Thursday, November 3, 2016

Income & Expenses For October 2016

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 are my income and expenses for October 2016. You can see all my monthly budgets here.
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Oct 2016
Income
Wages$30,061.76
Dividends$647.68
Other Income$1,564.52
Total Income$32,273.96
Expense
Federal Income Tax$5,678.24
Federal Tax Pmt/(Refund)
FICA-SS$418.24
FICA-Medicare$97.81
Rent$450.00
Student loan repayment$160.47
Grocery$84.06
Cell phone$12.90
Electric$25.67
Total Expense$6,927.39
Ex-Tax Total Expense$733.10
Surplus/(Deficit)$25,346.57
Before Tax Saving Rate78.54%
After Tax Saving Rate97.19%

Income
Wages remain my primary source of income by far. This month it includes an annual $20k bonus.
Dividend income was $647.68.

Here is a chart of my dividend income by month for the past 13 months:
Total dividends for the trailing twelve months: $13,142.72, up 11% from $11,810.63 in October last year. 

Expense
Expenses are pretty typical this month.

Total expenses for the trailing twelve months: $9,545.16. 
Dividend to expense coverage ratio = 1.40, still at all-time high.

Savings
My after tax saving rate was 97.19% for the month of October, which is a high for the trailing twelve months due to the annual bonus. I expect to meet or exceed my 90% savings goal this year. 

2 comments:

Passive Income Dude said...

Always incredible! Don't have much more to say than that. Well done! And that bonus must have been nice! What industry are you in to receive that>?

JTF said...

Thanks for commenting. I'm in healthcare industry, but many other industries, like IT, probably offer bigger bonuses. 25% of the bonus went straight to taxes though.