Category Archives: Income/Expense Reports

All of my Income/Expense Reports showing my monthly income and expenses broken down by category.

Income/Expense Report: October 2014

As I do every month, I’m sharing all of my income and expenses this month in hopes of being as open as 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. I hope that by sharing these monthly updates I can also prove that it is possible to take control of your financial life and invest a high percentage of your income, even on a small salary.

So how’d I do in October? Not so great, but I knew coming into it that October would be an expense heavy month with a cross-country road trip and 3 weeks visiting family and friends back home. Managed to still spend less than what I took home, but no where close to my 50% savings rate goal. That’s okay though since I usually only get to go home once every year or so and I had plenty of cash built up so I could still make some regular stock buys.

So here’s how it all broke down:

Income

Job Income: $2636.51.

Expenses

Rent/Utilities: $532.53. Rent is $500 a month and I’m also responsible for the electric bill which includes heating costs. So far seems to be running between $30-40 a month. We’ll see how much this increases with cold weather coming up very soon.

Renter’s Insurance: $0. I decided to pay this all up front just to take care of it for the next 6 months in July.

Food/Drinks: $139.50. A lot of cheap beer plus my share of the grocery bill while staying with my parents while on vacation.

Dining Out/Fast-Food: $175.85.

Household/Personal Expenses: $326.86. Took advantage of the time being home to take care of some small home improvement projects around my Mom’s new house that needed to get done before winter. Also a pretty good excuse to buy some more power tools (insert Tim the Tool Man’s grunting noise here.) 🙂

Gas: $810.59. That’s what over an over 5000 mile round trip across the U.S will do to you, plus a lot of driving around while I was at home. Non road-trip expenses, my gas total came to $114.59. Going forward I’d like to keep this to about $40-50 a month, not including any travel for weekend trips, vacation, etc.

Auto Insurance: $0. Switched to liability in July after the recommendations of several people here in the blogging community, cutting my monthly bill down to less than $40 a month. Decided to just pay for the remainder of this year so I don’t have to worry about it until January.

Car Maintenance: $66.94. A couple oil changes for the car.

Phone: $43.86. Been looking at various other options, but with the limited service choices in my area and having gotten used to having a smart phone, I’ll be sticking with Net10 for the forseeable future. Still not a bad deal, compared to the monthly rates companies like Verizon charge for their contacts.

Internet: $54.99.

Entertainment: $7.99. Good ole Netflix.

Donation: $25.00. This will be a new monthly category here as I’ve decided to donate $25 a month to start off to Child Fund International, a great charity that my family has been donating to for quite a while and I’ve donated to randomly over the last few years. This month and going forward I’m donating to their “Essentials for Survival” fund which provides basic necessities like access to water, food and healthcare to children around the world.

Other: $367.09. Lots of money spent in tolls (thank you Illinois and New York 😉 ) plus some motel rooms along the way, and misc. expenses while I was home.

 

Total Expenses: $2551.20.

Expense Rate: 97%

Savings Rate: 3%

How did you do in October, did you meet all of your budgeting goals?

Income/Expense Report: September 2014

As I do every month, I’m sharing all of my income and expenses this month in hopes of being as open as 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. I hope that by sharing these monthly updates I can also prove that it is possible to take control of your financial life and invest a high percentage of your income, even on a small salary.

So how’d I do in September? Pretty good, making it the second straight month of being able to save 50% of my net income. Since I spent most of this month in school finishing up a leadership course for work, I didn’t have a whole lot of time for anything else which definitely helped keep expenses down.

So here’s how it all broke down:

Income

Job Income: $2636.51.

Expenses

Rent/Utilities: $538.05. Rent is $500 a month and I’m also responsible for the electric bill which includes heating costs. So far seems to be running between $30-40 a month.

Renter’s Insurance: $0. I decided to pay this all up front just to take care of it for the next 6 months in July.

