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).
$170–Bonus and Spiffs
Total Income: $3,995
Expenses from September 2011:
$74–Fast Food and Pizza
Total Expenses: $1,213
As always, in the interest of full disclosure I like to display my income and expenses from every month for public view. This will catalog my journey to financial independence and prove that it is possible to achieve early retirement on relatively modest means.
This month held a few surprises. I would have really liked to have had expenses land below $1,100 but it just wasn’t meant to be. For one, I purposely had a high food bill to cure a little frugal fatigue and spent quite a bit of money on a nice sushi dinner early in the month. I also splurged a bit in the other food categories. This is higher than my average and I expect this to settle back down toward the end of the year. One note for my upcoming food expenses is that I plan on an expensive dinner out late in October due to my 2-year anniversary with my girlfriend. November and on should have lower food expenses as I target the $180 area for all food expenses combined. This month was much higher with total food costs at $270.
Rent will also be lower going forward. This month’s rent totals included my usual $450 monthly rent as well as a small pro-rated portion for moving in the last week of August. Going forward it will be the normal monthly rent costs of $450 plus water.
My internet expense was extremely high this month. I didn’t have any internet expenses last month due to moving. Comcast had to forward my small remaining internet charges to my new account and there were set-up fees for the new apartment due to some outlet issues. Also, this includes two months of usage. This expense will also be lower going forward. One note is that I was paying fairly low costs for my internet before. That “special” is apparently over and I’ll be paying a bit more now. We’ll see where the dust settles, but I’ll likely call and threaten cancellation unless we can lower the fees. Of course, on the other hand, I’m OK with paying $40-50 a month for internet as it’s my lifeblood!
Expenses were a little high, but the great news is that income was relatively high this month. I was very happy to almost his the $4K net income figure this month. My income is completely commission based, so it’s quite erratic and will vary from month to month. $4,000/mo. is on the higher end of my potential.
I managed to save 69.6% of my net income this month, which is great. I hope I can improve on this number in the future, and would like this number to trend closer to 70% going forward.
My goal is to average a 50% savings rate of my net income, monthly. So far, I’ve hit rates of:
I am now at an average of 55.7% for the year. I’m ahead of my goal and am confident I will meet and exceed a 50% savings rate average for the year.
How are your budgets doing?
Thanks for reading.
Photo Credit: RambergMediaImages