Monday, January 4, 2016

Income & Expenses For December 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 December and all of 2015. You can see all my monthly budgets here.

Dec 2015Cum 2015
Income
Wages$8,422.47$136,069.64
Dividends$1,397.81$11,801.95
Other Income$1,098.07$6,190.53
Total Income$10,918.35$154,062.12
Expense
Federal Tax$397.20$12,708.36
Federal Tax Pmt/(Refund)-$683.12
FICA-SS$356.13$4,273.56
FICA-Medicare$83.29$999.48
Rent$450.00$5,400.00
Student loan repayment$155.80$1,900.79
Grocery$58.89$679.77
Gasoline$133.20
Car Insurance$254.40
Car Reg/Tax$20.50$22.50
Cell phone$17.83$214.58
Electric$34.07$508.63
Clothing/laundry$11.50$155.10
Donation$12.00
Amazon sale costs$9.16$41.01
Ebay fee$9.10
Other Expense$184.74
Total Expense$1,594.37$26,814.10
Ex-Tax Total Expense$757.75$9,515.82
Surplus/(Deficit)$9,323.98$127,248.02
Before Tax Saving Rate85.40%82.60%
After Tax Saving Rate92.48%93.04%

Income
Dividend income on the high side this month, as most of my stocks pay dividends on the Mar/Jun/Sep/Dec cycle. Here is a chart of my dividend income by month in 2015:


Total dividends received in 2015 was $11,801.95, which was 20% higher than 2014's $9,843.75.

Expense
Expenses remained low this month. Student loan repayment will go up next month due to increase in interest rate.

Savings
My after tax saving rate was 92.48% for the month of December and 93.04% for the full year of 2015, which is great. My monthly savings rate for 2015 is shown below. I reached my goal of saving at least 90% of my income in 2015 and will set the same goal for 2016.


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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