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).
$556–Bonus and Spiffs
Total Income: $4,121
Expenses from October 2012:
Total Expenses: $1,981
*The Everything Else category includes expenses I don’t have a regular budget for. In this case, it was mostly travel expenses. I spent $705 on airfare to fly my girlfriend and I home to Michigan for Christmas. I paid for my entire ticket, and as a Christmas gift I paid for half of her ticket. I also spent $37 on an anniversary gift for my girlfriend.
Income was a little lower than usual due to lower sales during the month of September. My monthly commission check is based on the previous month’s sales, and September was a rather lousy month for me. Other than the low paycheck, income was rather nice. September’s dividends were great and my bonus income was mostly made up of a freelance writing opportunity and Google Adsense revenue. I don’t anticipate my bonus income being quite this high on a regular basis.
Expenses were obviously high due to the airfare I purchased for the annual trip home for the holidays. Factoring that out I ended up at $1,276, which is actually pretty comfortable. My core expenses were in-line, with no major surprises anywhere.
Food was a little higher than I’d like it to be. I’ve been considerably more relaxed on food expenditures, and so the food budget has been steadily rising since this time last year. I was targeting a $180/month food bill for quite a while, but have since revised that and at this point I’m okay with a food bill around $300 for an entire month.
I managed to save 51.9% of my net income this month. Not as high as I’d like it to be, but I’m extremely excited to visit family for the holidays and the money spent on airfare is well worth it.
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
51.9% – October
I’m now at an average of 52.3% for the year. Not bad, as it’s about 17 times higher than the average American’s savings rate, but I do hold myself to a higher standard. I hope to improve on this number as we end the year and improve even further in 2013!
How are your budgets doing?
Thanks for reading.
Photo Credit: RambergMediaImages