You guys, I’m slowly changing over to writing a personal finance blog with topics like emergency funds and budgets. I can’t say I hate it. But hey, this blog has always been about my life and right now my life revolves around babies and budgets.
I’ve been tracking our spending a little bit more closely the last month since we are adjusting to a new normal with more expenses and reduced pay on my end (bye overtime pay, hello baby time). Getting our budget and spending under control so we can achieve more and give baby a better life is super important to me right now!
While I’m not committing to doing this every month, tracking our spending has been eye opening and I’m hoping to review where we stand so far this month.
Here’s how everything looks just written out instead of the monthly calendar way:
- Mortgage – $1,200
- Daycare – $600
- Utilities – $250
- Car Insurance – $156
- Comcast (Internet/Cable) – $124
- AT&T (Cell Phones) – $150
- Gym Membership – $84
- College Fund – $25
- Groceries/Household – $400
- Eating Out – $150
- Gas – $125
- Gifts – $50
- Business – $50
- Shopping/Misc – $100
- Personal – $100
- Starbucks – $25
Then I’m hoping to bring back sinking funds this month since we anticipate finally finishing our emergency fund. I’ll explain more about those in a future post but here’s the amounts:
- Car Fund – $200
- House – $200
- Vacation – $100
- Pets – $50
So that’s a total of $3,589 in spending plus $550 in sinking funds for a total of $4,139 with the rest of our income this month going to finish off the emergency fund.
July Weeks 1-2 Spending
So far I’ve tracked our first two weeks of spending.
By the first week we already spent all of the alotted amount in the business category and in the shopping/misc category. A good chunk of the shopping was baby related like buying new pacifiers and things for daycare. We may need to raise this category a bit next month since we quickly depleted it.
Week 2 spending was slightly better in the other categories but we spent all of our personal money. Mine went out the door to lunches and stickers for my Happy Planner. I won’t say I regret it but I’m still considering returning $18 worth of stuff to Michael’s so I have more money for the next couple weeks.
July Budget Thoughts So Far
Tracking things more closely than I have in months has been eye opening!
I’m not sure if I should better separate the groceries/household budgets. Should stuff like household items like paper towels, cleaning supplies, medical stuff like prescriptions really be in a category for groceries? Or shopping/misc? I think some of this is causing confusion on my end. So there may need to be a bit of category shuffling next month so it makes better sense.
Shopping/misc category definitely needs to be higher. There are a lot of unexpected things with Penny that get thrown into this category and $100 disappeared quickly. I don’t think it needs to be extreme but I think $100 for the month was optimistic.
Personal spending was a miscommunication on my end. I thought we agreed to $100 or $50 for each of us and my husband thought it was $100 for each of us. He is probably right and that makes more sense as we each get $25 per week which can include lunches or whatever. Ongoing that will probably be what we do.
The grocery/household budget is doing okay mid-month but will start going fast since I need to stock up on some things. We might be having some creative meals toward the end of the month!
Overall things are going okay-ish. We aren’t spending beyond our means but we definitely have some areas that can use improvement. At least knowing where our money has been going will help us figure out how to better use it in the future!