Our Tuft & Needle giveaway is now closed, and we’ve emailed the winner with additional details. Thanks to all who participated! And if you didn’t win, keep your eyes peeled for another giveaway coming later this week!
Can you believe it’s August? The year is flying by. I’M EXCITED FOR FALL!! Ahem, I mean, fall should be nice. Speaking of fall/Christmas, a couple of nights ago, I was perusing discounted Christmas decorations online. Totally normal, right? Johnny walked up and told me it was very weird and that he never wanted to see me looking at Christmas stuff on August 1st again. I told him it’s my last chance to get a few more Christmas decorations before they start selling them full price again. If you ask me, he’s the weird one — for not being so proud that I think ahead like that. Me, weird?? NOPE.
But back to August. It’s here! And so is our August budget. This is an important budgeting month for us. In the spirit of full disclosure, July was kind of a bust for our budget. Okay, that makes it sound worse than it was. We still saved a decent amount of money, but we spent more than we should have. We took two trips (to DC and Vegas), and we lost track of our budget tracking (imagine that!). So we had to wait until the end of the month when Johnny tracks our net worth, holding our breaths while crossing our fingers and toes that we’d still done okay. We hadn’t bought anything out of the ordinary, but we still hadn’t kept track. Anyway, we hate that feeling, so August is a chance to get back to our usual routine of tracking each and every cent.
And since we haven’t done one of these in a while, here’s our August 2014 budget:
August 2014 Budget
|Rent: $1300 (It’s been a year, and it hasn’t gone up!)
Everything Else: $340
Gifts for Others: $40
Total Expenses: $2585
Church/Charitable Donations: 10% of gross income
Savings: If we stick to our budget (which we intend to do), we’ll save about 50% of our net income (which was one of our New Year’s resolutions).
Retirement Savings: Currently, since neither of us has a 401k option, we’re just maxing out our Roths each year.
A Few Notes
- Our Internet/Cable subcategory is pretty low because we now have Google Fiber (which is free), and Johnny got rid of the sports package from Dish. If he tries to sign up for that thing again, you better believe it’s coming out of his personal money.
- Our Personal spending category has gone up some since we decided to include clothing as part of personal spending this year. That said, Johnny and I have bought almost no clothing at all this year since we’ve decided to put our personal spending toward rock climbing gear instead. You pick and choose, I guess, so we’re currently very poorly-dressed rock climbers :).
- Our Gifts for Others category changes from month to month. We have two family birthdays this month, and our gift budget for a family member’s birthday is $20 each, bringing the total to $40 for August.
- Rather than budget every single item out, we have an “Everything Else” category, which you can get the scoop on here.
- Our Savings category is being used for our house fund, as well as general savings.
- To keep track of our budget, we use HomeBudget for iPhone. The app syncs with both of our phones so it’s always up-to-date and ready for budgeting madness on-the-go. It costs $5 (which is the first app we’ve actually ever purchased), but it’s been worth every penny.
- You don’t have to look closely to see two glaring categories missing from our budget: Sally’s 529 and Life Insurance. We’ve yet to pull the trigger on either one, but when we do (which should be very soon), you better believe we’ll share the deets.
Also, I was looking at our 2013 August budget, and it seems July was a bust last year, too. So I blame July. The scorching temperatures affect our financial savviness. How’s your monthly budgeting going? How does our August budget line up with yours?