As I do every month, I’m sharing all of my income and expenses this month in hopes of being as open I can about my finances here to chronicle my journey to financial independence. Keeping my expenses low each month will allow me to have more money to set aside and invest in high quality, dividend growth stocks that I will use to reach financial independence.
So how’d I do in April? Overall it a great month as I was able to save more than 50% of my net income for the month which is my goal each month. In addition to my regular day-job income I also received my federal and state tax returns this month so I had a nice bonus.
So here’s how it all broke down:
Regular Job Income: $1951.56.
Other Income: $2903.00. This was my combined federal and state tax returns. While it was nice to get a large return which I put into my Roth, picking up shares in Visa and Aflac, I’ve adjusted my withholding since so I shouldn’t be giving Uncle Sam such a large loan next year.
Total Income: $4854.56.
Household Expenses: $60.51.
Clothing/Shoes: $63.99. I picked up some new running shoes this month which were way overdue. As part of my job/workout regimen I usually run 2-3 times per week so I wear through shoes pretty quickly.
Auto Insurance: $118.66. Come on 25 years old and that reduction. 🙂 I’m keeping full coverage on my car right now with all the traveling I plan on doing later this year but my drop it down to liability only in the future.
Phone: $43.86. I’m now on a slightly cheaper plan through Net10, though by accident. I recently switched over all of my monthly bills from auto-payments with my debit card to my credit card to take advantage of the cash-back rewards. Apparently I messed up with setting up my phone account so my new payment never processed and service was shut off on my phone. Not a big deal, only took a few minutes to correct, its just that it took me 4 days to notice! I thought people were just ignoring my texts. When I reactivated it I noticed Net10 now offers a cheaper version of their unlimited talk/text plan with less data. Since I primarily use my phone for talk and text anyway I signed up. Should save me about $6 a month.
Dining Out/Fast Food: $12.00. Yay for Subway!
Entertainment: $7.99. Good ole Netflix.
Donation: $95.00. This has been a category I’ve been slacking with this year after donating monthly all of last year. I don’t have a set goal for this category this month but I plan on purchasing something from the “Gift Catalog” section of Childfund International monthly. For those of you who aren’t familiar with Childfund, they are a global charity organization that specializes in helping children. While I’m not ready for the commitment of sponsoring a child myself, I’d like to continue to help out in other ways. This month my donation went toward buying a pig, feed supply, and training for a family.
Total Expenses: $713.62.
Expense Rate based off Regular Job Income: 36%.
How did you do in April? Did you meet all of your budgeting goals?