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: $5,370
Expenses from September 2013:
$541–Rent & Utilities
$500–Car Prepayment Fund**
Total Expenses: $2,078
*The Everything Else category includes expenses I don’t have a regular budget for. I had to purchase household supplies including an A/C filter ($30) and I also had to replace some clothing this month ($45).
**The Car Prepayment Fund is money I’m setting aside to purchase a car with. My car-free days are unfortunately coming to a close as I discussed recently. Although I didn’t actually “spend” this money during the month of September, I’m including it as an expenditure in the budget so that I can amortize the eventual car purchase transaction and not overwhelm one month’s budget.
Income was fantastic yet again. The income from my day job was rather average, but I more than made up for that in the other categories. My dividend income broke records for me, and it was an otherwise superb month for passive income. This blog produced $795 of my bonus income, with the rest coming from some bonus/spiff programs that were running this month at work. All in all, a really great month on the income side with all categories really humming. Thank you readers for all of your support! This blog would be producing exactly $0 in income if you guys weren’t reading. Thanks so much.
Expenses were mostly held in check. Take away the car prepayment “expense” and I actually spent $1,578 this month, which is not bad at all. I spent more on food than I would have liked to. This was due to a grocery bill that ran much more than my average this month. I changed up my diet recently and I’ve been working out more and also ingesting more protein (which costs more money). I ended up buying about three months worth of protein supplements (mostly in bar form) in mid-September. I’m really hoping to get in some of the best shape of my life by the end of the year.
I managed to save 61.3% of my net income this month. I’m quite happy still claiming a savings rate over 60% even after factoring in a pretty high car-related expense. Once the car purchase is finalized and I’m done including what amounts to car payments, I’m hoping my savings rate will climb even higher.
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
73.1% – August
61.3% – September
I’m now at an average of 65.2% for the year so far. I’m on pace to easily exceed my goal, barring any large unforeseen expenses. Looking forward, the holiday season means my expenses will go up as I’ll have to purchase a plane ticket to fly home for Christmas and I’ll also be buying gifts for family. I have a four-year anniversary celebration coming up with my girlfriend, and I have a little local getaway planned for that. Also, I was in Michigan this past weekend for a birthday celebration and I took my whole family out to dinner to celebrate, so my food expenses for September will also be high.
How about you? Did you have a great September budget-wise?
Thanks for reading.
Photo Credit: RambergMediaImages