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.
|Personal Expenses||Business Expenses||Summary|
|Auto – Gas/Main||250||Cell Phones||286||Total Business||509|
|Auto/Rent Ins||315||Dropbox (annual – Oct)||8||Total Debt Payment||1920|
|Clothing (bi-annual)||150||Internet||77||Total Monthly Costs||6063|
|Electric||150||Microsoft (annual – Jan)||8|
|Life Ins (annual – Dec)||21||Debt Payments|
|Rent||650||Car Payment||400||Total Income||6662|
|Water/Gas/Trash||75||Computer Equipment||85||Savings Goals|
|Spanish||160||Other||500||Emergency Savings Goal||700|
|Amazon Prime (annual)||8||Self Lender (Christmas)||97||Couch|
|Universal||56||Total Savings Goals||700|
|Total Personal||3634||Total Debt Payment||1920||Total Extra Income||-101.0|
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.
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.