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: $5,719
Expenses from July 2013:
$523–Rent & Utilities
Total Expenses: $1,634
*The Everything Else category includes expenses I don’t have a regular budget for. This month, it was $81 in rental car fees, as my girlfriend and I found a couple of cheap plane tickets to fly to Michigan to see family for a wedding reception event, but the flight was based out of Tampa. A rental car was the only realistic transportation option to get to and from that airport. I also spent $60 on gifts, primarily for the aforementioned wedding reception. I also had to replace my electric razor, which ran $46, as well as a lost umbrella ($10).
Income was fantastic this month. Typically, in my industry (automotive) and in my area (Sarasota, FL), the summer is a slow time of year as most of the residents here are snowbirds and live up north this time of year. Surprisingly, we’ve been busier than anticipated and my income this summer has been much higher than it was during this time last year. The dividend income last month was another great month of passive income, and that helped out as well.
However, the online income was the big story here. Although I cashed out some credit card reward dollars this month ($25), most of the income you see above was as a direct result of this blog. Most of the income was due to payments from passive contextual advertising displays here on the site, but $500 was due to some information on this blog being syndicated somewhere else. This month’s income was way out of the norm, but I do hope I can achieve income on the order of $300 or more every single month.
Expenses were a bit higher than I would have liked them to be this month. This was primarily driven by a wonderful trip to Michigan where I visited my second youngest sister. She got married earlier this year in Jamaica and held a reception party in my parent’s front yard. There was a big tent, lots of food, games, alcohol, and music. It was a really great time!
The Health category was higher than what I’ve recorded in prior months due to the addition of a dental insurance policy. This policy has a $12.99 monthly premium, but also has a one-time $35 start-up fee.
Food was a bit high as I continue to eat a little healthier and also due to the aforementioned travel. Eating on the go isn’t cheap. I’d like to keep all food costs under $280/mo over the long haul, but this is the one budget category that I don’t mind too much if I go a little over on. Fuel was also high this month due to having to put gas in the rental cars to and from the airport.
I managed to save 71.4% of my net income this month. Any time I can hit a savings rate over 70% I’m very happy. I know how tough it is to do this on a regular basis, so I’m aware that I can’t do it every month. But achieving a savings rate this high is quite an accomplishment when it does happen.
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
71.4% – July
I’m now at an average of 64.7% for the year so far. That’s above my goal and I think there’s a great chance I’ll exceed my goal by the end of the year.
How did your July budget turn out? Did you hit a great savings rate?
Thanks for reading.
Photo Credit: RambergMediaImages
Edit: Corrected amount of online income from syndication.