Welcome to my September 2019 budget plan. This is where I get to spend my money, about two weeks before I get paid. Come along with me and see where I am putting all my money this month.
Here it is:
Now I get it, umm great, but why? So, below is my budget explained.
Due to paying down being my highest priority, it is the first line of the budget. I am putting $230 to this goal, which will equate to roughly £175. While this is less than ideal, as it will only cover the minimum payment of the personal loan and then a little bit more for the overdraft, which is better than not paying anything.
The second most important aspect of my financial life is building my Emergency fund. I aim to pay a little, consistently, to increase grow my e-fund until I reach my goal. Note, the e-fund is just as important than paying down debt. While I am paying more monthly to my debts, I will not be reducing my e-fund. As it is essential to life. So be prepared. Life will hit the fan!
My tax SF is for April. I guesstimate how much I will owe in April 2020, and I am slowly building it to reach that goal. If the tax rules change, I will have enough to over it via cash flowing.
If it is less, I get more money for my Emergency fund. I need to have a sinking fund because it does not get taken out with my paycheck. Whilst that can be annoying, I would rather have the money to hand when April and tax bill comes in. I would hate to have to take money from other sinking funds.
For Christmas I have worked out how much I am willing to spend per person. And I put some money away each month until I reach that goal. This I find to be the best way to reduce financial stress during holiday periods.
This is important to me, because I like to show people in my life that I appreciate them.
I have money in my slush fund so that I have something easy category to eliminate when I do not have extra cash. Also, when I do have “extra” cash, it gives me a category to put it towards, so I do not spend needlessly.
This has come in handy when I have overspent. Or see money in my account which is “free” money and suddenly find things that I “need”. To force me to not have that problem, as I put my slush fund in a savings account.
My presents category is for when I travel and birthdays. I have a budget on hand for travelling gifts and birthdays. This month it is for a birthday, and I should be able to stick to $20.
The fees line in my budget is the standard bank fee. Its one of those things I should have to pay for.
My subscriptions go in other. I currently only have one, and I use it every day, for multiple hours a day so I am not going to give it up to save $10.
Thank you so much for going through my budget plan with me. Hopefully, I stick to it, as I did well last month. Fingers crossed.
Much love, and happy budgeting!
Comment time questions:
How are your budget plans looking?
When do you do your budget plans?
Do you sometimes feel like you have more month than money?