Thursday, July 5, 2012

Income Update - June 2012

June was a good month for my spending. My income was way up and due to being on vacation for 2 weeks using savings earmarked for it my expenses were down as well. My minimum expenses for the month totaled only $1,252.68 and my total expenses were only $1,329.99. I know these will rebound in July to be closer to my averages for each but as long as I can get them in the same ballpark and possibly still falling that will be great. My potential retirement income for the month totaled $92.87 and my financial independence number is up to $118.07. These covered 7.41% and 9.43% of my minimum expenses in June. The expense coverage amounts have slowly been increasing which is good news.




*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 $8,732.71
Expense Check $975.22
TOTAL $9,707.93


Monthly Expenses
Category Amount
Rent $480.00
Utilities $86.24
Gas $179.57
Car Insurance $90.00
Groceries $148.24
Restaurants $140.40
Entertainment $10.50
Cell Phone $75.00
Other $25.83
Miscellaneous $55.98
Monthly Fees $38.23
SAVINGS
Trip $500.00
Roth IRA $425.00
Emergency Fund $3,560.18
Gifts $50.00
FI savings $3,842.76
TOTAL $9,707.93

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