Monday, October 5, 2015

Income & Expenses For September 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 September 2015. You can see all my monthly budgets here.


Sep 2015
Income
Wages$8,422.47
Dividends$1,577.33
Other Income$153.42
Total Income$10,153.22
Expense
Federal Tax$305.56
Federal Tax Pmt/(Refund)
FICA-SS$356.13
FICA-Medicare$83.29
Rent$450.00
Student loan repayment$155.80
Grocery$64.07
Car Insurance$124.71
Cell phone$17.86
Electric$50.80
Clothing/laundry$7.00
Total Expense$1,615.22
Ex-Tax Total Expense$870.24
Surplus/(Deficit)$8,538.00
Before Tax Saving Rate84.09%
After Tax Saving Rate90.75%

Income
Wages were typical this month. Dividend income reached an all-time high this month at $1577.33, which covered my living expenses of $745.53 more than 2 times. Here is a chart of my dividend income by month for the last 13 months:



Expense
Expenses were higher this month due to payment of $124.71 for 6-mo policy car insurance and higher electric utility expense. Other expenses were fairly typical.

Savings
My after tax saving rate was 90.75% for the month of September, which exceeded my target of 90%. This marks 7 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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