Friday, August 3, 2012

Income Update - July 2012

July was a pretty good month for my spending. My income was up higher than normal again which is great because it just adds to my savings amount. My minimum expenses for July went back up due to me forgetting that I'm paying my wife for things a month after they're due since I'm gone so much. That's worked out best for us. So I had a debt service payment that I still owed her which caused the majority of the increase. Minimum expenses ended up being $1,598.27 for the month and when you back out the debt service that drops down to $1,368.47, which is good to see. Total expenses for the month came to $1,665.66. Of course that also includes the debt payment so that will be coming down. My potential retirement income dropped this month due to only 2 stocks paying out dividends to me for a total of $15.77. This covers a whopping 0.98% of my minimum expenses for July. My financial independence income rose despite a pretty big drop in the 30 year US Treasury rate thanks to a whole bunch of savings this month. My FI number is up to $124.48 which covers 7.74% of my total expenses for July.




*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 $7,428.37
Expense Check $922.96
TOTAL $8,351.33


Monthly Expenses
Category Amount
Rent $480.00
Utilities $194.71
Gas $143.34
Car Insurance $80.00
Groceries $201.80
Restaurants $115.77
Entertainment $0.00
Cell Phone $75.00
Other $10.83
Miscellaneous $56.56
Debt Service $268.03
SAVINGS
Trip $500.00
Roth IRA $500.00
Emergency Fund $1,019.30
Gifts $50.00
FI savings $4,605.99
Car Maint/Repair $50.00
TOTAL $8,351.33

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