It’s that time for another budget review, one that I’m hoping will show much lower spending across all categories. I hope that everyone else is staying dry and warm as we head into October, we haven’t been so fortunate here on the east coast so far. About midway through the month I also received a pleasant surprise that was a huge boost to my income for September and somewhat of a relief after the expensive Summer. I received $450 of my $500 deductible back, as the accident was considered 90% the other driver’s fault. If I had a witness to confirm I may have been able to get back 100%, but at this point I’ll take that and move on!
With the way I had planned most of my vacation time for this year, August has always had me expecting it to be the highest spending month of the year. While I’d like to think by some miracle that those vacations ended up being completely free, after reviewing my spending it seems that August has delivered on that promise so far. On the flip side, it was nice to see that I didn’t bust my budget as badly as it could have been. I try not to worry about spending while on vacation, but I’m also not going crazy and buying a bunch of useless items. I think it’s all about striking a good balance, as a lot of times you might not end up back in the same place for vacation.
Heading into July, I expected it to be a month of lower spending as I’ll be going on vacation in August and wanted to build up a bit of a cushion before doing that. Obviously things don’t always go according to plan, and while I did find some savings this month they weren’t in the areas that I was expecting them to be in! My student loans were refinanced again through a new servicer called Earnest. I had to pay off the additional balance at my old loan provider (I didn’t feel like waiting 30+ days to receive a check so I didn’t refinance the total amount, I left a few hundred extra) and then I made a standard payment on my new loan. So while that amount was lower than it normally would be, the extra spending was higher than usual for this month.
It’s time for my June budget update, where there will be some noticeable changes with my spending across several categories as a well as a new section to update to reflect my car purchase. You’ll see that I’m now saving more money in certain categories, but also dealing with increased expenditures in other categories. I’ve also created a second “off budget” section to help me manage a few other areas that I now want to keep track of. One of those areas unfortunately involves taking on more debt, but I’m trying to not look at this as a setback. I hope that everyone reading in the US had a great Fourth of July weekend and didn’t blow through their entire budget in such a short amount of time!
My May budget is looking great, I was able to keep spending down across the board in almost every single category. It will only be a short reprieve though, as I spoke about earlier in the month in my student loan update I had gotten into an accident and my car did not escape from the accident in great shape. The insurance company decided to total my car, so I’ve been on the hunt for a new car ever since then. That purchase will cause a significant setback in my emergency fund, so I’ve decided to start cutting spending in preparation. Hopefully it will help the initial withdrawal from my savings seem to be a little smaller, and help with building it back up to the same level that much quicker.