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: $4,519
Expenses from June 2013:
Total Expenses: $1,598
*The Everything Else category includes expenses I don’t have a regular budget for. This month, most of the costs were due to a plane ticket I purchased ($215) to fly home to Michigan at the end of July for my sister’s wedding reception party. The ticket was incredibly cheap, but came with the restriction that I have to fly out of Tampa – which is a little over an hour away. So, a car must be rented in July and the expense for it will be accounted for then. The great thing is that my girlfriend is flying with me and we’re going to split the costs of the rental car. I also had to purchase some gifts for Father’s Day and my other sister’s birthday. Finally, I purchased a scooter helmet for safety’s sake ($78). Looking back on it, I overpaid a bit for the helmet as I could have purchased one online a bit cheaper, but I like supporting local retailers when I can.
This month was pretty solid. Income was again wonderful. I had a slightly above average month at work, while my dividend income was off the charts. That was delightful! My online income came in at a solid $185, and we ran some bonus programs at work for selling tires. I also cashed in some reward dollars on one of my credit cards ($36).
Expenses, overall, were mostly held in check. As I mentioned above, my only large abnormal expense was a plane ticket to fly home to Michigan. Other than that, everything else was solid. I try to keep overall food costs down to about $280 per month when possible, and I achieved that this month. That’s also factoring in taking my girlfriend and I out to eat 2-3 times per month. I would have had an even cheaper month food-wise, but I uncharacteristically ordered too much food on one Saturday night when we decided to get some Chinese delivery. We had enough for three meals. I need to learn the difference between pints and quarts!
There was no internet expense this month. As I mentioned in last month’s budget report, I called my provider and got a cheaper rate going forward as well as a statement credit. I have no bill this month and I’ll probably have a light bill next month too.
You’ll notice rent was a little higher, and that will continue from here on out. That’s because my girlfriend and I agreed that I’ll pay half of the electric bill ($45) from here on out. We had a different arrangement before (I was paying for internet costs and also whenever we went out to eat or out on the town), but the internet bill is a bit cheaper now and we decided it would be best to pay half of everything plus pick up the tab when we go out. It’s the right thing to do.
I managed to save 64.6% of my net income this month. I’m extremely happy with that. If I could average that every single month I’d be ecstatic. Life has a habit of getting in the way of such things, but I continue to strive for my best day in and day out. Looking forward, I’m going to have some rental car costs in July and I also recently found out I need a root canal in a tooth I had filled about five weeks ago. Not fun. However, I’m currently applying for dental insurance to help foot the bill!
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
64.6% – June
I’m now at an average of 63.5% for the year so far. That’s above my goal and I’m fairly confident I’m going to exceed my goal by the end of the year.
How are your budgets? Any unexpected expenses? Maintaining a high savings rate?
Thanks for reading.
Photo Credit: RambergMediaImages