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).
$592–Bonus and Spiffs
Total Income: $4,905
Expenses from January 2013:
$93–Fast Food and Pizza
Total Expenses: $1,190
*The Everything Else category includes expenses I don’t have a regular budget for. In this case it was a birthday present and card for my youngest sister. She turned 22!
Income was slightly below last month, but expenses were almost the same down to the penny. It’s amazing that with enough persistence and diligence one can be so consistent with expenditures.
The reason my Bonus income was so high is due to the fact that I received a $500 Christmas bonus from work. I record income and expenses as they hit my accounts, so even though I actually received the check at the end of December 2012, the money didn’t actually get deposited until early January. This was due to me being out of town for the holidays. Dividends were slightly below my forward-looking average, as my dividend income is still a bit volatile on a monthly basis due to the fact that I’m still building my portfolio, and many of the companies I’m invested in pay on a March-June-September-December schedule. My regular income was very nice, but was artificially inflated as I decided to cash out a couple days of vacation pay I had left. My anniversary at work crosses over every February and I didn’t have anywhere to go, so I simply took a couple days as cash.
Food was down quite a bit over December’s total. I spent $243 on all food-related expenses. That’s really not bad, as that is not only food for me, but I also take my girlfriend and I out for lunch or dinner at least a couple times a month. If I can stay somewhere around this level for food every month I’d be very happy, however I do know February is going to be much higher due to a very expensive Valentine’s Day dinner.
January was a great month in terms of expenses. I didn’t get too crazy with anything and there weren’t any unexpected bumps in the road. It was a very smooth month, and it’s a great start to 2013!
I managed to save 75.7% of my net income this month. Not one of my highest months ever, but still very, very strong and I’m really proud of that. Hopefully this month sets a precedent for the rest of the year!
My goal is to average a 60% savings rate of my net income, monthly. So far, I’ve hit rates of:
75.7% – January
I’m sitting above the average so far, and I look forward to sticking to my guns and crossing that 60% savings mark this year. I don’t anticipate any large expenses for at least the next few months. I may travel back to Michigan in a few months, but other than that everything should go smooth. I do know February is going to be high due to Valentine’s Day and April has a couple of birthdays as my father and girlfriend both share that month.
How are your budgets going?
Thanks for reading.
Photo Credit: RambergMediaImages