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).
Total Income: $5,545
Expenses from April 2013:
Total Expenses: $1,586
*The Everything Else category includes expenses I don’t have a regular budget for. This month, the category primarily consisted of the hotel room I rented ($136) for one night for my girlfriend’s birthday. I also spent $10 on a gift for my girlfriend’s son. The rest ($14) was for miscellaneous cleaning supplies for the apartment.
Overall, it was a fairly expensive month based on my historical spending level which is closer to about $1,300 or so. Looking forward, this spending level is going to be closer to a new normal for me as I now have health insurance and that will add $130 to my monthly expenditures. You can now see these costs reflected in the new budget category ‘Health’. The rest of the costs regarding this budget category this past month was a $78 visit to the dentist to get a check-up, cleaning and x-ray. I have one cavity and three teeth that I need to monitor. The expense to fill the cavity will be realized in May.
Food was a tad expensive, with total food costs coming in at $323. However, this is a tad misleading as I spent $119 in one night at a bar on St. Armand’s Circle for my girlfriend’s birthday. We had a few appetizers and a couple light meals. She had a few drinks as well and we were there for three hours. So, factoring out this one crazy night my food expenses were pretty light actually. My girlfriend is incredibly supportive of my journey toward financial independence, so I feel wonderful when I get a chance to take her out and show my appreciation.
The rest of my expenses were mostly held in check. My income, however, was wonderful. This was one of my best months in a while in terms of overall income, and my highest yet this year. It was a great month at work, and I had some solid sales which led to a fantastic commission check. I’m very grateful for that as my income thus far has been rather mediocre. I hope this is the beginning of a trend!
I managed to save 71.4% of my net income this month. Fantastic! Although my expenses were a little higher than usual due to some health costs, my higher income more than made up for that. Looking forward, I expect May to be a rather expensive month. I have to fill a cavity as I mentioned above, so my health costs will be high again. I also anticipate purchasing a ticket to fly home to Michigan to attend a reception for one of my sisters who recently got married. I had to purchase a pair of shoes, as the work shoes I’ve been wearing for the past year or so finally wore a hole through the sole. I’ll also have to rent a car because I have some family and friends visiting during the middle of the month.
My goal is to average a 60% savings rate of my net income, monthly. So far, I’ve hit rates of:
75.7% – January
48.3% – February
57% – March
71.4% – April
I’m now at an average of 63.1% for the year so far. That’s above my goal so I’m very happy. I expect a dip in May, but the rest of the summer should be smooth sailing.
How are your budgets doing? Saving as much as you’d like?
Thanks for reading.
Photo Credit: RambergMediaImages