Monday, July 3, 2017

Income & Expenses For June 2017

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 June 2017. You can see all my monthly budgets here.
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Jun 2017
Income
Wages$10,296.36
Dividends$2,520.23
Other Income$49.82
Total Income$12,866.41
Expense
Federal Income Tax$735.83
Federal Tax Pmt/(Refund)
FICA-SS$427.02
FICA-Medicare$99.87
Housing$450.00
Student loan repayment$35.70
Food$94.99
Gasoline$28.64
Cell phone$12.23
Electric$43.04
Clothing/laundry$10.14
Other Expense$84.01
Total Expense$2,021.47
Ex-Tax Total Expense$758.75
Surplus/(Deficit)$10,844.94
Before Tax Saving Rate84.29%
After Tax Saving Rate93.46%

Income
Wages remain my primary source of income by far.  Dividend income hit a new high.

Here is a chart of my dividend income by month for the past 13 months:

Total dividends for the trailing twelve months: $14,805.13, up 13.1% from $13,093.90 a year ago.

Expense
Monthly student loan repayment is now down to $35.70 after consolidation. Other expense includes $9.01 for household items and $75 for Amazon gift card due to one-time credit card offer for $25 cash back after spending $75 at Amazon. Since Amazon gift cards never expire, I will save it up to use for later. The other expenses were typical recurring expenses.

Total expenses for the trailing twelve months: $10,125.19, up 6.58% from $9,499.88 a year ago.
Dividend to expense coverage ratio = 1.46, another new high.

Savings
My after tax saving rate was 93.46% for the month of June 2017, exceeding my 90% saving rate target. I am optimistic that my saving rate will average above 90% for the remainder of the year.

1 comment:

Passive Income Dude said...

Great job JTF. Don't think I'll be able to save 90% for quite some time. Impressed with your discipline! Hoping you'll give some (a lot) of that $1 billion away! :)