We did an excellent job sticking to our budget this month! We came in under budget in every single category! Plus we had a big-spending month from our targeted savings, so months like these really validate why we have those accounts in place. We paid for much of our July 4 trip to Madison, WI as well as a quick drive up to northern Virginia.
The Everyday Budget
INCOME: Our paychecks from our university plus
- $172.40 from Kyle’s side hustle, divided as usual
- our state tax refund of $218.12, which went into our Taxes savings account
GIVING: Our usual 10%+ to our church plus $50 to the missionary we support plus 10% of Kyle’s side hustle income.
SAVINGS: What we always put to our Roth IRAs, 17%-ish, plus 15% of Kyle’s side hustle income.
Cell phones: $70.03 for Kyle’s phone; due to credits to my Republic Wireless account, we didn’t pay anything for my cell this month!
Look at us – under in every category! I can’t remember the last time that happened.
Groceries: Woohoo, we met our budget this month – even though we had an extra trip to CVS and we filled up the propane tank for our new grill. It’s so rare that we accomplish this. I can’t say what we did differently, though, aside from not having any guests over!
Gas: Two fillups this month as usual with plenty left over for next month. 🙂
Restaurants: We had a lot of random meals this month – not of high value. We ate on the drive up and drive back on our trip to northern Virginia at the beginning of the month. Kyle also went out for dinner with some coworkers. Since we had so much of this budget left over at the end of the month, we went out to dinner all by ourselves last Saturday night – an unusual treat!
Electricity and Gas: We’re under! We are keeping the house at 79°F all the time.
Water: Safely under here.
Every month we have a few transactions that do not fall under either our budget or our targeted savings.
- We bought a shower curtain liner and an area rug for the house. We used a gift card to offset part of the cost so we paid $7.88 out of pocket.
- Our student loan CD matured this month, giving $65.40 in interest. We are keeping that in the CD to roll into the next period.
Spending Out of Targeted Savings
This was a big spending month for our targeted savings accounts! We spend $1346.69 out of these accounts and added $384.23 to them above our normal savings rates.
Travel and Personal Gifts
We reimbursed ourselves $60.04 from this account for gas for our drive to northern Virginia. We also booked our flight and hotel for our trip to Madison in early July for $842.76. We added $76.46 from the discretionary part of Kyle’s side hustle paycheck.
We made four $12 transfers into this account, one for each week we picked up our box.
We paid our renter’s insurance for the year at $139.00.
no spending this month
We spent $107.47 on shoes (one pair for each of us) and $49.42 on clothes for Kyle.
no spending this month
We moved $50 to our Nest Egg account to repay ourselves for our smartphones. We also moved in the $50 Kyle received as a gift from his PI for publishing a review paper.
We gave $100 to one of our local homeless shelters.
This account received $50 from our Electronics account to repay ourselves for our smartphones.
We added $218.12 from our state tax refund and $39.65 from Kyle’s side hustle paycheck.
We started a new savings account this month for a nice camera! All our budget leftovers are now directed to this account as well as the discretionary portions of our extra income.
Bottom line: We came out $153.78 ahead this month! Look what happens when we actually stick to our budget! That money is going into our camera savings account. 🙂
At what temperature are you keeping your home for the summer (while you’re at home) and how is your energy spending going? When is the last time you met your budget in every category and how successful did you feel?