by Jim
Income
Wife’s Disability Income: $1476.00
Jim’s Business Income: $1304.41
Jim’s Passive Income: $104.35
Side Hustles: $42.97
Total: $2927.38
Personal
| Budgeted | Actual | Difference | Percentage of Income | |
|---|---|---|---|---|
| Auto &Transport | $487.97 | $487.97 | $0 | 16.67% |
| Personal Loan | $119.77 | $119.77 | $0 | 4.09% |
| Credit Card | $300 | $355 | -$55 | 12.13% |
| Electric | $100 | $115 | -$15 | 3.93% |
| Oil | $200 | $200 | $0 | 6.83% |
| Phone | $75 | $76.61 | -$1.61 | 2.62% |
| Cash | $20 | $0 | $20 | 0% |
| Entertainment | $7.99 | $10.53 | -$2.54 | .36% |
| Fees & Charges | $0 | -$150 | -$150 | 5.12% |
| Fast Food | $25 | $75.66 | -$50.66 | 2.58% |
| Restaurants | $25 | $78.75 | -$53.75 | 2.69% |
| Gifts & Donations | $25 | $24.12 | $.88 | .82% |
| Pharmacy | $15 | $16.85 | -$1.85 | .58% |
| Rent | $600 | $600 | $0 | 20.50% |
| Kids | $75 | $53.68 | $21.32 | 1.83% |
| Cigarettes | $50 | $50.80 | -$.80 | 1.74% |
| Personal Care | $25 | $15.05 | $9.95 | .51% |
| Groceries | $350 | $132.40 | $217.60 | 4.52% |
| Savings | $150 | $0 | $150 | 0% |
| Total | $2650.73 | $2562.19 |
Debt Pay Off: $836.24
Percentage: 28.57%
It sickens me to see exactly how much money I wasted in bank fees. This was really easily avoidable. Usually what happens when I pay for things, I pay with my checking and transfer the money from my savings into my checking. It was so hectic at times this month, with spending days on end at the hospital, that I didn’t have the chance to transfer the money over a few days. This got me to thinking that we need to get cell phone service again, something that my wife and I have been talking about.
Plus with me taking some time off of work, to be with the family during this very hard time, my income wasn’t at what it should have been.
But because of that, my business expenses were super low this month.
Business
| Budgeted | Actual | Difference | ||
|---|---|---|---|---|
| Advertising | $25 | $34.16 | -$9.16 | 1.17% |
| Gas | $350 | $528.43 | -$178.43 | 18.05% |
| Discounts | $20 | $0 | $20 | 0% |
| Meals & Entertainment | $0 | $0 | $0 | 0% |
| Misc. Expenses | $20 | $0 | $20 | 0% |
| Office Expenses | $40 | $0 | $40 | 0% |
| Postage | $50 | $0 | $50 | 0% |
| Supplies | $20 | $0 | $20 | 0% |
| Total | $505 | $562.59 |
Totals:
Budgeted: 3155.73
Actual: 3124.78
*Just a note* I think some people suggested they would like to see the percentage that was used. I hope this is what you were asking for.
Are your business expenses subtracted from your monthly income of $2927.38? If so, it looks like you were over budget by approximately $200. Where did that $200 come from?
What categories are included in your debt payoff amount of $836.24 (I thought it might include the car, credit card, and personal loan, but the numbers don’t add up).
It might help if you could total the columns as well, so it’s easier for the reader to compare what you budgeted v. what you actually spent (without breaking out of the calculator).
Hi Rebecca,
You are totally right about nothing adding up. I probably should have added total amounts, because when I add up the numbers there is like a twenty dollar difference.
As for my categories not adding up, in the category Auto & Transport, it has a car payment and the insurance payment. I only added $361.47 auto payment.
Your chart is very hard to read. Some totals at the bottom would help a little. I can’t back into your debt number. I know you went over in some categories, and were under in others. And I am not going to do all the math to figure out what you actually spent.
And you have an error under Oil. If you budgeted and spent $200…then the difference should be 0.
I realize that you just lost a loved one. But this is a very hasty post and it would have been better if you waited another 45 minutes and cleaned it up some. You really only have to post once a week, so please put a little more effort into this.
You added the grid lines after I commented…thank you.
Thank you Mysti… I will fix that error right away. As for the chart being hard to read, it is really strange, when I am adding my code to the post it is on there, then it disappears and I have to add it again.
