This time I am really going for it. I sat down last night and took some time to make out a solid budget for July. My usual budgets are kinds flimsy. I estimate about what I think I spend on each expense every month, and I always leave out entertainment, treats for us, and eating out. I usually don’t stick to it, either, because it is so strict. When you don’t allow yourself any money for anything other than bills for the month, you tend to rebel. And when I rebel, I rebel big time.

Not only did I include every category I could think of (including a MISC in case I forgot something), I also looked at the past 5 monthly payments for each bill that is not a set amount each month (electricity, gas, etc). Then I averaged them out, and viola! I have a really good idea where our money goes each month and where it needs to go in the future. I’m also keeping much better track of my spending, and the new system I created last night will make that even easier. This is the first month, so I do expect some bumps and maybe having to do the Money Shuffle Dance, but I feel like this is a great starting place.

All of this is coming from my paychecks. For some categories (like my CCs) I planned just the minimum payments. Any extra money I get during the month (ebay sales, half.com, freelance work, OT, etc), goes onto the CCs as extra payments. And yes, the minimums I planned for are above the minimum payment required by the CC company.

In the July budget, some numbers are different from the ones in the Monthly Budget. I have some catching up o do this month, and then I will be following the regular budget. For example, I do not plan on making a monthly contribution to the EF right now. I want to focus on paying off the debt first. But I had to take $60 out this week for a bill, so the $60 for July is to replace that. I also have a high home phone payment this month to make up for a few missed payments a few months ago.

I am getting a 12-month deferment for the majority of my student loans (more on that another post!), so I am only worrying about making payments on the small one for now. Rent is not on here because it is already taken care of for the next few months.

If there is any money left over at the end of the month in any category, it will either be put into our savings, or on CC debt. I haven’t decided yet. Most likely CC debt, unless it was a really good month with extra income.

My July Budget:

The Boy Allowance: $20
My Allowance: $20
ATT CC: $150
Cable: $55
Car Insurance: $86
Cell Phone: $45
Eating Out & Entertainment: $50
Electricity: $100
EF: $60
Gas in Car: $250
Gas in Home: $100
Groceries: $200
Home Phone: $130
Internet: $15
LB CC: $60
Meds: $85
Misc: $30
Student Loans: $50


My Monthly Budget:

The Boy Allowance: $20
My Allowance: $20
ATT CC: $150
Cable: $55
Car Insurance: $86
Cell Phone: $45
Eating Out: $50
Electricity: $100
Entertainment: $50
Gas in Car: $250
Gas in Home: $100
Groceries: $200
Home Phone: $35
Internet: $15
LB CC: $60
Meds: $85
Misc: $30
Student Loans: $50