Tuesday, November 24, 2015
What next?
Well, I've explained our budget in a fair amount of detail over the last few months, and now I'd like to get some input from you, my readers. What would you like to see me cover next? Leave a comment, or send me an email: thisisthewaywespendourdough@gmail.com. I'd love to hear from you!
Saturday, November 21, 2015
Where we went over budget
Car repair. Ouch. What started out as an alignment on our badly out of alignment van turned into $465.62. Oh my. So, at this point, our vehicle repair fund is so badly out of whack (-$1,110.49) that it won't be caught up in pretty much forever. At this point, my usual plan of attack is to take all of the money from our discretionary funds and redistribute it according to its percentage as a whole. As a simplified example, say I had -$45 in my car fund, $80 in my personal fund, and $20 in my entertainment fund. The total would be $80+$20-$45= $55. I would "put" $45 into the car fund to make it a zero balance, and then add what was originally in the other funds: $80+$20= $100. So, 80% of the money ($80/$100) remaining goes into the personal fund: $55x0.80= $44, and 20% of the money ($20/$100) remaining goes into my entertainment fund:$55x0.20=$11. $44=+$11=$55. Does that make sense? Well, I'm off to do some math!
Budget update
| TOTAL INCOME | $ 43,992.00 | $ 3,666.00 | $ 1,692.00 | $ 1,752.00 | $ 1,914.00 |
| Yearly total | Monthly | Average biweekly | Actual | Difference | |
| INCOME TAX | |||||
| taxes, work | $ 2,710.24 | $ 225.85 | $ 104.24 | $ 104.24 | $ 121.61 |
| NET INCOME | $ 41,281.76 | $ 3,440.15 | $ 1,587.76 | $ 1,647.76 | $ 1,792.39 |
| CHARITY 10-15% | |||||
| fast offering | $ 719.94 | $ 60.00 | $ 27.69 | $ 60.00 | $ (0.00) |
| tithing | $ 4,399.20 | $ 366.60 | $ 169.20 | $ 175.20 | $ 191.40 |
| SAVINGS 5-10% | |||||
| emergency fund | $ - | $ - | $ - | $ - | $ - |
| kids savings | $ 59.80 | $ 4.98 | $ 2.30 | $ 2.30 | $ 2.68 |
| retirement | $ 1,319.76 | $ 109.98 | $ 50.76 | $ 50.76 | $ 59.22 |
| HOUSING 25-35% | |||||
| dream home | $ 26.00 | $ 2.17 | $ 1.00 | $ 52.46 | $ (50.29) |
| homeowner's insurance (Jan) | $ 503.00 | $ 41.92 | $ 19.35 | $ - | $ 41.92 |
| Household improvement/ repair | $ 244.92 | $ 20.41 | $ 9.42 | $ 131.94 | $ (111.53) |
| real estate tax, county (Jun and Dec) | $ 1,210.40 | $ 100.87 | $ 46.55 | $ - | $ 100.87 |
| real estate tax, town (Dec) | $ 180.70 | $ 15.06 | $ 6.95 | $ - | $ 15.06 |
| UTILITIES 5-10% | |||||
| internet | $ 251.40 | $ 20.95 | $ 9.67 | $ 20.95 | $ - |
| phone- cell | $ 242.32 | $ 20.19 | $ 9.32 | $ 22.03 | $ (1.84) |
| phone- home | $ 189.12 | $ 15.76 | $ 7.27 | $ 15.76 | $ - |
| power | $ 2,089.62 | $ 174.14 | $ 80.37 | $ 108.21 | $ 65.93 |
| water& trash (odd months) | $ 1,298.96 | $ 108.25 | $ 49.96 | $ 166.22 | $ (57.97) |
| FOOD 5-15% | |||||
| groceries | $ 4,212.00 | $ 351.00 | $ 162.00 | $ 263.70 | $ 87.30 |
| TRANSPORTATION 10-15% | |||||
| car insurance (Jan and Jul) | $ 451.66 | $ 37.64 | $ 17.37 | $ - | $ 37.64 |
| gasoline- buick | $ 719.55 | $ 59.96 | $ 27.67 | $ 32.48 | $ 27.48 |
| gasoline- van | $ 969.97 | $ 80.83 | $ 37.31 | $ 30.38 | $ 50.45 |
| registration, buick | $ 39.42 | $ 3.28 | $ 1.52 | $ - | $ 3.28 |
| registration, van | $ 44.42 | $ 3.70 | $ 1.71 | $ - | $ 3.70 |
| repair, maintain, and replace | $ 316.68 | $ 26.39 | $ 12.18 | $ 465.62 | $ (439.23) |
