Thursday, November 4, 2010

Our Financial Status - Update #13 - October 2010

So, another month has gone by and here I am to confess our successes and our shortfalls. I apologize for those of you who have to endure this post, but I need to do it to keep myself accountable. Please just click on over and enter a giveaway (or 5) if you are not interested. However, I welcome any comments you do have!

INCOME:
We came in at $502 over budget. This is still flexible because until Chip is assigned to a particular restaurant as "his own" he will be getting paid at an hourly rate. This is cool during the weeks he works a lot, but it makes planning a pain. So I won't be updating our budget for income until he is set up in his new store.

UNDER BUDGET:
Groceries: $25 under budget. Some of these should have been used instead of eating out, but at least we didn't eat out too much AND go over in groceries!
Home Services: $5 under budget. This was expected, as we have $15 that comes out every 3 months in this category for e-mealz. After three months, this will clear itself up in our rolling budget.
Baby Supplies: $174 under budget. This is a rolling budget that keeps rolling as I find great deals for diapers and such. But I'm leaving it alone because we will one day have to buy another car seat as Abigail outgrows her infant seat in Chip's car and this would be a great place to get that money from!
Hair care: $24 under budget. Chip got a haircut, but we had room due to this one rolling from month to month.
Clothing: $28 under budget but only because it is a rolling budget. I actually spent over $56, but since we haven't spent our budget in the previous months, we had the room for it this month!

ON BUDGET:
Mortgage/Timeshare/HOA: Nailed it.
Television: This actually shows up as $20 over budget because I somehow made an extra payment in the month. So I just won't pay for it in November and it will work itself out. So I'm not really counting it as an overage.
Auto Insurance: No surprises here.
Term Life Insurance: Just as expected.
Mobile Phone: We were on budget for the month, but rolled a $4 overage.
Alarm Monitoring: Bingo.
Pest Control: Once again, nothing unusual here.
Childcare: It was slightly more expensive this month because we needed childcare when Patrick's Pre-K was on "fall break" so we had to pay a bit more for all day childcare for him. But we expected it and put it in the budget for the month. November will have one day like that where we need care on Veteran's Day too, which we have planned for.

OVER BUDGET:
Gas/Fuel: $54 over budget. Although we're still over budget here, it's much better than it was.
Auto Service/Parts: $840 over budget. Yeah. Ouch. Chip had some work done on his car that cost well over what we expected. The bad news is we didn't get to send as much to debt repayment as I would have liked. The good news is, we paid in cash. =) That seriously would not have happened in the past! Although this was a rolling budget, I'm resetting it to "$0" because there is no way we'll ever catch up with that one!
Power Bill/Water Bill: $36 over for the month. We have a huge rolling balance on this one due to a horrible expensive power bill in August. But I'm going to leave it rolling to see if it works itself out through the seasons (and therefore if it needs adjusting for a yearly average). During the month itself, though we did pretty good. Next month will be even better and we will catch up a bit.
Eating Out: $229 over budget. I hate this category. Every month I hope to do better and every month we don't. However, I had discussed not eating out at all with Chip and then saw this challenge from Enemy of Debt. I'm taking it. I can't make Chip take it, but I will and see how I can do for the month!
Doctor: $50 over budget. We spent $75 this month in co-pays (two well child visits and one sick visit for Chip), but we will be reimbursed that full amount by my employer. They reimburse up to 2 co-pays per insured family member each year. So when I get the checks for those this month, we'll be ahead of the game!
Pharmacy: $79 over budget. Sick Chip = steroids + pain killers + Zpack = $$$.
Home Supplies: $55 over budget. A water filter for our fridge.
Make-up/Toiletries: $13 over budget, but I scored some great stuff (at a great discount) for Christmas presents!
Halloween: $15 over budget. I didn't specifically budget for this (although I should have), but we only spent $15 for both kids to be totally ready for the big event. I think we did okay.
Gas Station Snacks: $4 over because we have nothing budgeted here.
Books: $28 spent at the bookfair. I bought each of the kids one book and one book for each of their classrooms. I will never complain about having to pay for books (except college textbooks).

ADDITIONAL COMMENTS:

  • We only sent $333 more than minimum payments to credit cards. Much less than I wanted. However, with the unexpected cost of the car repairs AND the fact that I will be paying big money for pictures from a professional photo shoot of our kids this month, I didn't sent off as much as I wanted. November should be better and December will hopefully blow the previous two months out of the water!
  • We spent $36 toward various fundraisers. Gotta' give back, you know.
  • We spent $26 on Christmas Gifts. Great deals!!
  • We spent $23 in October for Patrick's b'day party. Add that to the $61 we spent in September and we did his entire party (including gifts) for less than $100! HOORAY!
  • Emergency fund is good to go at $1500 still.
  • We spent $60 at the county fair. Great memories, funnel cakes, and cheap prizes for all!
Change in Networth from October 14, 2009: + $32,290.99
Debt Paid off Since October 14, 2009: $19,170.86

And that is October in a financial nutshell at our house.

How did you do this month?

4 comments:

  1. I'm impressed you only spent $15 on Halloween with two kids. That's great!

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  2. Me too! I was proud of that.

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  3. I'm so impressed with your transparency, bookkeeping, and accountability. Car repairs hurt! Paying cash instead of reaching for a credit card is a huge step in the right direction. I've really enjoyed perusing your breakdown. Keep up the good work.

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  4. Thanks! I use mint to really keep up with it. Keeping such detailed accounts has been really revealing as to where we were spending our money!

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