Thursday, August 5, 2010

Our Financial Status - Update #10

INCOME:
We actually made $2496.00 more than budgeted because there were three paydays during the month. HOORAY! So although two of Chip's checks were less than we were used to (due to training and such) we still came out on top!


UNDER BUDGET:
Auto Service/Parts: $30 under budget.
Fast Food/Restaurants: $66 under budget. Can you believe it? This is our weakness and we conquered it this month under the pressure of having to write a huge check to the IRS. We really can do it, I guess!
Groceries: $19 under budget. Yep. Even with a reduce eating out budget...in a long month...we pulled it off!
Clothing: $9 under budget. I bought Patrick some new shoes that he desperately needed, but got a good price on them.


ON BUDGET:
Auto Insurance: No problem here.
Television: As usual.
Doctor: Abigail's 1 year check up was covered by the one co-pay a month I have budgeted.
Term Life Insurance: On target.
Home Services: No surprises.


OVER BUDGET:
Gas & Fuel: $43 over budget. Chip's had to travel more for work in the last week, so it happens.
Mobile Phone: $3 over budget.
Utilities: $145 over budget. It was hot. Really hot. And we have to have air conditioning here in southeast Georgia. I'm trusting this will balance out when it cools off some so the monthly budget will be a nice average.
Pharmacy: $5 under. Nothing spent here.
Mortgage: Appears to be about $1500 over budget, but that's because July's payment cleared in July and so did August's. However, we were truly $5 over budget because I totally forgot to pay our HOA fees and had to pay a $5 late charge. Stupid, stupid.
Income Tax: $1722 over budget. Yeah...we have a huge SNAFU when filing our 2008 taxes. Our fault entirely, so we had to sent the IRS a big check. Next month? Another (but much smaller) one to the state.
Photographs: $81 over budget. We had 1-year photos made of Abigail. The pics were adorable. I used a coupon though and saved over $200. I think that's okay, right?


ADDITIONAL COMMENTS:
  • Didn't make any headway on the debt repayment this month because we had to pay the IRS. Boo, hiss. So the minimum payments were made and we're moving on.
  • We didn't have to use our credit cards at all this month. Although the unexpected payment to the IRS put a huge damper on life, we buckled down. And we had to dip into our emergency fund, but that's okay...that's what it is for. Last year we would have put the IRS payment on a credit card and not thought twice about it.
  • We are having to dip a little more into the emergency fund this month because we had to pay for re-enrollment of the kids for school. Good news? Its...
  • Patrick gets to go to a lottery-funded Pre-K program this year, so we don't have the same tuition as his daycare. We still have to pay for the afterschool care, but this will save us about $70 a week. Woo hoo!
  • Since we have to pay the state of Georgia for our tax mistake and rebuild our emergency fund, I don't expect to make any headway on the credit cards again next month. Oh well...at least we're surviving!

1 comment:

  1. Oh my what a great way to keep accountable by posting your budget and spending!! So proud of you for your hard work and want to encourage you that it will be so worth it here in a bit when you are dept free!! We are dept free except for our mortgage which actually get paid by a home we are owner financing. With the payment being paid pretty much by that we feel pretty much dept free!

    bee blessed
    mary

    ReplyDelete

 

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