| taxes, property- county (Dec) | $ 89.55 | $ 7.46 | $ 3.44 | $ - | $ 7.46 |
| taxes, property-town (Dec) | $ 84.86 | $ 7.07 | $ 3.26 | $ - | $ 7.07 |
| CLOTHING 2-7% | |||||
| me | $ 22.36 | $ 1.86 | $ 0.86 | $ - | $ 1.86 |
| kids | $ 56.68 | $ 4.72 | $ 2.18 | $ 5.85 | $ (1.13) |
| husband | $ 30.68 | $ 2.56 | $ 1.18 | $ - | $ 2.56 |
| MEDICAL 5-10% | |||||
| health care | $ 2,600.00 | $ 216.67 | $ 100.00 | $ 542.35 | $ (325.68) |
| health insurance | $ 5,994.30 | $ 499.53 | $230.55 | $ 230.55 | $ 268.98 |
| PERSONAL 5-10% | |||||
| Christmas | $ 21.58 | $ 1.80 | $ 0.83 | $ - | $ 1.80 |
| gifts | $ 14.56 | $ 1.21 | $ 0.56 | $ - | $ 1.21 |
| personal, me | $ 21.58 | $ 1.80 | $ 0.83 | $ - | $ 1.80 |
| personal, kids | $ 174.20 | $ 14.52 | $ 6.70 | $ 21.17 | $ (6.65) |
| personal, husband | $ 18.46 | $ 1.54 | $ 0.71 | $ - | $ 1.54 |
| pets | $ 676.00 | $ 56.33 | $ 26.00 | $ - | $ 56.33 |
| work | $ 11.70 | $ 0.98 | $ 0.45 | $ (733.16) | $ 734.14 |
| RECREATION 5-10% | |||||
| entertainment | $ 24.44 | $ 2.04 | $ 0.94 | $ 13.37 | $ (11.33) |
| vacation | $ 105.82 | $ 8.82 | $ 4.07 | $ - | $ 8.82 |
| disney | $ 1,300.00 | $ 108.33 | $ 50.00 | $ 50.00 | $ 58.33 |
| DEBT 5-10% | |||||
| my student loans | $ 573.24 | $ 47.77 | $ 22.05 | $ 47.77 | $ - |
| husband's student loans | $ 896.04 | $ 74.67 | $ 34.46 | $ 74.67 | $ - |
| husband's student loans extra | $ 9,076.86 | $ 756.41 | $ 349.11 | $ 403.11 | $ 353.30 |
| NET SPENDING | $ 41,281.74 | $ 3,440.14 | $ 1,587.76 | $ 2,253.69 | $ 1,186.45 |
| DIFFERENCE | $ 0.02 | $ 0.00 | $ 0.00 | $ (605.93) |
Tuesday, November 17, 2015
Budget category explanation: debt
We are blessed that the only remaining debt we have is our student loans. Unfortunately, they have been with us an embarrassingly long time! I graduated in 2000, my husband in 2006, and we've been chipping away at them ever since, sometimes making payments so low that the interest outpaced the payments. We are gung- ho about paying them off now, though.
My loans have the lower interest rate, so they are lower on the totem pole of debt payoff. I have two different lines for my husband's- the first is the required payment, the second is extra payments we make. They will sort of flip- flop next month, as we are switching from an income- based repayment plan to the standard repayment plan on the loans, so the larger payment will now be the required payment. I figured that will light the fire a bit- no excuses to miss a payment if it's not an optional payment!
My loans have the lower interest rate, so they are lower on the totem pole of debt payoff. I have two different lines for my husband's- the first is the required payment, the second is extra payments we make. They will sort of flip- flop next month, as we are switching from an income- based repayment plan to the standard repayment plan on the loans, so the larger payment will now be the required payment. I figured that will light the fire a bit- no excuses to miss a payment if it's not an optional payment!
Saturday, November 14, 2015
Where we went over budget, and challenge update
We're still about $30 over where we should be with food, so I will try to be more careful. It will probably take me a few weeks to get back to where I should be- I can't expect to spend $30 less in one week, with only $8o to start with.