Food/Drinks: $246.88. After one of my lower spending months in August, this category jumped up quite a bit as I stocked up on a lot of staple items. Trying to get better at cooking cheaper meals going forward.

Dining Out/Fast-Food: $33.10.

Household/Personal Expenses: $83.08.

Clothing/Shoes: $94.20. Some more misc. uniform items for work.

Gas: $80.00. Sadly the days of $20 or under gas months is over with me living further away from work now. Going forward I’d like to keep this to about $40-50 a month, not including any travel for weekend trips, vacation, etc.

Auto Insurance: $0. Switched to liability in July after the recommendations of several people here in the blogging community, cutting my monthly bill down to less than $40 a month. Decided to just pay for the remainder of this year so I don’t have to worry about it until January.

Car Maintenance: $13.99. One headlight bulb for the car.

Phone: $43.86. Been looking at various other options, but with the limited service choices in my area and having gotten used to having a smart phone, I’ll be sticking with Net10 for the forseeable future. Still not a bad deal, compared to the monthly rates companies like Verizon charge for their contacts.

Internet: $54.99.

Entertainment: $7.99. Good ole Netflix.

Donation: $28.00. This will be a new monthly category here as I’ve decided to donate $25 a month to start off to Child Fund International, a great charity that my family has been donating to for quite a while and I’ve donated randomly to over the last few years. This month and going forward I’m donating to their “Essentials for Survival” fund which provides basic necessities like access to water, food and healthcare to children around the world.

Other: $17.96.

 

Total Expenses: $1242.10.

Expense Rate: 47%

Savings Rate: 53%

How did you do in September, did you meet all of your budgeting goals?

Income/Expense Report: August 2014

As I do every month, I’m sharing all of my income and expenses this month in hopes of being as open as 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. I hope that by sharing these monthly updates I can also prove that it is possible to take control of your financial life and invest a high percentage of your income, even on a small salary.

So how’d I do in August? Well, after a very expense heavy July, things got back to normal. Since I spent most of the month in school/training, I didn’t have a whole lot of time for anything else which definitely helped keep expenses down.

So here’s how it all broke down:

Income

Job Income: $2636.51. First full month of receiving my new housing allowance.

Expenses

Rent/Utilities: $529.02. Rent is $500 a month and I’m also responsible for the electric bill which includes heating costs. So far seems to be running between $30-40 a month.

Renter’s Insurance: $0. I decided to pay this all up front just to take care of it for the next 6 months in July.

Food/Drinks: $187.51. One of my lower spending totals in this category in quite a while.

Dining Out/Fast-Food: $25.78.

Household/Personal Expenses: $97.43. Ended up spending more than I expected as I found I had other items to buy as I settled in to my new place. Spending $37 on printer ink for school work didn’t help either. Why is that stuff soooo expensive? 😉

Clothing/Shoes: $126.99. Had quite a bit of clothing expenses for work this month: new shoes for my service dress uniform, new ribbon racks, and some other misc. blues items.

Gas: $50.01. Sadly the days of $20 or under gas months is over with me living further away from work now. I figure my gas budget should be around $40 a month. As much as I’d like to be able to ride my bike to work, at least for the rest of summer, the amount of gear that I have to carry with me on a daily basis makes that idea very hard to do.

Auto Insurance: $163.28. Switched to liability last month, cutting my monthly bill down to less than $40 a month. Decided to just pay for the remainder of this year so I don’t have to worry about it until January.

Phone: $43.86. Been looking at various other options, but with the limited service choices in my area and having gotten used to having a smart phone, I’ll be sticking with Net10 for the forseeable future. Still not a bad deal, compared to the monthly rates companies like Verizon charge for their contacts.

Internet: $54.99.

Entertainment: $7.99. Good ole Netflix.

