Welcome to this series that I call:
Prior Month Money Goals Post.
Basically at the top of a new month, I evaluate my budget and money goals and see where we are at. This isn’t meant to be a punishment but rather it’s an evaluation and moment of honesty and clarity. If we don’t know where our money goes, we can’t be sure we spent it how we wanted to. Ideally these posts accomplish two things.
Putting it out there will hold me accountable for my spending and decision making. By doing an analysis, I’ll see where I may have made a mistake or perhaps miscalculated something. When it’s all said and done, I’ll also have to justify why my Starbucks bill was so high. No one wants to see that!
2. It makes me human.
Being behind a screen, and possibly thousands of miles away makes it incredibly difficult to create a human connection. My goal is to always feel like a friend or confidant. Maybe even a mentor. I want you to know that my life isn’t 100% bliss and smooth sailing. It’s not. Ever. Any other painted picture is just a lie.
So on to October 2018’s Analysis.
First the Budget, then the Money Goals.
Our personal budget is incredibly detailed. More so than probably necessary but I found that breaking things into smaller and smaller categories let me get to the heart of our spending. It wasn’t enough to say we spent $x on eating out. I wanted to know how much I spent on work lunches vs my husband vs together. For my report purposes, I’ll condense some categories down. There are some that just don’t change month to month, like our car payments or rental payments. Our monthly minimum debt payments don’t change either but that putting more money towards those is one of my goals.
Phone – $210
Internet – $70
Car Insurance – $ 231
Renters Insurance – $30
Daycare – $1200
Kung Fu – $50
Cars – $553
Medical Credit Cards (Combined) – $50
Bed Payment – $80
Credit Cards (Combined+Paypal) -$ 328
Wedding Rings – $130
Student Loans – $325
Groceries – $500
Eating Out – $300
Subscriptions – $57
Toll Tag – $120
Fun Money (Combined) – $100
TOTAL BUDGETED $6,349
How did we do?
Rent $1495 – YES
Water $50 – YES
Electric $270 – YES
Phone – $210 – YES
Internet – $70 – YES
Car Insurance – $ 231 – YES
Renters Insurance – $30 – YES
Daycare – $1200 – YES
Kung Fu – $50 – YES
Cars – $553 – YES
Medical Credit Cards (Combined) – $50 v ($350)
Bed Payment – $80 – YES
Credit Cards (Combined+paypal) -$ 328 – YES
Wedding Rings – $130 – YES
Student Loans – $325 – YES
Fuel $200 – YES
Groceries – $500 – – YES
Eating Out – $600 – NO!
Subscriptions – $57 – YES
Toll Tag – $120 – YES
Fun Money (Combined) – $150- YES
TOTAL BUDGETED $6,499
Overall we did pretty well. With my husband being out of work for 6 weeks, due to surgery, honestly I’m surprised we made it through as best as we did.
Goal #1: Do not pull from savings (Fail)
While this one is a fail it’s not the worst fail we’ve ever had. With husband out of work for 6 weeks, the month of October was not going to look pretty. We moved $750 from our savings to cover ourselves.
Next Month? Let’s start small. Put $100 in savings. Rather than put $300 in only to take it back out.
Goal #2: Keep dining out spending low!
When I broke my category down even further I found that we spent the most in joint eating out specifically GrubHub. Perhaps with some meal planning we can reduce that even further!
Next Month’s Goal: Keep it low and meal plan!
Goal #3: Put money toward’s Husband’s medical credit card so we pay it off before interest hits. (SUCCESS!)
We put $300 dollars towards his medical bill in order to pay it off. This decision was made before we realized that he would have to take 6 weeks off. I would not have done this had I known he wouldn’t be cleared.
Next Month’s Goal: Put $200 toward that medical credit card. With Little Bear’s surgery coming up and being put on that card I want to make sure we stay on top of this and don’t go into the Interest zone.
As always this is meant to be self reflective and not a stick to beat myself with! Good luck with your own money spending and its never too late to evaluate yourself.