Budget Renovations
I finally sat down at my desk, which I haven’t seen for months because of all of the clutter, and concocted a budget that is almost fool proof. School starts in about two weeks which means I’ll be getting the bigger “Refund Check” and I plan to make wiser choices about what I that money will be spent on. I have decided to pay my rent 4 months in advance which is $3200. Even after paying that much upfront, I’m left with almost $2500. After multiplying, dividing, adding, and subtracting, I couldn’t help but to wonder what I’d spent all this money on in the past. I’ve spent money on clothes, shoes, etc. but that still doesn’t add all the way up. The only conclusion that I could draw is that I’ve been extremely careless and I refuse to keep this up any longer.
I’ve always been good at saving money and budgeting. That’s something my mom and dad always made sure I understood. I’ve strayed from the path, but now, I’m focusing more on my future. This summer hasn’t been an extremely hard one, but I’ve had my moments where I’ve held on to a dollar like my life depended on it. I plan on making life as easy as I can. As long as I stick to this budget, I don’t see how life can’t get easier.
There still are a few things that I need to get, and a few things that I want to get. I’ve separated those into two lists. I make about $2300/month. By paying in advance, I had dedicated $400 a month towards my rent until I receive another check in February. Here is what my budget looks like:
Now, I still have the following expenses:
| Expense | Amount |
|---|---|
| Electricity | ± $130 |
| Daycare | $100 (premium) |
| Cell | $75 |
| Auto Insurance | $87 |
| After School Care | $67 |
| Grocery | $140 |
| Gas (auto) | $240 |
So..
After taking care of the Necessities List, I’ll focus on a few of my wants, which will only receive funding from my paychecks. I refuse to touch my savings for something that is not needed. (Too bad for the iPad, but I’m still considering.. The iPad has been moved to the Necessities List. #dontjudgeme)
Another method that I’m thinking about adopting is the use of both my accounts. The plan is to have money directly deposited into the two accounts for two different purposes: Account #1 = Rent and Account #2 = Miscellaneous Expenses. My parents used to do this and I’m considering it just to see how well it works for me.
What are some of your tactics/methods when it comes to your spending?
11 Comments so far
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Wow sounds like you have a great plan. I think its great how you have 2 bank accounts and divide your funds. We don’t have much of a “system”. But a fair amount monthly is deposited into our savings for future emergencies and so forth. … I love your system tho!
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sounds like youve got a great plan. the two bank accounts maybe a big help. so when you look to what you have to “play with” you know for sure its not touching your bill money. when im not helping my mom with bills; which are my bills too since i live with her. i spend it on my sister, brother and myself, since we dont get to spurge that much. and ive started a savings account. i have money taken directly out of my check and put into savings every month before i even touch my check; direct deposit is a bit helpful for me.
Laura – Two Blogs
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Carla Reply:
August 4th, 2010 at 3:55 pm
I totally agree! I think direct deposit saved my life! lol
You’re such a nice big sister and a great daughter. It’s nice of you to help your mother out and that is quite commendable! =)
Carla – Budget Renovations
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I wish to god I had your self control when it comes to spending and saving!!!!! *LOL*
You are very focus and determined when it comes to budgeting and saving and some of us are not like that – I admire you…
Me I live on a paycheck to paycheck deal but once I get my career sorted – I will be set…thank god I work at a career school – *TUITION BENEFITS = FREE TUITION *LOL** :D
Lisa Scerina – Long Time No See
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lol #dontjudgeme I feel you. I spend money loosely. That’s gonna have to change soon. I hate looking at my bank account lol. I try to keep the amount I spent in my head, and I always seem to be “surprised” lol.
Anyways I’m starting up my blog again. I changed it around and everything, and I came to ask if you would like to re-affiliate with me again?
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Your plan is very fool proof, I wish I could come up with something like that but even when I do, other issues come up to play. I am kind of okay with spending and budgeting money cause it’s just me and I don’t have to pay anything extra. I do wish that I still had a job though cause I like having extra change in my pockets.
I wanted an iPad too, those things look really cool! But I’ll have to wait until I save up the extra cash!
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Budgeting is good. I need to do that myself. As of late I have been kind of careless because I have so much going on. Your plan seems fool proof to me!
Shannon – Disappointment Part 2
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I seriously HAVE to work on MY budget. For my wedding, I never really worked out my budget. I just worked around our paychecks and that was tough already. I keep planning, planning, and plnanning my budgeting but never come through with finishing it towards the year :( So, wow. I’m proud of you. And daycare is only 100$? Average here is 500$ crazy?!?! I tried to take up classes to become a child care proivider but OMG…no can!
Ash – Day 12-13
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Carla Reply:
August 4th, 2010 at 10:30 am
Right now, I pay more than that because I don’t get child care assistance. I’m still waiting to be approved. I send both my children there. For my daughter, it’s $120 and my son is $440 a month. The thing with child care assistance is that when I get approved (which I will because I’m within income guidelines) they will backdate the payments to cover the entire month. That is why I only have to pay $100 this month.
So, $500 a month sounds about right.. but for one child?? Geez!
I can only imagine how hectic it was to plan a wedding. I’ve been around friends who literally go insane when they’re doing there’s.
Carla – Budget Renovations
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I need to make a budget ASAP. Isn’t it amazing how you can spend so much and don’t even know what you have to show for it??
Leslie – Tequila Rowdy
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Congrats to you for making a plan! I need to do the same, also. Lately I have been just wildly spending money left and right. I used to be so good at keeping and saving money, but having to pay some tuition out of pocket had killed my savings. I graduate soon and will have student loans to start paying back, so I’m not looking forward to that. I’m glad for your inspiration though, I will try to start my budget soon. :)
Julie – Day 05 – Your favorite quote
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