Donation: $25.00. This will be a new monthly category here as I’ve decided to donate $25 a month to start off to Child Fund International, a great charity that my family has been donating to for quite a while and I’ve donated randomly to over the last few years. This month and going forward I’m donating to their “Essentials for Survival” fund which provides basic necessities like access to water, food and healthcare to children around the world.

Other: $3.22.

 

Total Expenses: $1315.08. Managed to get back on track with my goal of saving at least 50% of my net income per month.

Expense Rate: 50%

Savings Rate: 50%

How did you do in August, did you meet all of your budgeting goals?

Income/Expense Report: July 2014

As I do every month, I’m sharing all of my income and expenses this month in hopes of being as open as 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. I hope that by sharing these monthly updates I can also prove that it is possible to take control of your financial life and invest a high percentage of your income, even on a small salary.

So how’d I do in July? Well, it was by far my most expensive month ever, but I’ve been planning for it since January, slowly building up a cash supply for all the expected expenses. After much shopping around and looking at various places I found an apartment toward the beginning of the month and then went through the application process, moved in once I bought some essential items like a bed/mattress, and then cleaned/out-processed my old dorm room before getting everything else set up. Needless to say, it’s been a busy month.

So here’s how it all broke down:

Income

Regular Job Income: $2569.78. Nice little increase this month after I started receiving my monthly housing allowance toward the end of the month after finishing out-processing the dorms on base. Also received my annual uniform allowance which will be going toward some items for my dress uniform and a new pair of boots here soon.

Expenses

Rent: $942.00. New category here as I (finally!!!) moved out of the dorms/barracks on base and into an apartment downtown. This amount included an application fee of $25, security deposit of $500, and the prorated rent amount for July of $417. Going forward I’ll be paying $500 a month plus an electric bill. Combining with the increased gas costs of driving to work, I figure I should break even and maintain my 50% plus savings rate going forward once I factor in my new housing allowance of $618 a month.

Renter’s Insurance: $108.00. I decided to pay this all up front just to take care of it for the next 6 months.

Food/Drinks: $257.60. 4th of July weekend + several weekends of going floating on the river enjoying the always short Montana summer=way too much spent in cheap beer this month. Oh, well, gotta have fun sometimes right? 😉 With most of my time coming up dedicated to attending Airman Leadership School and then with colder weather coming in September I should be getting back on track in this category soon.

Dining Out/Fast-Food: $24.24.

Household/Personal Expenses: $225.85. Having lived in the dorms the last 3 years and before that with my parents while I was in high school I didn’t have much to get started with having my own place with regards to various household items-dishes, vacuum, microwave, etc. Amazing how much crap you need to be able to live on your own. Wal-Mart quickly became my favorite and most frequented store this month. I’ve got pretty much everything I need here now so this category should go back to the $15-20 per so that I’ve been averaging next month.

Clothing/Shoes: $65.53.

Gas: $95.30. Sadly the days of $20 or under gas months is over with me living further away from work now. I figure my gas budget should be around $40 a month. As much as I’d like to be able to ride my bike to work, at least for the rest of summer, the amount of gear that I have to carry with me on a daily basis makes that idea very hard to do. Spent a little extra this month as well with multiple trips to move items and a couple weekend trips to go hiking and rafting.

Auto Insurance: $100.52. Switched to liability only for this month which dropped my monthly payment down to less than $50 a month. This last payment was processed right before the switch was made so I’m a little ahead for the next month or so.

Car Maintenance: $4.44. Turn signal bulb from Napa.

Phone: $43.86. Been looking at various other options, but with the limited service choices in my area and having gotten used to having a smart phone, I’ll be sticking with Net10 for the forseeable future. Still not a bad deal, compared to the monthly rates companies like Verizon charge for their contacts.

Internet: $84.63. Normal rate here is 54.99 but lovely Charter tacked on an installation fee to move my service across town since I am an internet only customer with no cable or landline hook-up.

Entertainment: $7.99. Good ole Netflix.

