August 2011 Budget – Revamped!!!

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:

What I’ve learned from this budget: 

  1. 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).
  2. 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?
  3. 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!

-L.

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August 2011 Budget

I have officially made my budget for August. I’ve decided that $80 will be my standard every month for gas. It’s roughly 2-3 tanks of gas for me, and my car gets fairly good gas mileage, so it should be sufficient. I have to buy my books for school, but I’ve found most of them for cheap on Amazon, so yay small book budget!!! 🙂 Teaching Certificate? Well, that’s the teaching certification program I mentioned in an earlier post! It’s a $1200 payment due in April, so I’m dedicating $150 a month for 8 months (aka $1200) to it. Tuition is what I have left of this semester to pay (it’s due August 11th). That one is sort of weird because I’ll be getting back about $235 of that when my loans come in, so I guess it’s an expense that I get reimbursed for. Movies/DVDs is for the Netflix fees ($8 for unlimited streaming – totes worth it) and in case I go see a movie or use Redbox. Groceries…that’s pretty self-explanatory. This also includes eating out. It’s pretty small for August because I don’t hit Baton Rouge until the 12th, so that’s not even an entire month!!! And gifts? Well…my partner’s birthday was in June, as well as our anniversary. 2 months ago? Yeah, but I was in Canada, and he was still in Louisiana, so I have 2 presents to hand over!

And the entire rest of what I make/have leftover is going into my savings account/EF. I know that some PF bloggers say pay yourself first, but…tuition is more pertinent than my EF right now 🙂