Posts tagged with: family budget

Ashley’s March 2017 Debt Update

by

March was a whirl-wind of a month! I was gone for a couple days in Texas, the girls had an entire week off school, and it felt like we were being pulled in a million different directions by all of our disparate responsibilities. I’m glad to be back in more of a routine this month and am already looking forward to May. For us in academia, it signifies the end of another academic year and the beginning of a MUCH NEEDED “break” in terms of course-load, etc. (working at a university, I’ll probably always talk about “years” in terms of academic rather than fiscal or calendar years, lol). But May is important for another reason, too. For the past 3 months (including April), I’ve been paying these HUGE payments toward our medical debt. I did so in exchange for a debt forgiveness of about 33% of our medical debt. So come May, we’ll have an extra $1200 that can go towards other debt and we’ll have one fewer debt to report in our debt spreadsheet. It always feels good to knock a debt off, and I can’t wait.

Here’s where we stood as of April 1st, after all of March’s debt payments had posted:

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient - Federal 2 (unsubsidized)$11,0925.8083March82433 (all school loans, combined)
Navient - Federal 3 (subsidized)$86085.8025March
Navient - 2 (subsidized)$85136.5534March
Navient - 7 (subsidized)$72126.5529March
Navient - 8 (subsidized)$63856.5525March
Navient - 9 (subsidized)$85146.5534March
Navient - 10 (unsubsidized)$97926.5569March
Balance Transfer Student Loan #2$10000% (through Sept 2017)$400March$7650
Balance Transfer Student Loan #3$44440% (through October 2018)$150March$4594
Medical Bills$31540% (must be paid by April)$1216March$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan$02.49%-Paid off in January 2016$24040
License Fees$02.5%-Paid off in April 2015$5808
BoA CC$07.24%-Paid off in June 2014$2220
Mattress Firm$00%-Paid off in May 2014$1381
Wells Fargo CC$013.65%-Paid off in May 2014$7697
Capital One CC$017.9%-Paid off in March 2014$413
Totals$68,714 (Feb balance = 70,444)$2065Starting Debt = $145,472

Navient Payments

With our recent IRS tax trouble, I’ve been making lower sized debt payments in an effort to try to save up for the upcoming IRS bill. I’m paying minimum payments on all of my subsidized student loans and only an extra $50 above the minimum for my two unsubsidized student loans. As a quick reminder, I’m on the IBR repayment plan so my unpaid interest is forgiven on subsidized loans, but not for unsubsidized (which is why I’m prioritizing them a little). I was concerned when my balances had increased a little this month for the subsidized loans so I called Navient and they explains that the government subsidy (which covers any unpaid interest) is only paid once per quarter. So it looks like the balances have increased a little, but that capitalized interest will be covered at the end of the next quarter. Feels kind of scamy, but nothing I can do about that.

Balance Transfer #2

I’ve reduced the amount I’m paying on Balance Transfer #2 down to $400/month. Continuing at that rate, it will be gone by June. At that point, I may try to initiate another balance transfer to move some more debt away from Navient. That being said, I’ve noticed that my recent balance transfer offers have had a bit higher transfer rate than in the past year, so I’d only do so if it’s still a good savings overall. I’ll wait and see when we get to that point. I also wanted to clarify something I’d had wrong before. Originally when I created my debt table I had listed that this bill was due earlier (based off a 12-month timeframe), but I had conflicting notes in YNAB because there I had it listed as being an 18-month timeframe. When we were hit by the IRS taxes, I called for clarification (otherwise, we were on track to pay it off within 12 months, but I wanted to know if we had the extra 6 months wiggle room). Turns out the special offer IS good for 18-months, which is why I’ve been able to decrease my payment amounts. I’ll still have it paid off well before the special 0% APR promo period expires. Sorry for any confusion to anyone who may have noticed!

Balance Transfer #3

This is my newest balance transfer. I paid $150 last month, but only have $75 scheduled for this month. Again, I’m paying less so that I can try to scrounge up cash for the IRS.

IRS

Everything financial is now tainted by the whole IRS tax issue I’ve talked about previously (see here or here). I’m embarrassed and feel a bit ashamed to be in this position, but I have to say that the tax debt has officially INCREASED our debt and will be setting us back in our progression. At this point, I’m honestly too embarrassed to even give the total amount (though we have finally finished everything with our CPA, so we now have official numbers). I was thinking it would be right around 10k and, if so, I was really trying to scrimp, save, and hustle up any funds and try to pay them in full by the April 18th deadline. When confronted with the true, final amount that we owe, I know there’s no way we’ll have the money together by April 18th. Instead, I’m going to have to set up a payment plan with the IRS and will officially be adding a debt to our list of debts. I’ve been dreading discussing it here because it’s just SO stupid and was 100% our fault. There’s no excuses. We just messed up and now we owe Uncle Sam the big bucks.

