! I’m very proud of her. I also gave gifts to my mother and sister for their respective birthdays.
Income was huge this month! I’m very grateful for this. A couple things happened here. First, my regular income was higher than usual do to higher sales at work. I am on a 100% commission pay plan, so I get a percentage of my overall sales. These obviously vary month to month. September was particularly good in this regard.
My dividend total for September was the highest it’s ever been. So, that contributed to my outsized income total for this past month. Again, very thankful for that. Also, you’ll notice the bonus/spiff category was much higher than the norm. This was due to Google Adsense paying me out for the first time in many months and I also received a freelance writing opportunity. I was paid to write a few articles, and so that definitely helped as well!
Expenses were pretty well in-line, overall. The gifts obviously pushed me a little over my normal levels, but I’m always glad to give. The public transportation costs were higher than usual this month. This was due to visiting family in Michigan during Labor Day and when I flew back to Florida I had to take a taxi from the airport home. I took the bus to the airport, but I was unable to do so on my way home.
Rent is also higher. My rent was raised from $900 per month to a new rate of $915/month. I now pay $457.50 plus water, as my girlfriend and I split the rent. Food was a tad high. I’ve been significantly more flexible in this area lately, and increasingly so over the last six months. I spend a little more in this area, but I do get enjoyment from good food. I especially enjoy good food with good company. It’s an area I continue to monitor, however, as I don’t want it go get out of control. The $300/month range is now what I’m targeting. I don’t want it to go much over that, and landing at $250 or so would be optimal.
I managed to save 76.9% of my net income this month. That’s fantastic! It’s my highest monthly savings rate ever, so I am really grateful for it and proud of my diligence.
My goal is to average a 65% savings rate of my net income, monthly. So far, I’ve hit rates of:
30% – January
74.7% – February
39.6% – March
72.6% – April
55.2% – May
22.3% – June
29.9% – July
70% – August
76.9% – September
I’m now at an average of 52.5% for the year. Not bad, but way below my goal. I’m fairly confident I’ll approach a 60% overall savings rate, which will be what I accomplished in 2011. We’ll see. I’m not doing all that great in October, as I purchased tickets to fly home to Michigan for Christmas. It’s all about the journey, not the destination, however. I love setting goals and reaching them, and nobody is more anxious for early retirement than I am, but I’m also enjoying the path as I walk it.
How are your budgets doing?
Thanks for reading.
Photo Credit: RambergMediaImages