January 2015 Passive Income and Expenses

January Passive Income and Expenses

Expenses	Cost
*Rent	$250
Groceries	$187.50
General Merchandise	$166.05
Car fuel	$122.05
Auto Insurance	$108
Restaurants	$96.05
*Utility Gas	$52.75
Student Loan	$50
Phone Service	$42.50
Post Office	$40.97
*Dish	$39
*Cable Internet	$37
*Electric	$36.39
Liquor	$29.77
Car Repairs	$24.72
Entertainment	$0
Total	$1282.75

*These are expenses that are split between my significant other and I.

Expenses were really low this month and I would like to keep it up for the rest of the year. Last month the groceries were the highest expense which led us to shop elsewhere for our groceries. Therefore I was able to cut down our grocery bill just under $100 for the month. I have also cut out Brazilian Jiu-Jitsu and we might be replacing Dish Network for a Roku and Hulu subscription. This would make expenses much lower for the rest of the year. I would be happy to get expenses sitting at $1,200/month which is pretty good.

This month my passive income was a little lower than I expected. This is the first January that I am declaring my passive income so I don’t have anything to compare it to. Now let’s take a look at the passive income for January 2015.

Passive Income	Earnings
General Electric(GE)	$4.87
Baxter (BAX)	$1.41
Bank of Nova Scotia (BNS)	$2.41
Kraft (KRFT)	$8.18
Mondelez (MDLZ)	$0.41
Disney (DIS)	$9.63
Pepsi (PEP)	$1.79
Dr. Pepper/Snapple (DPS)	$1.39
Walmart (WMT)	$3.16
Viacom (VIAB)	$1.95
CD Interest	$0.49
Savings Interest	$1.82
Credit Card Cash Back	$8.00
Total Passive Income	$45.51

 

 

 

 

 

 

 

Now let’s take a look at all of the income sources:

Income Sources	Amount
Analyst Job (Net)	$2186
I.T. Job (Net)	$52.50
Ebay	$215.73
Dividends	$35.20
Interest	$2.24
CC Cash Back	$8.00
Job Lot Refund	$85.76
Amazon Refund	$34.99
Total	$2620.42
Savings Amount	$1337.67
Savings Rate	51.05%

 

My savings rate was awesome this month. My goal is to save at least 37% of my total income annualized for the year. I am starting out way ahead with a 51.05% saving rate this month. A big part of this was because of all the cutting of my expenses this month.

The cash back rewards are passive income because I don’t have to work extra and I am not holding a balance on my credit card. Therefore each month I am getting free money that I can receive in a paycheck or put it towards my current balance. I was able to save 51.05% of my total income for the month which is a record for me. Now let’s see how much of my expenses were covered by the passive income.

This is the most exciting part of this post because I can see how much of my expenses were covered by my passive income. This month 3.5% of my expenses were covered by the passive income from dividends, interest, and credit card rewards. I would love to add rental income to that equation someday but for now I am happy with my progress. The blue bar didn’t move much higher this month. It would be a milestone to get the passive income to the first line ($200).

I will be declaring all of my buys for the month of January in my next post!

How was your month in terms of passive income?