Budgeting

Related to everything going on, we’ve really been trying to plan ahead and think about what our family budget will look like in the coming (academic) year. Hubs’ is still currently drawing a (very) small income from his business, but it will likely be gone in the next few months. By mid-summer my big raise will go into effect at my full-time job. Though at the same time, I’ll be losing my side-income from my part-time job. Our kids are starting kindergarten in the fall so our childcare bill will decrease in a couple months (note, in our state kindergarten is only “free” for half-day and we still need full-day childcare so our bill will not be eliminated, but it will be reduced a bit from our current spending). Basically – there are a lot of financial pieces to the puzzle and a lot of things to consider. It’s hard when we don’t have exact numbers, either (e.g., I’m trying to estimate what my net take-home pay will be once my raise goes into effect, but there are many factors involved since a mandatory 7% goes to retirement, and then I also contribute to an HSA and FSA, etc). I think we may have some financial growing pains on the horizon as we figure things out and try to make a path moving forward. I think our path will likely include tightening up our purse strings quite a bit from what we have in the past year. Not that I think we were frivolous in the past year by any means, but I think things are about to really be getting TIGHT. It’s not a bad thing, but it’s definitely disheartening given all our progress in the past year (which, now with the tax thing, feels like a lot less progress has been made since we owe all this money – ugh! So mad at myself!)

Anyway, that’s what’s up in my world.

Oh yeah, and the car situation. That’s still going on. Turns out my car had 2 different problems. One was a Ford issue (covered by Ford) and the other is a warranty issue (covered by my extended warranty). But it’s been a HUGE fiasco because I HAVE to have a car to get to-and-from work and it’s now been over a week with my car in the shop and it still isn’t fixed. But my warranty only covers 7 days max in a rental, so I’ve switched to a Ford rental vehicle and am trying to get Ford to cover the remainder of my days in a rental due to their issue (the Ford issue is actually what rendered my vehicle un-drivable). It’s been a whole mess and is taking up way too many hours in my day. And it will likely end up costing me some money after-all, not only for the warranty deductible, but if I end up having to pay for the rental (if Ford won’t cover it, etc.). Big pain-in-the-butt. But there are worse things in life and, again, I’m thankful no one got hurt and that we had the warranty, etc.

Gotta run for-reals now. I’m drowning in work so bad it’s not even funny. So to bring this post full-circle (as I mentioned in my opening paragraph) – I cannot wait for May!!! Is it the summer yet?? 😉

Hugs,

Ashley


April Budget Update

by

Yikes! With how overdue this budget update is, I did consider just skipping it entirely. I forgot to post December’s budget and it was my first time to ever miss a month! I don’t want it to start becoming a pattern. So, instead of pushing it off any longer, here’s the extremely overdue budget:

Place Amount Spent
Rent 1200
Down Payment Savings 2000
Electricity 88
Water 55
Natural gas 60
Cell Phones (2 lines) 89
Cable/Internet 100
Trash 35
Preschool 1075
Restaurants 249
Entertainment 1
Kids Activities 82
Groceries 582
Gasoline 99
Household Goods 9
Clothing 75
Toddler Stuff 5
Work Expenses 50
Rainy Day Savings 2142 (minus deductions, see below)
Savings Goals 424 (minus deductions, see below)
Debt Payments 1521
Total Budgeted $9,941

 

Comments:

Down Payment Savings ($2000): This is right on track.” The goal is to get to $10,000 by mid-summer. That being said, I already know we won’t have the full $2,000 for this month (May). Initially, we were hoping to start house-hunting this month but we thought better and have pushed it back a bit. We are really hoping to have a closing in August/September, so we didn’t want to see something and fall in love too early when we really aren’t ready to be making offers and negotiating yet. Womp, womp! It’ll be here soon, though, and I’m still doing Zillow searches just-for-fun. 

Electricity ($88): Our electric bill has never been lower! But we’ve already been flirting with triple-digit temperatures and our A/C is back in the ON position! I already received the bill for May and, although it hasn’t jumped way high yet, it’s certainly higher than April’s bill.

