In an earlier post I mentioned what I’ve been struggling with due to the budgeting learning curve. I decided to redo my August budget. I’m not adding money to it, but rather, reallocating some of the cash into new categories. This is my old budget:
- You need a miscellaneous category. There will be those unexpected purchases that don’t require using an emergency fund. It’s for general purchases (for example, I purchased a pair of grey leggings recently, and that doesn’t fall into any of these categories).
- Budget for your savings account. Adding more than that is fantastic, but if you don’t have a goal at all, you can’t achieve it…right?
- When you budget for school books, over-estimate the cost!
August 2011 Revised Budget
Summary: I’ve been using Mint.com to create my budgets, and as of now I’ve spent a little more than this reflects (waiting for some transactions to go through from buying textbooks on Amazon & paying off part of my tuition). The differences:
- I created a $50 Miscellaneous budget. I took this amount from the $150 teaching certificate portion.
- I created a $100 Savings transfer budget from the remaining $100 of the teaching certificate budget. I plan to put a minimum of $100 a month into my savings account
- I moved $20 into my books/supplies so that I wouldn’t go over with books/supplies (I should have anticipated my textbooks being more than $60). I moved $10 from groceries and $10 from gifts to cover this increase
This change doesn’t count as compensating in the manner I was describing before (to make excuses & keep me from going over budget). I decided it doesn’t count 🙂 because I didn’t increase my budget amount, but rather moved the amounts around within this amount. So now I have something more practical…only 20 days to go!