Budget plan for October 2020
Hello Budgeting Buddies,
You have likely noticed a huge jump in budget plans from September 2019 and to this one, October 2020. This is because while I have been budgeting, writing budget plans and reviews, things got away from me.
First personal stuff, then Covid, and while I tried to keep up and do the posts I missed, it built up quicker than I could catch up with. So much so, a year of missing passed. I was getting so overwhelmed I began get stressed and unmotivated for this blog. As this is a hobby, I do not want to constantly fight with myself about working on a hobby, and literally losing sleep over it.
So, I decided to just call it a hiatus, and then put up the up to date ones instead.
I am so excited, as it is the second month I will be in my new job, and I have new experiences waiting for me.
Now that is out of the way… here is my new budget plan for October 2020.
Now you have seen the numbers, this part is to explain my reasoning behind why.
Like always, my budget plan is organised by my personal priorities. I believe that personal finance is personal, and that you should set it up with your goals in mind.
Starting with my debt payment. I have doubled my new “usual” payment. This is because I have combined two of my pay checks in this budget. While my debt payment has lowered significantly, I am still focusing on paying down debt, and building up savings.
My Emergency fund is one of those saving goals. While I do not regret using it during the move back to Europe, I do intend to beef it back up. This is so that I have more than enough to cover future unexpected expenses.
The second thing I am actively saving for is for my Tax bill. I am not sure how much I owe, however, in the next couple of weeks I will do the math and get a concrete goal in place.
A new item on my budget is for a phone. I will owe about €10 every month for my plan. It is an awesome plan, with service throughout Europe so, when I go out, I can still contact everyone I need to regardless of where I am. Also, I get about 1 gig of internet, which appears to be sufficient in what I need.
The travelling category is going to get €100. This is for any travelling, but I do have a specific trip in mind as well that I am saving for. As I have a trip in mind, I may not use this category for a while, to have a decent amount for the trip.
I also have a sinking fund for technology. This is to make sure that there is some money in my account, for when I need a new phone and computer in 5 years’ time. I appreciate it is long way off yet, however, I do not intend to put money in EVERY month and I also do not intend to put a lot of money in it either. I am using the ‘little but often’ method here.
I need to put more money in this blog, so I am currently saving more money in order be able to learn more and building a strong foundation for this blog, and community. In the next couple of months, I will begin putting money aside to build a cash reserve when I need to buy things for the blog, or about learning how to do more things. I have many exciting plans being worked on.
As life being all work and no play, is not a life, I have put €20 of my wage towards something fun. It is not the most amount of money, as my priorities are to pay off debt, and build savings. However, sitting in my room by myself is not the life I want to live either. I think €20 is enough to do one or two fun things while still reaching the higher priority goals.
In the same vain, I also want to be able to go out to eat, or to create some delicious baked goods myself, so money is needed in my food category. I have estimated I will need about €20. If I don’t go out to eat or need any more ingredients, than I will automatically put this onto my Sunday’s saving challenge.
The weather is changing, and where I am it is getting cold. While I do have weather appropriate clothes, I would like a few more. For this, I have decided to spend €20 to bulk up my winter wardrobe.
The categories of: Slush fund, Presents, Personal, Fees, and Other did not need any money this month. There are no presents that I need to get this month. I do not need to get any toiletries as I have enough, and I finally got rid of those monthly fees!
Thank you so much for reading my October 2020 budget plan! Much love and happy budgeting!
What is your October budget looking like?
What is something that you are looking forward to this month?