Restaurants ($249) + Groceries ($582): I feel like you can’t consider one without knowledge of the other. Our grocery bill was pretty low this month (remember in months’ past where I was nearing the $700-mark for groceries!?), but the grocery bill is low because (1) we were on the cruise for one week of the months, and (2) our eating out budget was HUGE! Remember my post about blowing the restaurant/eating out budget early in the month? We aim to have this expense around $200 or less for our family of four. We blew this budget category early in the month and, honestly, the only reason it didn’t surpass $300+ is because we were gone the last full week of the month (longer, really, since hubs and the girls drove they added an extra week to their trip). All expenses while traveling were filed away in the “cruise” category, so they weren’t accounted for here.

Entertainment ($1): 99 cent song on iTunes.

Kids’ Activities ($82): This was our last month paying for the girls’ swim lessons. It was prorated since we only went for half the month. That being said, the girls did INCREDIBLE on our cruise! We spent a TON of time in the water (both in the pools on the ship and in the ocean at our docking places). I was so impressed with how their skills have improved and they seemed like little fishes splashing around in the water. It really made me want to re-start their swimming lessons so they can keep learning and improving. I’m waiting until the semester is over at school because the end-of-year time is crazy and our Saturday-midday swim class was far from ideal. When we start back again I’ll be looking for a weekday afternoon class time.

Household Goods ($9): I don’t remember if I mentioned it already, but I’ve deemed this year the year of buying holiday decorations on clearance to save for next year. In December/January I bought a bunch of Christmas decorations and in April I bought some Easter decorations. I go literally the day after the holiday, first thing in the morning, so I can try to find the best stock for cheapest. I know there can be great finds at garage sales, too, but those are so hit-and-miss that I’ve mostly relied on buying store stuff on clearance after the holiday has passed. The plan is to do this all year for all of the holidays. I’m pretty excited to finally start accumulating some holiday stuff here and there. We’ve always been very minimalistic when it comes to holiday decorations since we have typically moved every year (our current rental house is the longest we’ve ever stayed in a single place!!) I look forward to decorating for holidays with the girls as they grow!

Rainy Day Savings ($2142): I’d deposited $2142 into my various rainy day funds (though some money was also withdrawn from these accounts.) See below:

  • 3-6 Month EF: $1,000. The goal is to get to $5,000 and we currently have $3063.
  • Birthdays: $400. The girls’ birthday is on the horizon in June. To date, we’ve never had an actual birthday party for them, but we want to this year for the first time. It will still be simple (at our house, not another venue), but we’re going to start throwing a couple hundred a month toward this savings so we don’t get caught by surprise in June. This month I’ve over-saved because I’m anticipating that May will be a lower month.
  • Car Repairs: $50. I also withdrew $182 to finally fix the car part that broke 2 weeks after I paid it off. This leaves $73 still in the car repair account. I’ll need to pad it pretty heavily in the next couple of months, as we know we’ve got some routine maintenance stuff coming up on our vehicles and it feels like every time we go to the shop its at least a thousand dollars! Cringe! At least we have time to anticipate and save for it instead of being caught by surprise.
  • Health/Dental/Vision: $542. This gets auto-deducted from my paychecks so we can pay for healthcare out of pre-tax money. It’s sitting in a flexible spending account earmarked for health-care related expenses.
  • Annual Fees: $100. Need to slowly start building this back up. The total current balance is $250 but we have a few annual (or semi-annual) fees coming up within the next couple months (e.g., Costco membership and county pet registration are two that come immediately to mind).
  • Girls’ College Savings: $50. We save $25/each (x 2 girls) for college that’s automatically transferred monthly to designated 529 accounts.

Savings Goals ($424): $424 was deposited but there were also withdrawals. See below:

  • Savings for 2015 Roth IRA: $424. I also cleared out this savings in its entirety prior to filing taxes so I could make a contribution crediting tax year 2015.
  • No other savings this month, but I wanted to report that I also withdrew all of the cruise money from its account (and have subsequently closed the Capital One 360 savings account). At the end of the trip, we were left with an extra $800 over and above what we’d spent. I ended up re-categorizing this money as income for May. That way it’s put in with our normal income rather than being viewed as a separate pot of money. This will be particularly helpful because I don’t get paid from my part-time job this month.

Debt:  I gave a full debt update here.

