Taxes made our month kind of wacky! We paid the rest of the federal tax we owed (after our estimated tax payment from January) and finally brought “home” our EPF income from 2013. We were waiting on transferring the EPF money out of its account because we hadn’t done our taxes yet. Now that we have, we pulled over our net profits and divided it as we always do: Part to taxes, part to giving, part to our Roth IRAs, and the rest as discretionary spending. But actually the day after we filed our state taxes we found out we missed a business deduction, so once we make that correction we’ll be able to convert part of our EPF tax money to discretionary.
We were a bit naughty this month and ordered something from Amazon that wasn’t a need and wasn’t paid for out of a targeted savings account. We waited until we knew we had enough leftover money, which is how you can tell it wasn’t a need.
The Everyday Budget
INCOME: Our normal stipend paychecks, plus:
- $135.47 from Kyle’s side hustle, divided as usual
- $711.30 from EPF in 2013 (after expenses). We brought it over to our personal finances this month because we finally figured out our taxes.
- 10% of our stipends, Kyle’s side hustle income, and our EPF income to our church
- $50 to the missionary we support
RETIREMENT SAVINGS: We finished maxing out our Roth IRAs in 2013 and are now returning to saving 17%-ish. We also added 15% of our EPF income.
Groceries: We barely came in under budget this month, and that was only because we used some previous leftover grocery money to buy meat from our CSA. We spent $400.11 on groceries and $16.50 on produce from our CSA, so we transferred that money back into our savings account for next season. That left us with a $3.39 surplus, which we transferred to our CSA savings account.
Gas: Two fillups, no comment.
Restaurants: We went way over on restaurants this month. We attended more group social events than usual, had two dates to console ourselves about our work, and bought a few convenience meals when working late. I regret nothing.
Electricity and Gas: High again. We had been wavering between cool and hot weather and failing at keeping our A/C and heat off. I’m hoping next month will be better.
Water: Right on the money.
Every month, we have some transactions that don’t fall into our normal budget categories:
- We spent $1.19 on postage to send in our taxes.
- We spent $3.59 at Target on some toiletries.
- At the end of the month, we saw we had leftover money, so we pulled the trigger on some Amazon purchases we’ve been wanting for a while: a salad spinner and a hairbrush. I broke our previous salad spinner a few months ago by dropping it on the floor and with our CSA starting this month we have a lot of greens to wash! I also lost my hairbrush – no idea how – and Kyle’s just wasn’t cutting it.
Spending Out of Targeted Savings
We spent $677.26 out of these accounts and transferred $652.18 in above our normal savings rates. We paid out a big chunk of money on our federal taxes and transferred in our EPF earnings from 2013.
Travel and Personal Gifts
We spent $40.16 on a baby shower gift, $23.59 on a birthday gift and card, and $20 on a group end-of-year appreciation gift.
We used $54.51 from this account to max out our 2013 Roth IRAs.
We brought “home” $276.49 of our income from EPF last year for discretionary use, but since I don’t yet know if I’ll want to use it for FinCon14 I don’t want to put it in our Camera account. It’s parked here for now.
no spending this month
We spent $25 on an hour of jumping time at a local trampoline warehouse.
no spending this month
no spending this month
We had a dental checkup this month, which was $176 after applying our dental discount program through our health insurance.
no giving this month
We transferred in $3.39 from our leftover grocery money and $16.50 to reimburse our CSA money for next year. We also spent $36 on meat and eggs from our CSA, meaning we finally used some of the money we’ve been saving since starting our grocery challenge! The money was saved into this account and used to reimburse our CSA money in this account, so it didn’t have to move anywhere.
We paid an additional $338 in federal taxes this month. We added $256.99 to this account from our EPF account to cover 2013 taxes. We transferred in $30.51 for Kyle’s side hustle paycheck.
We transferred in $68.30 for Kyle’s side hustle paychecks.
We rounded up our Roth IRA contributions to the next $10 amount. I am working on draft budgets for my looming unemployment!
We had $48.23 left over this month, which we transferred to our nest egg to repay ourselves for our move last fall.
How hard were you hit with tax payments this month? Is your spending picking up with the nice weather? Has your CSA started for the spring or are you visiting the farmer’s market?