Tuesday, July 31, 2007

August Budget

I had posted last week about our July net worth updates, here's our budget for August (this one my wife put the numbers together and I just gave her current balances on things):

Income

200 On-call Computer Job (so far, we have $100 guaranteed, the rest is uncertain)
$1050 Rental Income (3 roommates)

$350 Possible Rental Income (new roommate)
$2698 Day Job
Total: $4298

Expenses

$430 Tithe
$1150 Mortgage - This went up this month due to taxes and homeowners insurance, will be our monthly payment for the next year
$240 Gas - This has gone down from $300, with me using a hatchback to get to work and back, we're saving gas and a second vehicle allows my wife to stay home instead of taking me to work when she needs the car
$145 Natural Gas
$140 House Phone - They came out and repaired our Internet, which cost us. I REALLY need to argue with them since it was their fault the modem got fried (not grounded outside).
$50 Water
$89 Electricity
$158 Cell Phone - Yes, I know, high.
$95 Life Insurance
$10 Small monthly debt payment
$30 Her Fun Money
$30 My Fun Money
$30 Dining Out
$30 Toiletries
$500 Home Maintenance - We need insulation everywhere, I'm going to do the parts I can this month and in September we'll have a professional do within the walls. In addition, I have some work to do around the chimney (convincing myself to go up there and do myself) as well as install some gutter guards so I don't have problems this fall with leaves.
$250 Car Maintenance - My car needs a radiator flush as well as a connector from the engine to the muffler pipe. I'll be doing the flush on my own, I'm going to see if I can get a friend to do the connector.
$1000 e-fund - We're down to $100 in it right now, so we're going to need to build it back up this month.

As you can see, this coming month there is not much attacking the debts, but if we don't take care of these problems now, they will cost us a whole lot more later on. The insulation seems more like a "want" than a "need" to most, but they haven't lived at our house for 2 winters. I don't want to lose any renters due to the cold, so we need to invest in the insulation.

One item I leave out (which maybe I should include) when I post my budget is that this is just the outline. We also generate a second version where every check is allocated based upon the first budget. That way, when we get a check we go "OK, time to pay X" instead of trying to guess as we go along which one should be taken care. It's mainly been the 1st and 15th we take care of the basics (mortgage, utilities, gas, etc) and the other checks through the month take care of that month's goals (e-fund, maintenance, debt snowball). That way if one of the smaller checks is delayed in any way (which happens almost every month), we're not relying on it for a basic.

3 comments:

Danielle said...

i have a question. i see that you are putting 1000 in savings for emergency fund and no money on your debt, is there a specific reason for that? why dont you put say 500 on debt and 500 in savings or 250 and 750 respectively. that way you are putting something substantial (?) towards debt.

Sick of Debt said...

The problem is that our emergency fund is down to pretty much nothing and we don't want it less than $1K. We've been burnt before where we have had 2 emergencies in a month and the second one is very stressful without a full $1K fund.

Donna said...

where's your food?? did i miss that?