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Posts tagged with: budgeting

June 2015 Budget Update

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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! : )


March Budget Update

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We had a lot less income to work with in the month of March than in our typical months. Because of this, I had to get a bit creative. Some things (like some savings) were eliminated; other things (like debt payments) were reduced.

There’s always room for improvement and this month is no exception. But at the end of the month we had a balanced budget (meaning, we didn’t spend more than we made – using YNAB has really helped me in that regard), so I’ve got to be happy with the end result. April will have a bit more wiggle room, so I’m excited about the new month.

Here’s how March shaped up:

Place Amount Spent
Rent 1055
Electricity 116
Water 69
Natural gas 26
Sprint (2 lines) 114
Cable/Internet 99
Car Insurance 58
Health Insurance 394
Trash 35
Preschool 1030
Gift-Giving 40
Personal Maintenance 62
Restaurants 108
Entertainment 10
Groceries 388
Gasoline 38
Household Goods 7
Toddler purchases 53
Postage 10
Work Stuff 62
Rainy Day Savings 0
Savings Goals 300
Debt Payments 603
Total $4677

 Most of these items are in-line with expectations. But I do have a couple comments…

  • Preschool ($1030 spent): This month was a normal charge, but I referred a friend to our preschool facility, so I’m excited that next month I should have a referral credit. I’m not sure how much of a discount I get, but any amount saved will be great!
  • Gift Giving ($40 spent): This was a $20 gift for two separate people (both baby presents).
  • Personal Maintenance ($62 spent): This was $35 for a hair cut and eyebrow wax, $12 for attending a yoga class, and $15 for new eye cream and face lotion (I got cheap grocery store stuff…not sure if more expensive stuff works better? I’d love to hear others’ opinions on quality versus budget eye cream and face lotion – that stuff is $$$!)
  • Gasoline ($38 spent): Gas was so cheap this month because my husband ended up filling up the car for me while I was on my not-an-interview trip. I generally only have to fill up twice per month, but this month I only filled up once!
  • Work Stuff ($62 spent): I made a new category called “work stuff” for expenses that are related to work and can be 100% tax deductible. This month these expenses stem from my not-an-interview trip, including food the night I got into town, gasoline in the rental car, and parking costs. I’ve saved all the receipts for everything, but having work expenses as their own category in my budget will make things easier for tracking and tax purposes, too.
  • Rainy Day Savings ($0 spent): With the tighter month, I didn’t put any money aside for any of our rainy day funds (which include: 3-6 month expenses, car repairs, toddler birthday, travel/Christmas, dental/vision, annual expenses, and vet expenses). This is not ideal since many of these categories are non-negotiable anticipated expenses (like my annual expenses for car registration), but skipping one month won’t kill us either.
  • Savings Goals ($300 spent): I put $100 toward my Roth IRA fund (and then I promptly withdrew all the money I’d saved to actually open a Roth), and $200 toward my Cruise 2016 fund.
  • Debt Payments ($603 spent): Discussed more in my latest debt post. This figure represents $50 toward my car payment, $453 toward student loans, $75 toward license fees, and $25 toward medical debt. One side-note about medical debt (and the reason for the discrepancy between this figure and the one I reported in my debt update)…I was supposed to also have a $50 medical bill to pay, but I never received the bill this month. When I called the office to inquire about it, it turns out they’d processed my last payment late, so it looked like I’d skipped a February payment and already paid the March payment. It was a clerical error on their end so nothing negative was reported to my credit and no late fines or fees were assessed, but it means that my next bill is not due until April (also…my April bill will be my LAST bill for the $50/month payment! Eeeeek!!!!)

Overall thoughts on March budget

Honestly, March was tough on me psychologically. I feel like I’ve just been making tiny little baby steps lately, where I’m used to the “rush’ that I felt when I first started the debt repayment process and was making huge strides monthly. I still stand by my previous statements that I think having a lean month from time-to-time can be good for us, force us to examine how every single penny is being spent and use the opportunity to try to reflect on true necessities versus extras.

That being said….I’m ready to have some more income to toss at debt. I’m not going to lie. It hurt to only put $603 toward debt when I’m used to paying between $1500-$2500/month!! Six hundred dollars doesn’t even move the needle of what I owe – its like just treading water because it only covers interest without any extra! It made the month feel long as it draaaaagged on with its relentless 31 days (and coming on the heels of a 28-day month!)

And I wish I could say that April was going to be an awesome month, but it won’t be (we live on last month’s income, so the money we have to spend in April is from income earned in March). It will be better than last month, as we have almost an extra $1500 in the budget, but it’s not as high as I’d like (for comparison’s sake, our income this March is down nearly $2,500 compared to March of last year). Oh the joys of small business ownership. The good news is that the business has, overall, been flourishing and even when there are leaner months, we can be sure that fatter months are ahead. (Fingers crossed!)

How did you do with your budget last month? Do you have any areas you’re working on improving?


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