I owe you an explanation of the massive negative number under work expenses: my husband got his reimbursement- yay!
Our challenge this month has been to save gas. We've been walking more places, and I try not to run out so many times in one week, and consolidate my errands- if I do have to go out, I try to think if there's something that I can also do while I'm already out. One thing I could stand to improve on is carpooling. I'm shy about asking if anyone wants to, but in the end, it's cheaper for everyone involved, so I shouldn't be!
We got our bills for the previous months' challenges. Our water bill only comes every two months, so I had to wait that long for September's challenge results. I have to say, I was shocked! I kept looking at it to see if there was a mistake. Over two months, we saved an average of $25.14 each month, for a total of $50.28 over the two month bill cycle. Wow! It's sort of sad that we really waste that much water each month, but I'm happy with how much we saved.
October, unfortunately, we were not as good at saving electricity. I should have gone further than just turning off lights and unplugging things. We actually paid a whopping 31 cents more than last year at the same time- the temperatures were similar, and the rate was the same, it was actually our consumption that went up. But only by 31 cents, so I shouldn't beat myself up about it, but it was sort of a disappointment after doing the calculations on the water bill. Well, we'll do that challenge again sometime, and see if we can be more aggressive!
I owe you an explanation of the massive negative number under work expenses: my husband got his reimbursement- yay!
Our challenge this month has been to save gas. We've been walking more places, and I try not to run out so many times in one week, and consolidate my errands- if I do have to go out, I try to think if there's something that I can also do while I'm already out. One thing I could stand to improve on is carpooling. I'm shy about asking if anyone wants to, but in the end, it's cheaper for everyone involved, so I shouldn't be!
We got our bills for the previous months' challenges. Our water bill only comes every two months, so I had to wait that long for September's challenge results. I have to say, I was shocked! I kept looking at it to see if there was a mistake. Over two months, we saved an average of $25.14 each month, for a total of $50.28 over the two month bill cycle. Wow! It's sort of sad that we really waste that much water each month, but I'm happy with how much we saved.
October, unfortunately, we were not as good at saving electricity. I should have gone further than just turning off lights and unplugging things. We actually paid a whopping 31 cents more than last year at the same time- the temperatures were similar, and the rate was the same, it was actually our consumption that went up. But only by 31 cents, so I shouldn't beat myself up about it, but it was sort of a disappointment after doing the calculations on the water bill. Well, we'll do that challenge again sometime, and see if we can be more aggressive!
Budget update
| TOTAL INCOME | $ 43,992.00 | $ 3,666.00 | $ 1,692.00 | $ 1,752.00 | $ 1,914.00 |
| Yearly total | Monthly | Average biweekly | Actual | Difference | |
| INCOME TAX | |||||
| taxes, work | $ 2,710.24 | $ 225.85 | $ 104.24 | $ 104.24 | $ 121.61 |
