Budget Update: Nov 2016

Before delving into my budget update, new readers:

  • If this is your first time on my blog, welcome! Do read my other posts my debt freedom journey and my net worth update to help you understand my financial history and goals.
  • My monthly budget for a household size of one is $1,550.  Not included in this budget update, is my debt repayment allocation. You can find that information tracked within my net worth updates. Also click here to see the rest of my budget updates.
  • My monthly budget does not include my car insurance because I pay the full 6 month premium over 1-2 payments twice a year.

Now to November’s budget update!

I decreased my budget from $1600 in October to $1,550 for November as an experiment. My budget expense in October was $1,565.43, so i figured I had some room to cut down some more. I am glad to announce that this month, I spent $1,549.70! I barely made it but it worked out.

Here is a breakdown of how I spent my $1,550.


Bills and Utilities ($1,155): Fixed expenses include rent, water, sewage, trash, internet, Hulu, and Netflix. Cellphone, gas, and electricity vary from month to month, depending on my habits.

  • Electricity – My bill was $34.14 for the month of October. Check out my blog post on how I save on electricity every month.
  • Cell phone – This past month, my phone bill was $52.60. My current cell phone provider is Project Fi and I love them. Check them out if you are thinking of switching phone providers. I highly recommend them.
  • Gas – I have discovered some clever ways to decrease this cost. I only spent $25.78 this month. Blog post coming soon.

Food and Dining ($150): I cut down this budget to $150 from $160 based on my spending habits over the last two months. I did go over budget but not by much, which is surprising because this includes my contribution to thanksgiving dinner.

Personal Care ($95): This includes any purchases involved in beauty and grooming and miscellaneous personal care items.  Again, I was slightly below budget this month.

Miscellaneous Expenses ($150): Anything not included in the above is captured here. This month, I purchased random items that I needed here or there.

Drum roll…for the month of November 2016, I spent – $1,549.70 with a whopping $0.30 to spare, so close! Based on this month’s expenses, I bravely and optimistically decreased December’s spending allocation to $1500. Return back in January 2017 to see the outcome of my budget experiment.

Income Breakdown for November 2016

This chart shows how much I spend on my living expenses in respect to how much income I earn. I decided to include this chart because to offer some perspective to my monthly living expenses. My monthly living expenses of $1,550 for November was only 25% of my income. Car Insurance is not included in my monthly budget because I pay the full 6-month premium over 1-2 payments twice a year.




There are two paths to financial independence – “Save more” vs. “Earn more”

Some people choose to focus on one or the other, I have chosen to do both, starting with “save more” then work towards increasing my income in the near future. All of which will be documented in this blog, so stay tuned!

What percent of your income goes towards your monthly expenses? Please share them in the comment section below!

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