Friday, July 3, 2015

July Budget

With the increase in our monthly HOA and the need to start paying down the mortgage to prepare to move in 5 years and actually still be able to afford a mortgage, our budget needs some tweaking. We ended up cutting our grocery budget back to accommodate for the increased HOA fee and the money we had ear-marked for retirement ($69), will now be our base amount for additional money for the mortgage. 

Last month we had $25.61 leftover at the end of the budget from the items we don't roll over into savings, so that will also hit the mortgage. We used to automatically transfer 1/2 of all the overtime SCB earned into a savings account in an effort to build a little surplus savings. Since we are slowly taking some extra money we have laying around and sending it to the mortgage, I'm eliminating this savings account and taking the $239.31 that was in it and applying it to our mortgage this month. Now 1/2 of all the overtime earned will automatically be applied to the following months mortgage. The other 1/2 will stay as a budget buffer like it has been.

Last month we successfully kept our paws off our daycare fund. It was the first month since our little guy was born that we were able to live very close to our written budget (we went over in a couple areas but spent less in others). I'm hoping we keep our paws off of it again with the hope of taking $440 and adding it to the daycare savings account (so we have 6 weeks saved in advance) and then next month we will apply the $440 to the mortgage. 
July Budget: 

Regular Spending:
  • Mortgage (P&I, Property taxes)    $792.01
    • Extra Principle: $69.00
    • Last Months Leftovers: $25.61
    • Eliminate the OT savings account: $239.31
  • Giving     $600
  • Fast Offering     $20.00 
  • Groceries: $315.64
  • Date Nights     $100.00  
  • Pocket Money for the month-     $80.00 ($40 each) 
  • Cell phone allowance     $45.00  
  • HOA     $325.00 
  • Utility Bills      $150.00 
  • Gasoline/Auto     $250.00  
  • Discretionary Spending     $100.00
  • Diapers and wipes: $118
  • SCB's Cell Phone: $30.00
Regular Savings:
  • Roxy Fund     $50.00
  • Prescriptions & Doctors visits     $50.00
  • Birthday savings     $50.00 
  • Insurance     $155.00
  • Christmas savings     $50.00 
  • Vacation Savings     $100.00 
  • Car Emergency Fund     $100.00 
  • Car Registration Fund     $25.00 
  • Daycare: $440.00
  • Daycare: $440.00
  • Clothes: $50.00

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