Monday, May 4, 2015

Income & Expenses For April 2015

Since 2014, I have been tracking my monthly income and expenses. You can see a breakdown of every penny I earn and spend. For perspective, this budget is for a household of two in a small US city. By documenting my journey, I aim to demonstrate the feasibility of saving a significant portion of your income and provide some ideas and inspirations for your own budget.

Below is my income and expenses for April 2015. You can see all my monthly budgets here. 


Apr 2015
Income
Wages$8,422.47
Dividends$618.67
Other Income$399.65
Total Income$9,440.79
Expense
Federal Tax$355.56
Federal Tax Pmt/(Refund)-$683.12
FICA-SS$356.13
FICA-Medicare$83.29
Rent$450.00
Student loan repayment$157.49
Grocery$64.25
Gasoline$35.90
Cell phone$17.95
Electric$41.31
Clothing/laundry$15.23
Total Expense$893.99
Ex-Tax Total Expense$782.13
Surplus/(Deficit)$8,546.80
Before Tax Saving Rate90.53%
After Tax Saving Rate91.62%

Income
Dividend income this month was $618.67, somewhat less than April a year ago. This is due to sale of a high yield stock. I am now focusing on low yield stocks to reduce tax liabilities. Here is a chart of my dividend income by month for the last 13 months:

Expense
Expenses were typical for me this month. 

Savings
My after tax saving rate was 91.62% for the month of April, which exceeded my target of 90%. This marks 2 months in row with above 90% savings rate. Going forward, I expect to meet or exceed my 90% savings goal for the year.


How's your budget? Did you save as much as you wanted to? On track to meet your savings goals for the year? 
Thanks for reading.

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