Hey Jim,
I think some of your “Difference” numbers might be off (oil under Personal and Gas under Business). The math on those (budgeted minus actual) don’t add up.
I will correct them, thank you Rachel
Hey,
If you have BOA, and your checking and savings are with the same bank – why don’t you pay for their overdraft protection. It’s only a $10 fee IF you overdraft and that way they’ll do the transfer to cover the payment. $150 is quite a hefty fee, usually it’s 25 bucks a day so thats 6 days the money didn’t get transferred (or maybe 6 separate instances?)
I think the chart has improved. Like some others said – maybe include some totals at the bottom. Looks like you were pretty on-budget which is good.
Maybe break out your debt payments? Like paid x y an z to the various debtors and then say what the ending balance is on all of them. You could make that be a separate chart.
Related to the overdraft fees – you could also call and explain the situation. I think generally they’ll forgive 1 time every 6 months or so (and if its multiple overdrafts they may forgive all except 1). Might be worth a call.
Unfortunately it isn’t BOA. It was 5 different instances of $30 fee. For some reason my savings account with this bank is different from a product they have called a Dreft Plan. (I think that is what it is called) I used to have this, but I left it without money for three months and they closed it on me.
And thank you Ashley, I will be calling the bank tomorrow.
Under Business, why is your gas cost so high? You say you were not working very much,so how did you spend more in gas than usual?
Let me explain this some, I wasn’t working on my online business much. Which requires more expenses then my newspaper route. I also took on a long term contract which requires me to drive at least 100 miles two days a week.
On top of all that my business reimburses me for all expenses related to the vehicle. The gas was also higher than my budget simply because I was driving a hour and a half to the hospital at the minimum of 7 times during the month.
I’m sorry for your loss. I don’t understand how driving to the hospital for a personal/family matter is considered a business expense.
The business covers everything related to the vehicle. Being that the vehicle is used 85% for business I keep really good details about everything related to it. Since this the first year of the car I can go actual or standard when deducting.
But at the end of the year I will have to see what will be better for that year.
So why do you have an auto/transportation line item of over $400 in your personal accounting? I am assuming that is payment? But if you are claiming your vehicle as a business expense, why isn’t it listed as such?
Sweet Jesus people, the guy just lost a loved one. If he made a mistake, I certainly think it is okay to point it out but to say you should make more of an effort is so harsh. After my Dad died, I was a mess for about 6 months and made tons of mistakes. I am all for constructive criticism but I honestly can’t imagine why people have to be so rude. Hang in there Jim. I know you have gotten some harsh criticism over the poor choice you made before but tons of people make poor choices. I am just glad you owned it. However, I think the fallout still plagues you because PEOPLE SUCK at forgiveness and moving on. And, people don’t realize that, if their mistakes were pointed out, they would want some level of mercy. I am so very sorry for your loss.
I agree. Jim make sure to forgive yourself for mistakes and hang in there. Maybe keep a notebook of things you wish that you had done differently (ie over draft fees) and once the haze clears a bit look at the list and brainstorm ways that you could avoid it if something like this happens again. The only thing you can be certain of is life’s unpredictability. You will lose people you love, you will have emergencies, and there will be times it’s hard to stay afloat. However, if you make a financial game plan for tradgedy you can go on autopilot while you adjust to a new reality.
Thanks for posting this Jim. One thing that jumped out at me though was the line item for cigarettes. I remember when I was about 8 years old back when people smoked unfiltered Lucky Strikes, my Dad who was a pack a day smoker couldn’t find any way to make the family budget balance. He quit smoking to free up that money for the family. Remember this was before we were all aware of the health concerns so he did it strictly to save money and we made it through that rough patch. Something to think about anyway.
I don’t think this month looks as bad as it could have been. Without the bank fees, it looks like you were able to hold together for the most part financially through this tough time.
If you’re looking at cell phone service, check out Ting or some of the other low cost providers out there. Personally, my household has used StraightTalk and Page Plus Cellular – it just depends on which carrier you would prefer to be on. Check thefrugalgirl.com to see her experience with Ting.
If you decide to research low cost cell phone plans, make sure to blog about it here.
Jim,
Can you clarify something for me? I see that you had total monthly expenses of $3,124.78, and total monthly income of $2927.38. So does that mean you are in the hole (so to speak) $197.40 this month? I can’t tell if I am misreading or misunderstanding, or if that is the case. If so, how did you absorb that loss?