Monday, June 4, 2012

Income Update - May 2012

May was right in line with April as far as spending. My minimum expenses and total expenses were pretty much even over the month which is good since they didn't go up but I didn't make a lot of progress on lowering them more. My minimum expenses were $1,549.48 which includes costs related to rent, utilities, car, all food expenses, phone and minimum debt service payments. My total expenses did actually improve slightly over April by almost $30 but I consider that just noise and not anything related to actions I took to lower them. My potential retirement income for the month totaled $34.70 and my FI changed to $109.51. Most of the decrease in my FI was due to the 30 year treasury rate falling throughout May. My PRI would replace 2.24% of my minimum expenses in May and the FI would cover 7.07%.

*Minimum Expenses are only the expenses related to rent, utilities, car, food, minimum payment on debt and other necessities. In other words, the required amount of replacement income I would need for financial independence.
*Total Expenses are the total monthly outflow of money.
*Potential Retirement Income is income received from dividends, interest, cash back from credit card purchases and any other source of income not related to my job.
*FI is my liquid assets invested at the 30 year treasury bond yield at the end of each month divided by 12 to get monthly income.

Monthly Income
Category Amount
Paycheck $4,172.21
Expense Check $769.03
TOTAL $4,941.24

Monthly Expenses
Category Amount
Rent $480.00
Utilities $118.20
Gas $111.12
Car Insurance $90.00
Groceries $248.05
Restaurants $159.08
Entertainment $7.50
Cell Phone $75.00
Other $10.83
Miscellaneous $156.12
Debt Payment $268.03
Extra Debt Payment $2,987.00
Roth IRA --
Emergency Fund $180.31
Gifts $50.00
TOTAL $4,941.24

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