Donation: $25.00. This will be a new monthly category here as I’ve decided to donate $25 a month to start off to Child Fund International, a great charity that my family has been donating to for quite a while and I’ve donated randomly to over the last few years. This month I choose to donate to their Dream Bike Program which raises money to buy bicycles for female students in India so they can travel to go to school.

Furniture: $449.82. Bed, mattress, kitchen table with chairs, small bookshelf, and a coffee table/end table set. I bought a couple other things that will be included in August’s Income/Expense Report.

Other: $622.67. Another result of my 4th of July and river exploits mentioned above. Also picked up a new pistol (Glock 17) that I’ve been eyeing (and saving up for) for quite some time. (Edit: After A-G’s comment below, just wanted to clarify this will mainly be for target practice, a hobby I used to do quite a bit back home. Due to my job, I carry a firearm daily and am well trained, so everything’s good. 🙂 )

Total Expenses: $3057.45. And this is why I’ve been building up my cash supply the last 6 plus months. 🙂 I’m definitely looking forward to getting back to my frugal ways here in August and being able to put more capital to work in the stock market.

Expense Rate: 119%

Savings Rate: -19% 🙁

How did you do in July, did you meet all of your budgeting goals?

Income/Expense Report: June 2014

As I do every month, I’m sharing all of my income and expenses this month in hopes of being as open as 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. I hope that by sharing these monthly updates I can also prove that it is possible to take control of your financial life and invest a high percentage of your income, even on a small salary.

So how’d I do in June? After a disaster of May, awesome! 😉 Even with a couple small one-time expenses, I was able to get back on track with saving 50%+ of my net income each month.

So here’s how it all broke down:

Income

Regular Job Income: $1951.56.

Expenses

Food/Drinks: $260.75. A little less in the drinks department this month which is better for my health and wallet.

Household Expenses: $43.48.

Clothing/Shoes: $14.48.

Gas: $0. Hooray for warm weather and getting to use my bike more often again! This will probably be my last month of spending zero in gas as I’m currently in the process of moving off-base which will require me to start driving to work everyday.

Auto Insurance: $118.66. I decided to cut down my insurance to liability only recently so this will be the last month of such a high insurance cost. I can’t believe I’ve been paying that much for the last few years. Crazy.

Car Maintenance: $62.98. Oil change and new air filter.

Phone: $43.86. Still with Net10 for now but looking for a replacement to see if I can cut this down further. I recently heard about Page Plus, a pre-paid service similar to Net10 from Jonathan, a commenter here on the blog. I’m looking into it now and seeing if my current phone is compatible. Sounds like a great company though with a 1200 talk minutes/3000 texts/500 MB of data plan for only $30.

Internet: $54.99.

Entertainment: $7.99. Good ole Netflix.

Other: $3.97.

Total Expenses: $627.86.

Expense Rate: 32%

Savings Rate: 68%

How did you do in June, did you meet all of your budgeting goals?

Income/Expense Report: May 2014

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 May? Ahh, not so great. 🙁 May was the first month so far this year that I wasn’t able to save at least 50% of my net income. I did have some pretty good excuses though. 😉 First, when I was taking my summer tires out of storage around the middle of the month once we got our last snow of the year here, I noticed the metal band showing through in several spots. So much for getting one more year out of them. That expense alone almost doubled my total monthly expenses. I guess that just highlights how important it is to always keep some cash on hand.

So here’s how it all broke down:

Income

Regular Job Income: $1951.56.

Expenses

Food/Drinks: $271.89.

Household Expenses: $45.29.

Clothing/Shoes: $138.63. One new utility uniform for work.

Gas: $45.51.

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 may drop it down to liability only in the future.

Car Maintenance: $484.80. 4 new summer tires for the ole Chevy. I probably could have saved in this category this month buying new tires, but I figured with all the traveling I plan on doing in the coming months and how long I plan on keeping my car, it made more sense to go with quality and get something that will last a while. Still hurt blowing that much money in 1 day after last month only spending around $700 overall.

