Thursday, December 26, 2013

Budget - Version 1

Budget
Category
Monthly Total
Giving
$10.00
Saving
$50.00
Housing – Mortgage
$755.00
Housing – Repairs
$25.00
Utilities – City
$125.00
Utilities – Gas
$50.00
Cable
$78.00
Internet
$52.00
Phone
$95.00
Groceries
$160.00
Transportation – Gas
$90.00
Transportation – Repairs
$15.00
Car Insurance
$93.00
Clothes and Hair
$25.00
Pets
$25.00
Household
$15.00
Personal (Eating out, Entertainment)
$20.00
Crossfit
$80.00
Cleaning
$72.00
Debt Minimums
$628.30
Total
$2463.54
Income (Main Job only)
$2465.54
Leftover
$2.24


I hope you all had a Merry Christmas! I really enjoyed having time off to celebrate with my family.

This is the first version of my monthly budget. Some of these categories will obviously be a savings type of fund, such as the repair categories. While some might argue that this money could be better spent on reducing the debt, I am going to add to these "emergency" type funds until they are reasonably sized.

The savings category is also being used to add to my emergency fund. I will build this fund to $1,000 before aggressively attacking debt. I will be adding more than the budgeted amount to this cause, as all income from my second job is going toward this and is not counted in my budget. The amount of this "side income" fluctuates month to month and I don't want to find myself relying on this additional income for survival.

During the first couple of months I might have to tweak this budget as I find myself needing more or less money in different categories. I have built this first budget after tracking my spending for 2 months to get an idea of what I was previously spending in these categories. Let me know if you have any ideas, suggestions, or questions!

2 Comments:

At February 7, 2014 at 6:27 PM , Anonymous Anonymous said...

Hello, I wanted to mention that most utility companies do what's called Budget Billing. They took a look at the previous years use, even if it was another owner, and average it out over 12 months so you pay the same amount all year long. Then on the 12the month you settle up. You pay them or they pay you, they look at the previous years use and establish a new budget billing amount for the current year. It's helped me when budgeting, no huge water bills in the summer or gas bills in the winter. :)

 
At February 7, 2014 at 6:43 PM , Blogger shoeaholicnomore said...

This is really good idea! I will look into that. Thanks! I am still new to all this budgeting and debt reduction stuff, so I can use lots of hints and tips :)

Thanks for reading!

 

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