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Hope’s Monthly Budget – Fall and Winter, 2017

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This is my current monthly budget. A debt update is coming up next. I think most of this is self-explanatory, but I’ve added a few notes below.

Budget

Personal ExpensesBusiness ExpensesSummary
Allowance400Adobe30Total Personal3634
Auto – Gas/Main250Cell Phones286Total Business509
Auto/Rent Ins315Dropbox (annual – Oct)8Total Debt Payment1920
Clothing (bi-annual)150Internet77Total Monthly Costs6063
Electric150Microsoft (annual – Jan)8
Groceries/Eating Out600Misc100Income
Gymnastics350Total Business50910993200
Health Ins305W-23462
Life Ins (annual – Dec)21Debt Payments
Rent650Car Payment400Total Income6662
Spending200CC100
Water/Gas/Trash75Computer Equipment85Savings Goals
Spanish160Other500Emergency Savings Goal700
Amazon Prime (annual)8Self Lender (Christmas)97Couch
Student Loan307
Summer Camp/Activities375
Universal56Total Savings Goals700
Total Personal3634Total Debt Payment1920Total Extra Income-101.0

Details

Monthly Expenses – These are our day to day living expenses. Many have some flex money built in, specifically gymnastics which typically runs $240 per month. I added the extra money to cover the competition costs that must be paid during competition season (Nov-Apr.) I don’t know how much they will be with our new gym, last year I paid $600 in meet fees. Spanish is new. I’ve hired a online tutor to work Princess and Gymnast 1 hour a week, this was our first week.

Business Expenses – I’ve added my regular business expenses including our cell phones, internet and so on because I thought my budget would look funny with out these important expenses. (These are associated with my contract work.)

Debt Payments – I have another post on this category coming this week. I am grateful that a lot of this debt is chosen – summer camps and activities, Universal and a Self Lender loan (a chosen debt in an attempt to help repair my credit) versus stupid decisions or debt hoisted upon me by other’s decisions.

Income – I continue to work three jobs regularly, and have recently picked up a couple of new smaller contracts so we will see how they work out. The kids are starting to ask when I will cut down on my work hours. But I am not there yet.

Savings Goals – My emergency savings is still my #1 goal. But I am starting to think of other “things” I would like, specifically a couch. I’ve put it on the budget as a holding place, but I am not actively pursuing it at this time. In my head, I’m thinking next summer for a couch.

Summary

I am in the negative as far as this budget goes. Reality is that I spend quite a bit less than this on a regular basis, but there are certainly months where it is more. I feel like this is a true representation of where my money goes on a monthly basis.

My FSA, vision and dental insurance and 401K deductions all come out of W-2 income. I have consulted with an accountant and for this year, I am in a good place tax wise due to the Adoption Tax Credit. I will have to adjust my tax rate for next year.


Hope’s Weekly Budget – Week of October 1

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This is my budget for next week. While most are common, monthly line items, there are some unique items this week. See an explanation below.

Rent29-Sep-17-650
Electricity1-Oct-17-125
Groceries1-Oct-17-400
Summer Camp1-Oct-17-500
Auto-Gas4-Oct-17-35
Water/Sewer4-Oct-17-75
Amazon5-Oct-17-400
W2 Income6-Oct-171732
Allowance6-Oct-17-80
Debt Pymt6-Oct-17-100
Savings6-Oct-17-150
Universal7-Oct-17-56
Gymnastics7-Oct-17-240
Clothing Allow7-Oct-17-900

Groceries – This is my monthly grocery budget, not just the week. If you have been following me long, you know it is typically $600 per month. I am 1) trying to cut back some and 2) have re-allocated some of this money to more “free” spending to allow for when we are out of town at gymnastics and grab a quick bite.
Summer Camp – Summer camp for next year for both Princess and Gymnast. I am paying monthly now to 1) lock in last year’s rates and 2) not have it come up on me at the end of the year. This is a monthly payment until the total is paid off. It will cover 6 weeks of camp.
Amazon – This is my Amazon account and is a guesstimate of the balance based on the previous month’s purchases. I use Amazon home delivery for most of our toiletry needs and a variety of other expenses. Most months this is around $100, I’ll explain why it’s more in another post.
Universal – I am taking the kids to Universal over Thanksgiving. I have been saving this amount every month towards our November trip (just to cover the cost of the park tickets.)
Gymnastics – This is the monthly charge for Gymnast training, 4 days per week.
Clothing Allowance – This is a twice yearly budget item where I provide the kids with a specific amount of money for them to purchase clothes for the coming season. The monies are not necessarily split equally, I divide it based on needs and wants. The kids have spent the month of September creating lists of needs and wants for the coming cooler season. This is our version of the “wait 30 days” before spending.

I think doing this every Friday will help keep me more accountable, and give you all a better way of guiding me in my day to day spending habits.

What do you think so far?