Saturday, December 12, 2015

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

Nov 2015
Income
Wages$8,422.47
Dividends$706.05
Other Income$1,032.48
Total Income$10,161.00
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$67.10
Gasoline$19.47
Car Reg/Tax$2.00
Cell phone$17.83
Electric$32.42
Clothing/laundry$12.25
Amazon sale costs$8.66
Total Expense$1,510.51
Ex-Tax Total Expense$765.53
Surplus/(Deficit)$8,650.49
Before Tax Saving Rate85.13%
After Tax Saving Rate91.87%

Income
Wages were typical this month. Dividend income dropped from last month and on year to year basis. Alas, it was not enough to cover my expenses this month. Here is a chart of my dividend income by month for the last 13 months:
Expense
Expenses were typical this month.

Savings
My after tax saving rate was 91.87% for the month of November, which exceeded my target of 90%. This marks 9 months in row with above 90% savings rate. Going forward, I fully 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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