 

Final Thoughts:

We put a little less toward debt this month than I’d hoped (I’d originally planned to put $2,000 toward debt). Instead, we put a bit more toward savings, particularly in some categories where we know upcoming spending is imminent (e.g., birthdays, annual fees). In May, I’ll kind of trade-off. Our savings will probably be a little lower and our debt payments will be a little higher. One big thing to note:  I don’t get paid in the months of May or August from my part-time job. Instead, my summer pay is split into two lump sums arriving in June and July. I’m trying to anticipate the lower income months and to spread the pay out when we have the higher income months. Also, I haven’t commented on our tax return yet. We had a return of $540 that hit my bank account just in the last week or so. Like our unspent cruise savings, I’ve simply categorized this as “Income for May” in our YNAB budget. Again – May will be a bit lower income month (given that I don’t get my part-time pay), so I’m hoping this will help pad our income a bit so we can keep up with the hefty debt payments that are planned this month.

Have a great month, all!


Ashley’s January 2016 Budget Update

by

Let’s just jump right to it, shall we?

Also, full disclosure….as I was making this month’s budget update I realized I never made one for December! Yikes! How did no one point this out/remind me? In full honesty, I feel too rushed for time as it is to go back and write a post from last month so I’m just picking back up here and moving forward.

 

Place Amount Spent
Rent 1200
Electricity 199
Water 61
Natural gas 103
Cell Phones (2 lines) 89
Cable/Internet 101
Car Insurance 137
Trash 35
Preschool 1061
Gift-Giving 107
Personal Maintenance 33
Restaurants 197
Entertainment 81
Groceries 665
Gasoline 131
Household Goods 9
Clothing 69
Health 25
Rainy Day Savings 50
Savings Goals 0 (-120)
Debt Payments 4013
Total Budgeted $8366

 

Comments:

Gift-Giving: I paid for 3 birthday and 1 belated Christmas gift with that $107, so I felt like I’d done pretty well considering how many gifts were purchased.

Personal Maintenance: This is for some hair care products I bought. It’s been FOREVER since I’ve bought anything related to my hair (with the exception of hair dye since I cut and color my own hair), so I didn’t think this was too bad. I bought a deep conditioning treatment thing and a new flat brush since my old one has been falling apart for months.

Restaurants: This was super high this month (and was last month too, even though I never did a budget update last month – doh!), and it’s because this includes a bunch of eating out expenses from when we were out of town. Remember that this year we traveled back to Texas in late December and stayed until the first week of January. Some of those expenses, of course, were in December, but some fell in the month of January too. So that’s why this was so high.

Entertainment:  $6 was from the girls riding on those giant animal things they have in malls (know what I’m talking about? No? Nevermind then). The remainder was from a DATE NIGHT that hubs and I took! Wahoo for that! I’m warning you now, I’m really committed to trying to have more regular date-nights this year so you’ll see a higher entertainment budget this year than in the past 2 years of blogging. We’re shooting for every-other-month, but we’ve already got plans for Valentines, so we’ll be going back-to-back January and February.

Groceries:  This was also a monstrous sized number! I stocked up on a ton of snack-type foods for the girls that I send with them to preschool (e.g., pretzels, cheese crackers, fruit leather, trail mix, juice boxes, etc. etc.) and I’m hoping/planning that those things will last at least 2 months, so our February grocery budget should be much more reasonable.

Household Goods: This includes some batteries we needed for remotes and kid toys.

Clothing:  I’m still budgeting roughly $100/month for building up a work wardrobe. I’m getting to be pretty good on this, though. I’m still trying to find some decent khaki pants (I’ve tried on a few different pair from a couple different places in the mall, but wasn’t crazy about anything), but once the pants are purchased I think I’ll have all my staples and I’ll reduce this budget down to probably closer to $40/month just to fill in with a new blouse or cardigan once a month or so.

Health: This is from a prescription

Rainy Day Savings:  I don’t really like the category because it’s really not a “rainy day savings” (I need to adjust my YNAB a bit), but this is for the girls’ college savings. We save $25/month per child ($50/total) toward college. I’d hoped to save a bit more toward our car repair fund, annual fees fund, etc., but at the end of the month we just didn’t have the money there, as we’d spent it on getting rid of the car loans (wooo!!!!) We’ll focus a lot harder on this category in February.