Phone: $43.86. Although I was able to drop this a little bit starting last month, I’d still like to be able to cut it further. I’ve been looking at Republic Wireless and seeing if it will be a good fit for me. Verizon is really the only carrier that gets decent service where I live, so I want to make sure I’ll be able to use Republic on Verizon towers before making the switch. Plus I also need to factor in the cost of a new phone.

Internet: $54.99.

Entertainment: $7.99. Good ole Netflix. Speaking of which, I just finished up the final season of Breaking Bad. I know, I know, I’m a little behind the times since the show ended last year but Netflix only recently added it and I haven’t had cable since moving out on my own. Awesome show and I highly recommend it if you haven’t seen it already.

Donation: $5.00. After last month, I slacked on this category. Just the 5 bucks towards the section donation fund at work. Setting up an automatic contribution through Childfund is on my to-do list for this month.

Other: $154.92. Flowers for Mother’s Day, an Amazon gift card for my brother’s birthday, and a wireless router for myself. The ethernet jack broke on my laptop a few weeks ago and I’ve been wanting to get wireless set up anyway so I guess this just prompted me along.

Total Expenses: $1371.54.

Expense Rate based off Regular Job Income: 70%.

How did you do in May? Did you meet all of your budgeting goals?

Income/Expense Report: April 2014

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:

Income

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.

Expenses

Food/Drinks: $235.62.

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.

Gas: $21.00.

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.

Internet: $54.99.

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?

March Income/Expense Report

As I did last month, I’m sharing all of my income and expenses again this month in hopes of being as open as I can with my finances here to chronicle my journey to financial independence.

So how’d I do in March? Overall it was a great month as I exceeded my spending goal of spending only 50% of my net income for the month. This month I spent a total of $593.14 out of $1961.56 for an overall spending rate of 30.23% based on my regular paycheck income.

So here’s how it all broke down:

Income

Paychecks: $1961.56 (after taxes, includes base pay and food allowance). Slight decrease from February as I started contributing to my Thrift Savings Plan (TSP) again. Right now I’m just contributing 4% but may increase it in the future to reduce my income taxes.

Other Income: $721.50. This was from a tuition refund check I received from my college due to overpaying my tuition bill for the last 3 semesters before some of my scholarships were processed and deposited. I knew I was getting a refund eventually but had completely forgotten about it. Gotta love surprises right? 🙂 I used this to invest in Kinder Morgan Inc (KMI) as detailed in my monthly investing recap for March.

Expenses

Food: $311.43. Increase of $67.59 from last month. I continued working nights this month and ended up buying more ready to eat meals than I normally do to help save time making meals. Cooking is the last thing I want to do at 6 in the morning once I get home from work. Plus this includes my monthly supply of whey protein for post workout shakes (gotta get ripped ya know 😉 ).

Household Expenses (cleaning supplies, personal hygiene items, etc.): $9.46. After spending more than normal in this category the last few months, I didn’t have to spend too much in March which helped offset my food expense increase.

Gas: $0!!! Gotta love being able to walk to work! 🙂 I usually spend about $20-30 in gas per month so spending nothing is rare. I try to limit my trips in my car and walk or ride my bike as much as possible. I’ll probably more than make up for this come summer as I have several long road trips planned and will move off base so I’ll have to start driving to work.

Auto Insurance: $118.66. This will stay the same until at least July when my term expires. Used to be around $90 but I got a speeding ticket a few years ago and can’t find a better rate than this right now. I’m thinking of lowering my insurance to liability only but not sure if I want to take the risk with all the driving I plan on doing this summer. Come on 25 years old and that reduction…

Phone: $49.22. This is my unlimited talk/text/data plan from Net10. Net10 is a no-contract pre-paid phone that accesses cell service from the towers of all the major carriers. While I would like to reduce this by switching to another pre-paid service like Republic Wireless, Verizon is really the only carrier that provides service in my area so I’m limited to those that use Verizon towers.

