So after a long six month hiatus, my everything I spent series is back!
I was supposed to be updating y’all monthly about my money progress and that fell by the waist side big time, but you haven’t missed much. To date, I’ve paid off one student loan and that’s about it. My savings took a hit when I had to dip in it for a pricey car repair last month and I’ve just not been staying on track with that lofty goal I set at the top of the year. So I’ve revised my plans and my goal is to stick with it!
But to refresh your memory, lets recap where I was in January with my finances.
So see, you didn’t miss much!
Since last we spoke about money, a few things with my monthly income has changed! In June of this year, I accepted the position I’d been in on a temporary basis since January and that took my income from 31k-ish to 40k-ish and in July received a 3 percent raise taking my salary to 42k-ish, so there’s’ that lol! Now that we are into September, I’ve had a full month (the 3 percent did not take effect until the second check in July), to get acclimated with my new income and figure out how I want to budet this extra money.
Monthly Income: $2,492 (seriously can I get $8 to make this a cool $2,500)
Projected: $825 ||Actual: $825
Rent: $825 || Not nothing to report here folks. I did have to a talk with my new property manager about the $75 increase but it was no avail.
Projected: $527 || Projected $540
AES: $540 || Finally go this mess worked out; see my issues here and I’m paying a little bit extra each month to my next loan I want to pay off.
Projected: $100 || Actual: varies
Dominion Energy: $100 || I was on a budget plan with this bill but came off due the amount getting out of control. The bill varies from month to month but I pay a flat $100 each month to cover everything and keep a rolling credit.
Projected: $175 || Actual: $175
Sprint: $175 || Another bill that I finally got under control. I added the boy to my plan in January and it had been hell dealing with Sprint to get the amount correct and after a few months and countless credits, I’ve accomplished the mission!
Projected: $160 || Actual: $160
Groceries: $160 || With an income increase, I was able to add extra money to my grocery budget and it makes me so happy! I have no clue how I managed to shop for groceries with only $80 a month with a teen in the house, but I made it work!
shop similar looks:
Projected: $160 || Actual: $160
Gas: $160 || In January I thought this was going to increase with more driving but I didn’t and I was happy about that. I will still however keep a close eye on this and make adjustments as needed.
Projected: $60 || Actual: $60
WiFi: $60 || This went up by $10 because a credit I had expired
Projected: $15 || Actual: $15
Netflix & Hulu: $15 || In January I was going to get rid of Netflix but made the decision to keep it since my income went up.
Monthly Expenses: $2,035
August Spending Highlights:
This month was about getting a handle on my new income and I kinda went off the deep end spending like there was no tomorrow. I spent a total of $200 on going out to eat, impuls trips to the market and nonsense shit. Lou had been fighting a case of fleas (they’re gone now) and I spent $30 on his meds. I also had to have my car repaired TWICE and the part that was needed for one of the repairs cost me $25; the money for repairs came out of my savings account and that account is depleted. I was relieved I made enough side hustle income to pay for one of the repairs out of that money.
And speaking of side hustle money, I’ll be doing a separate post on how I handle that income as it’s not added to my monthly income. You can however read a post a did a while back on the account I use to divvy up that cash.
I’ve been wanting to try a new system of budgeting called the High Five Banking Method to streamline where my money is going each month. I’ve linked more about this system in post, but simply put you create separate accounts; 2 checking and 3 savings then allocate money for each according. One checking for bills and the other for personal care, entrainment & eating out. Your three checking accounts are for emergencies, short term & long term savings. I’m really excited to give this method a try and it was easy for me to make the move since I have three savings accounts set in the same manner anyway. I’m setting up my direct deposit to have the money for my bills go directly into my account and the balance in the other checking account and then transfers to each of my savings accounts.
Now to tackle the money leftover at the end of the month.
With almost $500 leftover at the end of each month, I’m going to take 45 percent of that, ($210 or $70) and send to each savings account. That leaves $247 to get a handle on, but September is the boy’s birthday month so I’ll be using that amount for his party and downpayment for his gift of choice; a new computer that’s going to cost me $350. I have $100 in my short term savings account to add for a total of $347. His party should cost me $220; entry fee to Boomerang and food; the balance is for the computer. Going forward, I will be leaving $50 in my second savings account and sending the balance to debt payments; I’ll do a separate post on that.
So you are all caught up!
I’ll be sure to keep this series up until the end of the year and stay tuned for a debt breakdown with a savings account update in a few weeks!