Hey budgeting people,
Here is my second budget plan. While this is not the second time I have budgeted, it is the second time I am documenting it for myself, and now posting it on the internet. Pretty scary, so please be kind.
Above is my budget, which I will work with throughout the month. Below is where I explain each line item.
My debt payment has increased by $30 from last month. This is because, I began writing my debt free timeline, and played with the numbers. Realising that if I add an extra $30, I will save time. I decided to go for it.
As I have already mentioned, I have a pretty long debt journey (75 years). Anything I can do to reduce my journey is a bonus. When I realised $30 a month would be incredibly beneficial, I decided that paying that is worth it to me.
Due to the disastrous mistake of using my Emergency fund, without the emergency, I needed to payback what I took. So, instead of the usual $100, I needed to pay $145 to repay for overspend last month.
While I hate paying more, because it deducts from other categories. I felt it was needed. I can’t allow my emergency fund to suffer, because I overspent.
My tax sinking fund is the usual $100. I have worked out roughly how much I need and by putting $100 a month in a savings account should cover my tax bill.
This is subject to change and I may need more. If this happens, I will have to cash flow it. I would prefer to not over save and then “have money back” as I would much rather have more money to spend on other things throughout the year.
For my Christmas fund, I am saving $20 per person. I am currently on track. While I feel a tad bit stingy only putting $20 away per person, the people I need to buy for outnumber my resources. That is just a fact of life.
On one hand I feel bad because it isn’t a lot of money per person. However, I also do not have a lot of discretionary income. While I technically have more than I ever had before, taking responsibility for financial mistakes are expensive.
I would love to spoil all of them because I care for them a lot, however, I would not be able to reach my goals if I did.
The travelling sinking fund is getting $355. This is because I haven’t used four days of my vacation, which I need to use soon. I also have a trip in February which will cost an arm and a leg.
I am intentionally saving aggressively, to make sure I have enough cash for it. In the future, it will stay high in order to be ready for February.
I have four categories at $0. These are clothes and personal are at $0 because I don’t need them this month. I know I said that about my personal category last month, however as I spent some money in that category last month. However, I definitely don’t need it for this one. The money from personal is now in my ‘other/wallet’ category.
My blog and slush fund also got cut to cover the emergency fund.
My gym is always $47, and my goal is to use it three times a week this month. It isn’t that I don’t have time, just motivation. But wasting nearly $50 when I could use it for something else, is motivation. If I am paying for it, I may as well use it.
In my present’s category I have $20 in my present category. This is the usual amount I spend on birthday gifts.
For driving and gas, I have allocated the usual $20 for this month. Hopefully there are no mishaps this month.
My fun category has $20 allocated to it. I don’t have many plans this month, but I do want to go for a hike so I may do that this month.
There is $20 in my food category. While I have no plans to go out, I may have an ice cream craving I want to be able to cover. But I trying to get my sugar levels in control right now, so I am eating a lot of coconut oil and honey mixture. So, we will see if I buy the ice cream.
The bank fees are almost always at $5, so that is what I have allocated.
In my other/ wallet category, I am trying to replenish what I used last month, so I have allocated $18. Next month, I will put more in, to get it back to $20.
Thank you for sticking with me, I hope you liked my budget plan. I hope you have a good August!