Monday, July 6, 2015

Income and Expenses: June

The end of another glorious month has come and gone and I now have another opportunity to share with all of my readers how much money I have spent, saved, put to work, or squandered away. I find that this is a very valuable activity because not only do I pour over my financial statements for the month, but sharing my spending and saving habits keeps me accountable. This accountability is what I am really after. At my age I would say I am doing pretty well and for me that is an issue. It makes it easier to fall off of the path that I want to follow. I have extra money that I could spend in meaningless ways. This month was a challenging one as I found myself picking between enjoying being a kid and planning for my financial future (more on that later).

This post will cover all cash flow from June 1 to June 30.


In the month of June I brought in $1,129. This is a 55% decrease in income compared to last months reporting. If you remember correctly though, last month I reported having a large deposit from cash accrued while at school. Removing that outlier deposit (as I did last month to reach a more realistic savings rate) the difference in income month over month is a 182% increase! This is mainly attributed to an increase in the consistency of my temporary work assignments that I noted would be coming. 

In addition to salary and savings account interest I had little income. The second largest source of income resulting in $370 of deposits comes from private sales of a few items such as an antique beer sign. Finally I received 9.02 in dividends from my ROTH IRA with Vanguard. I will update on my taxable portfolio dividends (which are growing!) soon.


Here is the damage for the month. In June I spent $715 which is a 306% increase month over month. This is hard for me to write as I did get a bit off track this month in the spending. But I must add a bit of an asterisk on that number as my largest purchase wasn't even paid for until July. This month I decided to purchase an Xbox One. I know I know. I just wrote an article about spending meaningful money and not buying new fancy things such as this but there is a reason. I bought the new Xbox with the idea of selling my current Xbox and rolling that money into the new purchase with a little new money as well. In the end I found a good opportunity to upgrade and took it. I feel that in the end this will be meaningful money because I took the time to find a great deal and plan out the finances of the purchase. In the end I will only be paying $150 for the new system.

Aside from my $338 Xbox One, I spent money on mostly gas to get back and forth to work. Restaurants eating out with friends and entertainment. At first writing this article I felt guilty spending this much money. With my increased income and expenses my saved income rate this month is still 63%. This leaves me with an average saved income rate of 75% for the year. This is still encouraging and I am still on track in saving 70% of my income this year.

What was your saved income rate this month?
Have you spent money on anything you regret recently?
What goals have you set recently?

I am a 21 year old kid who seeks to create a life of financial independence via passive income. The accumulation and growth of quality dividend yielding stocks will be the main source of income and this is my journey.



Post a Comment