Internet: $54.99.

Dining Out: $0.

Drinks: $19.06.

Entertainment: $13.44. Just my Netflix subscription plus a dvd I bought this month. With so many other things to do when I’m not working (gym, reading, hanging out with friends, and of course blogging) I don’t see the need to buy cable and add any more expenses to this category.

Other: $16.88.

Total Expenses: $593.14.

February Income/Expense Report

Another month down, another month closer to financial independence. Still a long way to go though ;). As I did for January, I’m sharing all of my income and expenses in hopes of being as open as I can with my finances here to chronicle my journey to financial independence. So how’d I do for February? Well I met my overall spending goal, spending only $542.12 out of $2017.02 income for an overall spending rate of only 26.87%! I’m sure it helps a little that February is a little shorter than most months, but still, I’m really happy with this. Of course, it probably helped that I spent the whole month working the night shift at work, so there was really no time to go out and blow any money on drinks/entertainment.

So here’s how it all broke down:

Income
Paychecks: $2017.02 (after taxes, includes base pay and food allowance). Slight increase as I adjusted my tax withholding. I had completely forgot to change it from 0 to 1 once my parents stopped claiming me as a dependent when I moved out a few years ago. Oops! Oh well, guess that explains why I should be getting a decent return again this year 🙂 . This should go down next month as I start my Thrift Savings Plan deductions from my paycheck again.

Expenses
Food: $243.84. Slight increase from last month (+24.50) but overall staying pretty steady. I budget for $250 so I’m still in good shape here. While this may look like quite a bit for one guy, it does include a monthly 54.99 purchase of whey protein (gotta get ripped ya know 😉 ).
Household Expenses: $27.87. Managed to stock up on quite a few items in January so this went down from $37.85.
Gas: $10.00. Hooray for walking, haha! Managed to keep my car parked the majority of the month. With all of this cold weather lately I think I spent more time letting my car warm up than actually driving ;).
Auto Insurance: $118.66. This will stay the same until at least July when my term expires. Used to be around 90 but got one speeding ticket a few years ago and can’t find any better rate than this right now. Come on 25 years old and that reduction…
Phone: $49.22. Still have my unlimited talk/text/data plan from Net10. If you haven’t heard of Net10 you should check it out. They have some pretty good deals for entry and mid-level smart phones and usually are introducing new plans and more options several times per year. I would like to try out Republic Wireless but alas they run on only AT&T networks which are terrible in my area. Net10 supposedly runs on any available network (doesn’t explain how my Verizon friends seem to always have better service!).
Internet: $54.99.
Dining Out: $0. All homemade meals for me this month. With my financial and fitness goals for the year, I’m trying to avoid spending much in this category.
Drinks: $0. My base has a program where you can volunteer to be a designated driver and pick up military members in the community that call for a ride. I volunteered on the majority of my off days this month as I choose to take a month off from drinking myself. Good for my health, my budget, and I get to help out my fellow brothers and sisters here. Triple win.
Entertainment: $7.99. Good old Netflix membership is all I need for at home entertainment. With so many other things to do, when I’m not working (gym, reading, blogging) I really don’t see the point of ever getting cable. It just seems to be such an unnecessary expense.
Other: $29.55. Some of this was buying “The Single Best Investment” by Lowell Miller. Being my frugal self, I have been trying to find this through the city library or maybe an inter-library loan for a while but no luck so I eventually broke down and got it off Amazon a few weeks ago. For those of you that don’t know, it’s supposed to be one of the best investing books out there on dividend growth investing which is the method I use. Once I read it I’ll post a review on here.

Total Expenses: $542.12.

How was February for you with your spending? Did you meet all of your budgeting goals? Leave a comment below to continue the conversation.

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)

Expenses

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?