Savings Goals:  Similar to the rainy day savings, we just didn’t have money this month for any of our long-term savings goals. You’ll notice that I actually put a negative number there in the table! I actually withdrew $120 from the Cruise 2016 fund. I paid for one plane ticket (I will be traveling separately from the rest of the family because I can’t take off extra time to stay in Texas like hubs and the girls plan to do), and I bought a new swimsuit. I plan to use this money for all cruise-related expenses so I’ll be spending a big chunk this month (when I pay off our remaining balance), and this is where I’ll be spending when I buy cruise-related clothing or other necessities (as opposed to having it come from the regular clothing our household budget).**Edited to add:  I realized without additional context this amount seems off. The plane ticket I bought was only $75 because I already had an airline credit. The remaining $45 was for a swimsuit. PRO tip:  Mix & Match!! I bought a swimsuit bottom from one site because it was cute, my size, and on clearance. I bought the top from another site for the same reasons. They’re both black so, even though they’re different brands, they definitely look like a matching pair. But it’d be possible to mix-and-match patterns, too. The point is that if you look around, you can score some great deals! The swimsuit full price would’ve been about $100. The bottom was from Albion Fit and the top was from Victoria’s Secret (both a bit pricey in swimwear), but buying off-season and clearance saved me a ton. That’s my tip of the day. : )

Debt:  I gave a full debt update here.

So I think that’s it. I’m excited about the month ahead!

I hope you are all starting off to a fantastic February!


Ashley’s September 2015 Budget Update

by

Things were pretty ho-hum in terms of spending and budgeting in the month of September. No spending was crazy or out-of-line with what would be expected. Here’s our budget from September:

 

Place Amount Spent
Rent 1200
Electricity 251
Water 60
Natural gas 34
Cell Phones (2 lines) 82
Cable/Internet 97
Car Insurance 117
Trash 35
Preschool 916
Gift-Giving 30
Personal Maintenance 14
Restaurants 105
Groceries 601
Gasoline 74
Household Goods 50
Clothing 81
Toddler purchases 0
Postage 14
Rainy Day Savings 225
Savings Goals 500
Debt Payments 2564
Total Budgeted $7050

 

Last month I’d reported issues with both my cable and cell phone bills. I was happy to report when both of those issues are resolved.

The $50 household goods charge was for all those Bath and Body Works candles I bought (remember?) And the clothing purchases still never did include those black pants I was after (in fact, I didn’t go shopping again for the rest of the month after that incident). But the first weekend of October I managed to score a really cute pair for 50% off at Banana. That place is becoming my gold mine! (side note: how is a plain pair of black pants “super cute,” you may ask? Aren’t’ they all rather plain? And the answer is no. The ones I got are adorbs. They’re ankle-pants, like the new kind that are in style now. I know that’s not necessarily great long-term since they’re likely to go in and out of style, but I lurve them! They’re super flattering, go with a ton of stuff, and I will get lots of wear out of them!)

Our rainy day savings was a little slim this month:  $200 toward our dental fund (in anticipation of hubs’ upcoming dental work needs) and $25 toward the girls’ college savings. Nothing else. I’ve really gotten a little too close to the line on our savings. I’ve been a little skimpy in favor of making larger debt payments. But this needs to stop.

We’ve got to beef back up our:

  • 3-6 month EF (which we depleted down to about $1,000 back in August and have never replenished)
  • car repair fund (which we always end up depleting everytime it gets to about the $1,000 mark. Right now we only have $75 in it!)
  • annual fees fund (which is just silly to neglect because these are known and expected expenses)

So those will be priorities in the coming months.

The $500 toward our savings goals represents the $500 funneled toward Cruise 2016 (only 6 more months until the sale date! We booked 12 months in advance so it feels like it’s really coming up even though its still half a year away!)

That’s it for this month!

How was your spending in September? Are you anticipating any big holiday spending in October? I’ve really been trying to keep my eyes peeled for possible Christmas gifts. I’d rather spread out the shopping a little instead of having it all concentrated in December!


Ashley’s August 2015 Budget Update

by

Awww, September! As much as I love August I welcome September like a breath of fresh air after the wicked heat of summer. Here in Tucson it’s still HOT (so don’t get me wrong). But we start to notice a cool down particularly in mornings and evenings and it becomes beautiful to hang out outside after dinner, letting the girls run around, enjoying a slight breeze, and chatting with hubs. Good times to look forward to as I welcome Fall weather with open arms!

