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).
$343–Bonus and Spiffs
Total Income: $6,007
Expenses from November 2012:
Total Expenses: $1,247
*The Everything Else category includes expenses I don’t have a regular budget for. In this case, I gave $1 as charity. My girlfriend’s son was taking donations for a school function.
Income was simply fantastic this month. I’m paid on a 100% commission basis, and as such my income for the current month always reflects the prior month’s sales. October was really great in this regard and so November’s income was way up. November’s dividends were slightly lower than my yearly average, but my bonus income was strong due to a payment by Google Adsense as well as some bonus programs we ran at work. This is my highest ever recorded income, and the first time I’ve ever crossed the $6k mark in one month. I’m so grateful for this. It should be noted that this kind of income is unusual for me.
Expenses were very well in-line. Food was a tad high, and that’s mostly due to the holidays. I expect my food expenditures to be slightly high through this holiday season and settle back down a bit after the New Year. I had a $20 movie expense this month. I took my girlfriend out to see the new “Twilight” movie. Not my kind of thing, but a great relationship is all about compromise.
You now see a fuel expense where there hasn’t been one for many months now. That’s due to the fact that I’m now occasionally riding my 1997 Yamaha Zuma. A four dollar fuel bill is pretty sweet!
I managed to save 79.2% of my net income this month, which is simply superb. That’s my highest ever! I came so close to eclipsing the elusive 80% mark, but alas could not. I’m really proud of this month’s savings rate. Maintaining such a high savings rate requires pretty consistent diligence and persistence, but I look forward to the challenge.
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
79.2% – November
I’m now at an average of 54.8% for the year, which is solid but well below my goal. I hope to continue to improve on this and finish strong in December. I expect December’s savings rate to be well below this month’s stellar result, due to holiday spending, but still respectable. I also hope to maintain a more consistent savings rate next year with less volatility between months. I had some ups and downs this year due to a variety of reasons, but I’m going to aim for more ups then downs in 2013.
How are your budgets doing?
Thanks for reading.
Photo Credit: RambergMediaImages