This is the fun part where you get to see how exactly I spent my money this month, and how well I stuck to my planned budget. I will also show how much ‘extra’ money I spent outside of my allotted entertainment budget that could have went to my student loans instead.
For now my budget is set to have $0 remaining at the end of the month, with every extra dollar going to my student loans but this will not be an exact science. My student loan payments are due not quite at the end of the month, so it will be hard to be perfect with this but I’m going to stick to the plan and try to throw as much money as possible at the student loans.
This month will also look a little weird as I told you in a previous post, I wanted to completely eliminate one of my smaller, high interest loans. I did this by pulling money out of my sizable ’emergency fund’ as I try to bring it down to a more reasonable level of 6 months worth of income. I’m currently living at home, so I think the amount I have sitting in my savings account is way too conservative for now.
Here is the breakdown for my budget this month:
|Total Income After Fixed Expenses||$2,375.00||$2,463.00||$88.00|
|Total Income Before Student Loans||$2,375.00||$2,106.00||-$269.00|
|Student Loan Payments||-$2,200.00||-$3,900.00||-$1,700.00|
I ended up being over budget by almost $1,800 – but this was done on purpose. I took that extra money out of my savings account and extra large emergency fund to completely pay off one of my private loans. I plan on doing this for a few months until I am able to get my emergency fund down a reasonable level, I do not want to actually spend more than I make in a normal monthly situation.
As you can also see the rent, cell phone, and gym payments will not change. There was no car insurance this month as I made my last payment for the ‘year’ last month and now I will have a few months where it will not have to be paid. I think I’m going to have to up the budgeted amount for gas money to around $100. It will end up being higher than my current budgeted amount most months with gas prices seeming to always be going up. With my current drive to work and visiting my girlfriend at college, it was too conservative.
I used up all $100 of my budgeted “entertainment” money for this month, and unfortunately because of the car problems I had this account for a significant amount of my extra spending. I also plan on adding in a $50 budget line item for dining out, that way I can see how much I use on that instead of just placing that into ‘extra spending’ after my $100 “entertainment” budget is all used up.
If you take out the $300 I had paid in fixing my cars, my entertainment budget was out $157, which is only $57 over my budgeted amount. I can’t complain with that at all. I definitely thought I was doing much worse, but maybe keeping track of all my spending helped me remind myself not to throw my money away! I would have still ended up with about $118 left over if I had not pulled extra money out of my savings account for the month. Once I add in a $50 item for eating out, I think that this will definitely be a more realistic budget that I can target going forward:
|Total Income After Fixed Expenses||$2,300.00|
|Total Income Before Student Loans||$2,300.00|
|Student Loan Payments||-$2,000.00|
Photo Credits for this post: Charles Rondeau