In the meantime, here’s how our budget from August ended up shaping out:

Place Amount Spent
Rent 1200
Electricity 245
Water 53
Natural gas 17
Cell Phones (2 lines) 150
Cable/Internet 40
Car Insurance 118
Trash 35
Preschool 1116
Gift-Giving 85
Personal Maintenance 12
Restaurants 88
Groceries 566
Gasoline 86
Household Goods 93
Clothing 102
Toddler purchases 30
Rainy Day Savings 300
Savings Goals 600
Debt Payments 2204
Total Budgeted $7140

 

Things to note:

  • Increased rent: I wrote here about how our rent increased. This was our first month at the new rate.
  • Electricity: Still high as the sky, but in-line with last year’s August budget (August 2014’s electricity was $251, so this year we were slightly lower). We can just gear up for a high September electric bill, too, because its going to happen.
  • Cell phones: This category is a bit of a mess that will hopefully be straightened out in the coming months. Remember that we switched to T-Mobile from Sprint earlier this month to save some money (and it also came with a few additional perks, mentioned here). Well we got a ridiculously high Sprint bill after we cut our service ($250!!!) T-Mobile is supposed to credit our account for the equivalent amount so, in theory, we will have no cell phone bill for a few months until the credit has been run down. So I “cheated” a bit here. The full amount we paid was $250, but I put $150 in August and $100 in September to try to spread out the pain a little. It should work out since we’ll have no bill in September. This is something I’ll continue to monitor to make sure everything worked out in the wake of our switch.
  • Cable/Internet: This was a bit of a mess, too! Generally our bill is about $110/month. In August I received a bill for nearly 50% more than what I’d expected. When I called to ask about it I was told we’d been in some promotional package for years and it had finally expired so our bill would increase. I was not willing to pay a 50% increase so I tried to work with them to get us into a better package. Long story short, I had to make 3-4 calls and physically go into a Comcast store to have everything fully resolved. We should now be back in a plan that costs $100/month (probably closer to $110 when taxes are factored in), and we were given credits in August for all the hassle and headache. So this is a temporarily low bill and hopefully in September things should be back to normal in this category.
  • Preschool: This category is also a little lower than is normal. This is the amount we pay for the regular Monday-Friday preschool, but the normal day ends at 3:00pm. We pay extra to have the girls stay longer (hubs usually gets them at 4:00pm), but so far we have NOT been charged for the extra time they’re in school. This was the first month of preschool so I’m not sure what the billing cycle is yet for the extra time, but I know it’s charged separately from the regular bill so I anticipate it coming sometime soon.
  • Household Goods: This included a Costco haul with some paper products (e.g., toilet paper, tissues) and some cleaning supplies at the regular grocery store.
  • Clothing: I discussed how I was budgeting $100/month for new work appropriate attire. This month I got new shoes from DSW and a new bra from Victoria’s Secret (the last bra I bought was from when I was immediately post-partum/still breastfeeding, so I was in sore need of a new bra!)
  • Toddler Purchases: This is just from their Halloween costumes (I wrote about the great deals at Costco and they still have tons of costumes in my area.)
  • Rainy Day Savings: I put $300 toward different rainy day savings categories. This includes:  $75 (car repairs), $50 (travel/Christmas), $75 (health/dental/vision), $75 (annual fees), and $25 (Girls’ college savings). HOWEVER, I should also mention that I withdrew $307 from different savings funds (I keep all my savings in Capital One 360 due to their higher interest rate <refer a friend link). I withdrew $100 from health/dental/vision to pay for my contacts, like an idiot (because now I have insurance!!! I’m going to try to submit the receipt and see if I can be reimbursed). I also withdrew $207 from my annual fees fund to pay for my annual premium of life insurance.
  • Savings Goals: This is $100 for a Roth IRA and $500 for Cruise 2016.
  • Debt Payments: Still chugging right along with debt payments. This is slightly more than last month, but still right around our typical debt payment size.

Related to debt payments, I’ve made the executive decision to cheat a little bit on our “living on last month’s income” ideal. We’re still living on last month’s income, BUT September is the first month where I’ll earn double-income (from my part-time job in addition to my full-time job. Remember, I wasn’t paid from my part-time job in August due to regular schedule of payment).

Soooo, I’ve decided to allocate my regular full-time paycheck toward living on last month’s income (so it will go toward expenses incurred in October). BUT I’m going to keep my part-time paycheck for use during September to help speed up debt payments. I’m just REALLY itching to make some higher debt payments and it’s been a real bummer to have started this job nearly 2 months ago and not have made any really killer debt payments yet! Rather than waiting and putting that off until October, I’m going to dive in THIS MONTH with some higher debt payments by putting a portion of my part-time pay toward debt in September. Right now I’m thinking I may allocate 50% toward September and keep 50% allocated toward October. But I want to discuss it further with hubs to make a final decision. I just know that I’m itching to make some big debt payments and I can’t wait until October. Some of it is going down SOON!!!!

So that’s how August shaped up and some plans for how I plan to handle September’s debt.

 

Where are you in your debt repayment? How was your monthly budget in August?


