July 2019 mid-month review

Hey budgeting people,

Welcome to the first mid-month check in. I intend to do this every month, in order to keep myself accountable. It will also help in knowing how much I have already spent, and why, and hopefully, stop further spending if I am nearing the end of a budget category.

Below is my budgeting plan, and current spending in each category.

This month, so far, hasn’t been too bad. I had to reduce my emergency fund to cover my minimum of $25 in my account which I will repay next month.  Otherwise, I have been under in or at my budgeted amount in most categories.

Paying off debt is one of my main priorities, which is why it is the first line item in my budget. The minimum I pay is $200 (£161) between the three debts. I only managed to pay the $200 so far.

While I did well, not using my debt payment to cover costs throughout the month. I did end up using my emergency fund for something other than an emergency.

However, this is because while doing a zero-based budget, I forgot that there was a minimum amount needed in my current account. To counteract that, I used my E-fund. This instance is a tad bit of a shame of mine, but I need to be honest and transparent.

All my sinking funds (Christmas, Tax, Travel and Slush) were paid as soon as I got paid. Then I forgot they were there. This is so I didn’t spend the money.

The gym is a fixed expense, so I will be paying $47 by the end of the month.

Due to no one having a birthday in July that I buy gifts for, this category isn’t going to be funded this month.

The blog I am not going to fund this month as I hadn’t priced out what it will cost yet. However, I will start putting money towards it in the upcoming months.

For clothes, I do not need any more clothes as I am happy with what I currently have.

My fun things budget was readjusted to $45, however I have not spent this yet. I am intending to go out in the upcoming week, and I should have spent the money by then. The maximum I am willing to spend is $45.

I reduced the food category to cover the fun expenses. As I had only spent $7 and I knew the fun activity we had planned would be more than the $20 I had budgeted.

For personal, I did need a few things, however I used my $10 which I keep in my wallet for these. This is helpful as I couldn’t move money from the other categories as I had already overspent and readjusted other categories.

I had to choose, either I would use my wallet or take some out of a sinking fund. So, I just bit the bullet and used my wallet. This is not listed as I am not sure if I wanted to add it to my budget as my wallet money isn’t included in my normal budget.

I will think on it, but I did just want to mention that I did in fact use money toiletries.

Fees are fixed from my bank; they are honestly a pain but there is not much to be done as I am not willing to change my bank account at the moment.

My other category is an extra miscellaneous category that goes with the slush fund and wallet money. I haven’t budgeted or spent anything here yet.

Overall, for the first half of the month, I am happy that I haven’t spent all the money in my budget yet. Even if it is only $5. I have a tendency to spend all my money when I get paid, then live off nothing for the rest of the month. This is a cycle I wish to end.

How often do you all check in with your budgets?

And how often do you reconcile your budgets?

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