| NET INCOME | $ 41,281.76 | $ 3,440.15 | $ 1,587.76 | $ 1,647.76 | $ 1,792.39 |
| CHARITY 10-15% | |||||
| fast offering | $ 719.94 | $ 60.00 | $ 27.69 | $ 60.00 | $ (0.00) |
| tithing | $ 4,399.20 | $ 366.60 | $ 169.20 | $ 175.20 | $ 191.40 |
| SAVINGS 5-10% | |||||
| emergency fund | $ - | $ - | $ - | $ - | $ - |
| kids savings | $ 59.80 | $ 4.98 | $ 2.30 | $ 1.15 | $ 3.83 |
| retirement | $ 1,319.76 | $ 109.98 | $ 50.76 | $ 50.76 | $ 59.22 |
| HOUSING 25-35% | |||||
| dream home | $ 26.00 | $ 2.17 | $ 1.00 | $ 51.46 | $ (49.29) |
| homeowner's insurance (Jan) | $ 503.00 | $ 41.92 | $ 19.35 | $ - | $ 41.92 |
| Household improvement/ repair | $ 244.92 | $ 20.41 | $ 9.42 | $ 12.00 | $ 8.41 |
| real estate tax, county (Jun and Dec) | $ 1,210.40 | $ 100.87 | $ 46.55 | $ - | $ 100.87 |
| real estate tax, town (Dec) | $ 180.70 | $ 15.06 | $ 6.95 | $ - | $ 15.06 |
| UTILITIES 5-10% | |||||
| internet | $ 251.40 | $ 20.95 | $ 9.67 | $ - | $ 20.95 |
| phone- cell | $ 242.32 | $ 20.19 | $ 9.32 | $ 22.03 | $ (1.84) |
| phone- home | $ 189.12 | $ 15.76 | $ 7.27 | $ - | $ 15.76 |
| power | $ 2,089.62 | $ 174.14 | $ 80.37 | $ 108.21 | $ 65.93 |
| water& trash (odd months) | $ 1,298.96 | $ 108.25 | $ 49.96 | $ 166.22 | $ (57.97) |
| FOOD 5-15% | |||||
| groceries | $ 4,212.00 | $ 351.00 | $ 162.00 | $ 195.14 | $ 155.86 |
| TRANSPORTATION 10-15% | |||||
| car insurance (Jan and Jul) | $ 451.66 | $ 37.64 | $ 17.37 | $ - | $ 37.64 |
| gasoline- buick | $ 719.55 | $ 59.96 | $ 27.67 | $ - | $ 59.96 |
| gasoline- van | $ 969.97 | $ 80.83 | $ 37.31 | $ 30.38 | $ 50.45 |
| registration, buick | $ 39.42 | $ 3.28 | $ 1.52 | $ - | $ 3.28 |
| registration, van | $ 44.42 | $ 3.70 | $ 1.71 | $ - | $ 3.70 |
| repair, maintain, and replace | $ 316.68 | $ 26.39 | $ 12.18 | $ - | $ 26.39 |
| taxes, property- county (Dec) | $ 89.55 | $ 7.46 | $ 3.44 | $ - | $ 7.46 |
| taxes, property-town (Dec) | $ 84.86 | $ 7.07 | $ 3.26 | $ - | $ 7.07 |
| CLOTHING 2-7% | |||||
| me | $ 22.36 | $ 1.86 | $ 0.86 | $ - | $ 1.86 |
| kids | $ 56.68 | $ 4.72 | $ 2.18 | $ - | $ 4.72 |
| husband | $ 30.68 | $ 2.56 | $ 1.18 | $ - | $ 2.56 |
| MEDICAL 5-10% | |||||
| health care | $ 2,600.00 | $ 216.67 | $ 100.00 | $ 542.35 | $ (325.68) |
| health insurance | $ 5,994.30 | $ 499.53 | $230.55 | $ 230.55 | $ 268.98 |
| PERSONAL 5-10% | |||||
| Christmas | $ 21.58 | $ 1.80 | $ 0.83 | $ - | $ 1.80 |
| gifts | $ 14.56 | $ 1.21 | $ 0.56 | $ - | $ 1.21 |
| personal, me | $ 21.58 | $ 1.80 | $ 0.83 | $ - | $ 1.80 |
| personal, kids | $ 174.20 | $ 14.52 | $ 6.70 | $ 5.80 | $ 8.72 |
| personal, husband | $ 18.46 | $ 1.54 | $ 0.71 | $ - | $ 1.54 |
| pets | $ 676.00 | $ 56.33 | $ 26.00 | $ - | $ 56.33 |
| work | $ 11.70 | $ 0.98 | $ 0.45 | $(1,336.23) | $ 1,337.21 |
| RECREATION 5-10% | |||||
| entertainment | $ 24.44 | $ 2.04 | $ 0.94 | $ - | $ 2.04 |
| vacation | $ 105.82 | $ 8.82 | $ 4.07 | $ - | $ 8.82 |
| disney | $ 1,300.00 | $ 108.33 | $ 50.00 | $ - | $ 108.33 |
| DEBT 5-10% | |||||
| my student loans | $ 573.24 | $ 47.77 | $ 22.05 | $ - | $ 47.77 |
| husband's student loans | $ 896.04 | $ 74.67 | $ 34.46 | $ - | $ 74.67 |
| husband's student loans extra | $ 9,076.86 | $ 756.41 | $ 349.11 | $ 403.11 | $ 353.30 |
| NET SPENDING | $ 41,281.74 | $ 3,440.14 | $ 1,587.76 | $ 718.13 | $ 2,722.01 |
| DIFFERENCE | $ 0.02 | $ 0.00 | $ 0.00 | $ 929.63 |
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