June 2015 Budget Update

by

Hey, guess where I am! Traveling again, that’s where! Whoa! Considering we hadn’t initially planned to travel at all this summer, I’ve been pretty busy! This is already my second trip of the summer (first trip posted here), and I’ll be making a third trip either at the end of this month or beginning of August, depending on timing of my Dad’s tests and doctors’ appointments so I can be there when he receives an official diagnosis.

Fortunately, I get to say that this trip is much more pleasure-based compared to the last one. I’ve never mentioned, but my Dad owns two properties. His primary residence is in Utah and his secondary residence is in Wimberley, TX (south of Austin-area). So this trip included the entire family – we all loaded up the car and drove cross-country to visit family in Austin, spend time together for the 4th of July holiday and take advantage of my last week before I start my full time job (eek!!!) Plus, my Dad was in town so I’ll be able to go and help him with some things on his property. With all of his health issues he’s going to be forced to sell his Wimberley property because it has a lot of acreage and there’s no way he can maintain it as he struggles with his physical decline.

So….killing lots of birds with one stone. We didn’t leave to come out here until July 2nd, so the expenses associated with the trip will fall within the month of July. But similar to our other family-related trips, it’s going to cost us a minimal amount out of pocket. My mom gave us a little money for gas and we’re staying for free with family. I bought a bunch of groceries when we first arrived and we generally take family out to lunch or dinner once while we’re in town. But for a week long trip the costs are pretty minimal.

I’ve got lots to do in the short time we’re here so I’m going to run. Here’s how the month of June shaped up with our spending:

 

Place Amount Spent
Rent 1055
Electricity 150
Water 53
Natural gas 21
Sprint (2 lines) 119
Cable/Internet 99
Car Insurance 156
Health Insurance 394
Trash 35
Preschool 1181
Gift-Giving 50
Restaurants 119
Entertainment 25
Groceries 550
Gasoline 81
Household Goods 41
Clothing 8
Parking 19
Work Purchases 20
Debt Payments 725
Total 4901

A couple quick budget-related notes before I run out the door:

Remember we had a very low income this month (no income from hubs’ business), so we had to raid our EF. One of our top priorities in July will be to replenish it. As a result, our debt payment is way below our average and we put no money toward savings.

Our preschool expense was above average because it included the deposits I had to put down for our new preschool ($75/each), which starts mid-August. Also, watch out – electricity is sky rocketing as our temperatures are climbing. I already received July’s bill and its over $200! Ouch!

I hope you all had a safe, healthy, and happy 4th of July to you American readers, I wish any Canadian readers a happy belated Canada Day, and just happy week to all the rest of you! : )


Ashley’s February Budget Update

by

After admittedly falling off the frugal train in the month of January, I think I did a much better job in February. You’ll see that not every single purchase was one of absolute necessity, but I also think I maintained a good balance of saving money, paying down debt, and getting a few things that were needed during the month. Here you go….
February Budget Update

Budget Category Amount Spent
Rent 1055
Electricity 158
Water 60
Natural gas 22
Sprint (2 lines) 114
Cable/Internet 99
Car Insurance 165
Health Insurance 394
Trash 35
Preschool 1040
Gift-Giving 50
Personal Maintenance 40*
Restaurants 87
Entertainment 35
Groceries 310
Gasoline 57
Household Goods 115
Clothing 22
Toddler purchases 20
Rainy Day Savings 625
Savings Goals 500
Debt Payments 2102
Total $7105

Let’s discuss….

