MONEY MONDAY ~ revisiting the budget!
New to this “oh so EXCITING” series? No worries, we are just getting started… You can catch up by reading the initial MONEY MONDAY post HERE – check it out, then come back… stick with me… misery LOVES company – right??!! LOL – well we are going to fix that!!!
AND by the way – I totally appreciate everyone’s concern about my financial self… The calls and emails making sure we were okay… * Hi Mom – hahaha! I totally did not mean to make us sound completely destitute – even if that is how it really feels some days… especially the days you spend $350 to repair your furnace only to learn you need a new one NOW… so much for that tax return again this year – UGH!!!!
So – anyhow, did you detail out your budgeted expenses? Did you learn anything about your spending?
I learned that my “Discretionary Funds/Spending” is HIGH… OMG!! Anyone else?? I knew it was high… I knew that I have issues with withdrawing funds at the ATM… You know, need lunch money for a planned trip to the city – might as well grab a $100. OR – Rite-aid has winter scarves on clearance for $3… I absolutely need 13 of them!!!
This is on top of: All 3 kids need lunch money and are already in the hole $10 each… Boy Scouts Dues are due @ $35 AND we have to buy candy from the fundraiser (approx. $20 x 2 Boys), so they can request a campership for camp which consequently ~ the registration is due NOW ($40 x 2). Then we needed a Dump pass ($20) and the dog license is due ($10) and there was a book fair at school ($10) and it is time to sign up for baseball ($50 x 2 – at least it is not all 3 anymore… high school does have it’s benefits!!) and basketball pictures are Friday ($30)… in addition to the Dr’s apt. co-pay ($20) and prescription cost ($10). Need I go on? This is in ONE week!!
So do you know what I learned? SCREW the budget – I need to get rid of the kids!
NO seriously – even though I think I was kind of serious…. What I really learned and want to point out is that YOU HAVE TO BUDGET FOR EVERYTHING!!!! NOT budgeting everything you spend money on is only setting you up for failure… The $415.00 I spent this week blew any discretionary fund right out of the water… CRAZY?? YES! But just goes to show that everything has to be budgeted at all times!!
Now go back to that budget again – Detail EVERYTHING!!!
- · LEVEL 1 – Mortgage and home expenses * Have to be paid 1st no matter what!! Taxes, Isurance… EVERYTHING!
- · LEVEL 2 – Monthly Payments, Utilities; gas (oil, propane, wood) electric, phone – cell, cable or dish, Internet, water, sewer – all Loans, Credit Payments
- · Level 3 – Monthly Incidentals; groceries, gas, spending money
Here is a list of extra expenses you may not have thought of, but that absolutely need to be made part of your budget if they pertain to you:
- · Food
- · Clothing (Back to School shopping and sneakers for every sport X 3 – UGH)
- · School / Office supplies
- · Pet Care
- · Medical expenses (copays and scripts, optical, dental)
- · Household repairs
- · Planned household purchases
- · Home Maintenance (Lawn Mowing, Snow Plowing )
- · Education costs
- · Gifts
- · Vehicle expenses (license and registration, inspections, maintenance, repairs),
- · Dues / Subscriptions
- · Clubs or Organizations
- · Donations
- · Christmas Club
- · Vacation Fund
SO – what other categories did this make you think of? It seems I come up with more daily – which is why I felt it was so important to re-visit the whole “MAKING THE BUDGET”. So, detail it all… every little thing and we can see where we can improve upon the situation!
Okay – Next Money Monday: How to view your BUDGET as a Profit and Loss Statement ~ Stay Tuned!!