:::: MENU ::::

Posts tagged with: household budget

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 February 2016 Budget Update

by

There’ve been some changes to the ol’ budget this past month. Check out what we spent and saved in February:

 

 

Place Amount Spent
Rent 1200
Down Payment Savings 2155
Electricity 283
Water 61
Natural gas 163
Cell Phones (2 lines) 89
Cable/Internet 97
Car Insurance (now comes out of rainy day funds)
Trash 35
Preschool 1163
Gift-Giving 381
Personal Maintenance 8
Restaurants 175
Entertainment 147
Groceries 695
Gasoline 74
Household Goods 68
Clothing 36
Postage 15
Rainy Day Savings 3175 (minus deductions, see below)
Savings Goals 775 (minus deductions, see below)
Debt Payments 1261
Total Budgeted $12,056

 

Comments:

Down Payment Savings ($2155): Notice that I created a new account called “Down Payment Savings.” The goal is to get to $10,000 by summer time. We’re planning to start house-hunting around May, with hopes of closing by August (our current lease is up in August, though we can go month-to-month if needed). This savings goal will heavily impact the first half of our year’s budgets since we need to save heavily at the beginning of the year.

Electricity ($283): I posted previously about our outrageous electric bill (our gas bill was high, too). Fortunately, this has gone down. I’ve already gotten the bill for March and its over a hundred dollars than February’s bill. I discussed in my post possible reasons for the sky-high bill. I took active measures to correct those issues and it looks like it paid off big-time!

Car Insurance ($0):  After this month, I’ll be removing this line item from our budget. I wrote earlier about how I changed our insurance to be paid in full for 6-month chunks of time so we could save some big money. For this budget update I wanted to just remind readers of this budget change. Moving forward, I’ll be setting money aside monthly for car insurance as part of our “annual fees” rainy day savings (part of our Capital One 360 savings account).

Gift-Giving ($381): This number is really deceiving. It does include 3 birthdays and 1 house-warming gift (for a total of $181 spent on gifts), but the other $200 is actually a charitable donation I made so I could get Arizona’s tax credit. Every year since I’ve started blogging we’ve been making similar donations (this donation was for a school, but we also donate to a children’s nonprofit organization we support). The donations cover our state income tax liability and it’s great because we get to support these organizations we love. It’s a win-win. As a side-note, I’m very curious to see what our tax liability might be for 2015. Last year we ended up owing big time! This year I was better about making realistic sized estimated tax payments, plus my new full-time job takes taxes out of my check. So I’m hoping we’ll end up breaking even, but we’ll have to wait and see.

Personal Maintenance ($8): This is just for a box of hair dye. Operation cut/color-my-own-hair is still going strong. In full disclosure, though, I’m planning to get a professional cut/color prior to cruise 2016 (which will come from my cruise savings).

Entertainment ($147): Part of this ($65) was from renewing our family’s membership to the zoo. I struggled with that decision for a bit because we don’t go nearly as often as we used to now that I’m working full-time (we used to go nearly every week!). But I did the math and realized that we’d literally only have to go three times to make the cost worthwhile (without membership it would cost us $28 per visit). We still go about once per month, so I opted to go ahead and renew. The rest of the spending was from a date that hubs and I went on. As promised, hubs and I are planning to do about one date per month this year (in the past 2 years we rarely ever had date nights). So expect this category to be a bit higher this year in compared to previous years.

Groceries ($695):  I’ve consistently over-spent in this category every single month since I started working full-time. Our old grocery budget (before full-time job) was $500/month. When I started working I initially increased the budget to $600/month. I’ve struggled hard to try to make that cut-off, but to no avail. I attribute it to buying more prepared foods and not cooking fully from scratch as often. But, honestly, after 7 months now of battling this budget category I think it might be time to admit that I just can’t hit the $600-mark. I still don’t want to be spending as much as I did this month on groceries, but I may increase my budget to $650. It’s a simple time management issue. I’m working on it, but I’m not perfect. Sometimes I’ve gotta buy a rotisserie chicken from the grocery store for dinner, you know? That’s just how it goes.

Household Goods ($68): This includes laundry soap, toilet paper, and some new flower pots and soil. I should post a picture of my chive plant soon. It’s seriously out-of-control! The biggest I’ve ever seen!!!

Rainy Day Savings ($3175): I’d deposited $3175 into my various rainy day funds (though some money was also withdrawn from these accounts.) See below:

  • 3-6 Month EF: $1,000. My goal is to get to $5,000 for now (about 1 month of expenses). Eventually I’ll want to raise it up further, but that’s it for now.
  • Car Repairs fund: $400 (though I withdrew $195 for a new tire and will withdraw the other $200 soon to repair the weird car flap thing that broke on my car the week after I paid it off).
  • Birthdays: $50
  • Health: $425 (though I withdrew $74 for a doctor’s visit and prescription after my kids got pink eye. I was able to save money because I only paid for one doctor’s trip and one prescription, but it was enough for both kids. Our pediatrician is awesome this way because she’ll often look at both kids, even if I’m only there for one of the kids).
  • Annual Fees: $1000 (though I withdrew $918 to account for 6-months of car insurance)
  • Pet Expenses: $250
  • Girls’ College Savings: $50

Savings Goals ($775): $775 was deposited but there were also withdrawals. See below:

  • Savings for 2015 Roth IRA: $275
  • Cruise 2016: $500. I also withdrew $1276 from my cruise fund to make our final cruise payment and buy a couple cruise-related items (e.g., a snorkel set and beach stuff). I’ve got a post that talks more about how much money is still leftover and what I plan to do with it, planned to post later this week.

Debt:  I gave a full debt update here.

Final Thoughts:

This was a really high-income month for us! We were able to save a TON of money! Between the house downpayment, the rainy day savings, and the savings goals we put basically $6,000 toward various savings (though, to be fair, a lot of the “rainy day savings” were immediately spent. Example: nearly a thousand for car insurance, another couple hundred for car repairs, etc.) Even with some of these larger expenses, I was very pleased with how well we did! As I’d mentioned in my debt update post, we’re right on track (ahead of schedule, really) with our debt payments in order to reach out $30,000 goal for the year of 2016. And in regard to the house downpayment fund, we’re right on track with that as well. We’ll need to keep putting about $2,000/month toward the down payment fund to reach $10,000 by June. It will be tight, but I believe it’s doable. Finally, I mentioned in this post how we had a bit of extra money. A lot of that ended up being routed toward rainy day savings funds. But we also put just over $300 into our “last month’s income” account inside of YNAB’s budget software. It’s just a tiny amount, but it’s the beginning. I can’t wait to build back up that buffer so that we’re always living on last month’s income. It was a fantastic feeling of peace to have that extra money (in addition to an EF). Can’t wait to get that feeling back! Little by little. It will happen. : )

How did you do with budgeting last month? Do you have any problem areas in your budget? How do you deal with them?


Pages:1234