  • Electricity. It’s weird that my electric bill this month was exactly the same as last month. At first I thought this was a mistake and double-checked, but this is the correct figure. Just a weird coincidence (note, I’ve been working to try to conserve electricity and the bill has gone down this month – wahoo!!)
  • Car Insurance. This got messed up this month because somehow husband’s truck ended up back on our personal insurance (instead of a separate policy in his company’s name). I’ve called to correct this so the bill should go back down again for next month.
  • Gift-Giving. We had several gift-giving occasions in February. This $50 figure includes a $30 photo book for my Mom’s birthday, my $5 classroom gift basket, and supplies for the Valentines we sent out to friends and family members (including pictures I had printed, postage, and a couple of cheap V-Day gifts I picked up from Dollar Tree for the girls).
  • Personal Maintenance. I put an asterisk next to this item because I didn’t actually spend any money during February on personal maintenance, but I plan to spend the money this month and wanted it set aside. I’m trying to decide what to do (may write a post about it), but am thinking I may get my hair done again before my big “not an interview” trip. It feels so soon, since I’d gone a full 9+ months without getting it done a single time, and then I went at the end of January before my ‘real interview’….but it’ll be a solid 9 weeks by the time I go on my next trip. Should I get a trim? Have my highlights touched up? Etc? I know I want to look sharp, so basically I set the money aside with the intention to use it this month. Not sure how (i.e., what I’ll be doing) or in what fashion (e.g., Groupon? Hair school?) yet. I’ll keep you posted.
  • Restaurants. We did better on eating out this month than we have in recent months (generally I set this at a $100 budget). However, we spent more in the next category than we usually do…
  • Entertainment. Some of this was little stuff ($3 for itunes songs; $6 to feed the giraffes at the zoo). The biggest splurge is that hubs and I actually went on a date this month! This was our first date since our anniversary in November, and we won’t be going on any dates for probably another couple of months so I’m okay with this expense. Just to be transparent, I paid for the actual “date” (movie tickets and snacks), and hubs paid for a babysitter separately, so this figure is lower than it would be if a babysitter were included here.
  • Groceries. Knocked it out of the park with groceries this month (we usually budget $400!!) I guess this makes up a bit for my overage in January, though it means I’m starting out March with a pretty bare pantry and fridge/freezer, and with it being such a tight month financially it means I’ll have to be creative with our dinner plans.
  • Household Goods. This category was also much higher than normal (usually we spend less than $30/month on household items). Some of it was just refilling some cleaning supplies (new kitchen scrub brush, laundry detergent), but I spent $40 on Round Up since our weeds have been out of control (side note – Costco is the cheapest place around for Round Up! I spent $40, but I got THREE of the big jugs-worth of weed killer, whereas Walmart sells the same stuff for $40 for only ONE of the big jugs of weed killer. Costco is the bomb.com)! The other large expense here was the YNAB software. I spent $54 for the YNAB software, but I think its money well spent (edited to add = I thought this was an annual expense, but a reader pointed out this is a one-time fee! Wahoo, I didn’t even realize that, makes it seem like an even better deal now!!!)
  • Toddler Purchases. $20 on gummy vitamins. I get two kinds: a multivitamin and an omega-3 vitamin. Also from Costco and much cheaper than I’ve seen anywhere else (even beats the sales prices at my local grocery store).
  • Rainy Day Savings. In YNAB I’ve made categories for all my savings needs. This month’s rainy day savings include: $200 (car repair fund), $125 (dental/vision), $100 (semi-annual fees), and $200 (a one-time pet expense saving). Remember when I was going to just put $500 toward my pet savings for the year? Yeah, too much money. But I made a good dent in it with the $200 savings (and then I promptly withdrew $51 to buy pet food). But still, that money will last for probably half the year, and I’m not planning to add any additional money to the pet savings right now since things are a bit tight.
  • Savings Goals. These are longer-term savings goals, not just for routine expenses. I saved $100 toward a Roth IRA, and $400 toward cruise 2016.

I said I was going to stop doing a full “anticipated budget” post for the current month, but just to give you a quick idea of how things are changing this month during our time of lower income….

In March I’ve done away with rainy day savings. I’ve changed all my Capital One 360 automatic savings plans so that nothing will be saved toward any of my rainy day funds in the month of March. I’ve also reduced my savings goals. I still have the $100 going toward a Roth IRA, but only $200 is going toward Cruise 2016 (instead of the $400 I’d initially planned). That’s a whopping total of $300 in overall savings in March…. compared to the $1125 I saved in the month of February.

This is yet another example of how having a lean month can be helpful. When I was really studying the budget and seeing where we could cut back, it’s hard not to notice that OVER A THOUSAND DOLLARS A MONTH IS GOING TO SAVINGS!!!!

How is this??? HOW!?!?!

We still had a decent debt payment (over $2,000; nearly 30% of our total income), but it was a bit of a shock to realize just how much is simply being set aside and saved on a monthly basis. When things get tight, the savings is the first thing to go! Just as a heads up, my debt payments will be much smaller this month, too. I’m just focusing on trying to pay all of our minimum obligations (okay, a little over the minimum, but not by much), and get through the month without any overspending. It’s been a long time since our income has been this low, and with the girls’ preschool accounting for nearly 25% of our take-home pay, regular bills (rent, utilities, insurances, etc.) accounting for another 50% of our take-home pay this month….there’s not a lot leftover for big-sized debt payments and non-discretionary spending (like groceries, gasoline, etc.).

But still, progress is progress. Any month that we’re moving forward is a good month, no matter by how little.

So there you have it.

How’d you do with your budget last month? Any big changes for this month?