January 2014 Income/Expense Report

Each month I plan on sharing my income and expenses as part of my plan here to document my journey to financial independence. Income will only include my paychecks as I plan on posting passive investment income separately.

Paycheck-$1946.64 (after taxes, includes base pay and food allowances)


Food: $219.34

Household Expenses(cleaning supplies, personal hygiene items, etc.): $37.85

Gas: $20.00-combination of driving a car with good fuel economy and being able to walk to work as I still live on base

Auto Insurance: $100.00

Education: $133.40-textbook for spring semester plus class fees

Phone: $49.22-Net10 unlimited everything smart phone plan

Internet: $54.95

Dining Out: $21.99

Drinks: $15.68

Entertainment: $7.99-boring month, too busy with work to do much else so just the Netflix bill this month

Other: $10.97

Total Expenses: $622.17. After a spend heavy month in December due to Christmas gifts I managed to get back to spending less than 50% of my income so I can get back on track to meet my saving and investing goals.

Some of you may be wondering where my actual housing costs are such as rent, utilities, etc. Since I am in the military I currently live in the dorms (Air Force name for barracks) so I do not have any housing expenses yet. This will be changing this summer when I meet the time in service requirements to be allowed move off base and get my own apartment. Based on early estimations renting a place is going to run me about $600-650 per month so essentially doubling my current expenses. Due to this I will devoting more of my excess income each month to saving up for the initial expenses of an apartment (furniture, security deposit, etc.)

How was your January in regards to spending? Did you meet all of your budgeting goals?