Sunday, June 9, 2013
Income/Expenses For May 2013
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).
Income from May 2013:
Total Income: 5,798
Expenses from May 2013:
Total Expenses: $2,076
*The Everything Else category includes expenses I don't have a regular budget for. This month the main expense was $448 to account for the costs related to the purchase of my time machine. This accounts for all expenses after I included the costs of the purchase price, sales tax, title transfer fees and registration. This amount is net of the profit I received from the sale of my first two scooters. I also had to purchase a new pair of shoes for work at $26, as I actually wore the last pair down to the point where a hole was in one of the shoes. I also purchased a Mother's Day gift for my aunt ($26).
Income this month was fantastic. This is the highest I've seen all year! This is partly due to the fact that I was paid $457 from Google AdSense for earnings from the month of April (Google is always one month behind). That spike in online income was due to the some of the mainstream media coverage Dividend Mantra received, so I'm very grateful for that. This blog takes an incredible amount of time to run in the fashion I deem appropriate, so I'm very glad when I can earn a decent income from the time I spend on it.
Expenses were higher than normal, mostly due to the aforementioned costs related to the scooter I recently purchased. Otherwise, my other expenses were mostly kept in check. Fuel was a little high this month. I had to put some fuel into a rental car I received from work for a work-related function that was out of town.
Food was again high. I hope to contain this category as we head into the summer months. There always seems to be a reason it's higher than I'd like. This month I went out to eat a lot more than normal as my oldest sister visited me and I also went out to eat a couple times with Kraig from Young Cheap Living. We all had a great time, so the extra expenses were worth it.
My internet expense was higher than normal. Comcast decided to up my internet fees, so you can be assured I've already called them and had that lowered. I'm now on a $36.99/mo (plus taxes and fees) plan for the next six months, so going forward it'll be even cheaper than it was before. Plus, I'll get a credit on next month's bill. Sweet!
The health expense category was again high because I had a tooth filling this month ($195). I have three other potential issues with my teeth, but only one cavity that had to be taken care of immediately. I'll have to address the other three teeth at some point down the road. The rest of that expense category was my newly minted health care insurance.
I managed to save 64.2% of my net income this month, which is actually quite wonderful considering that this was a very expensive month for me compared to my historical average expenditure levels. I hope to get my expenses down a bit over the summer and heading into the fall. The only big expense I have looming is a plane ticket that I have to purchase to visit my family in late July for my sister's wedding reception. Other than that, I hope it's smooth sailing.
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
64.2% - May
I'm now at an average of 63.3% for the year so far. That's above my goal, and we're already through tax season and a big purchase. I'm very confident that I'm going to exceed my goal.
How are your budgets doing? Any unexpected expenses, or is everything going as planned?
Thanks for reading.
Photo Credit: RambergMediaImages