Thursday, February 12, 2015

January 2015 Budget

Month Overview
Not a bad start but could have been better as we went over budget this month by about $60 bucks.  For this year's budget I dropped the 'Needs' budget buy about $300 dollars.  January is my last car payment so for the rest of the year there will be no more car payments.  This was a big victory as I took out a 3 year loan with high car payments.  That part of the budget dropped but I upped the budget for things like auto repairs and utilities.  Is the budget reduction enough to achieve my savings goal for the year?  The budget adjustment gets me 6% lower but my goal is 10% less on 'Needs'.  I guess I need to find something else to cut out.



Needs
Category
Comments
More, Less or Same as last year same month
Mortgage
Steady consumer of my life
Same
Home Insurance
Almost like life insurance
Same
Utilities
$240 under budget (no water bill this month
$120 more than last January
Car
Yippee!
$260 less than last year (car repairs)
Car Insurance
If I save $80 a month I will be OK
Same
Loans
10 years and I am on year 3
Same
Food
Under budget by $190!
Same
Braces
Another year of braces for 1 kid
Same
Misc.
$320 over as my wife does winter clothes clearance for all kids for next winter
$300 more than last year

Wants
Category
Percent
Comments
Dining Out
50%
Includes my wife's love of expensive chocolate.  This is a good area to reduce.
Gifts
24%
A couple of birthday parties and next you know you're out $100
Charity
3%
Yeah not too proud of that
Misc.
23%
Domain renewal time and other miscellaneous stuff I buy could cut if I wanted to

Savings & Summary
In the end I did manage to come out ahead by a few bucks.  Enough to save for my car insurance and that is about it.  In the end no money left over to invest this month however I am happy I didn't spend money I don't have.  I will continue in February to target food.  Groceries combined with eating out is my family's #1 expense.  I have taken some measures already as of this writing and will share the results with you next month.

Savings rate for the Month = 1%

Thanks for listening to my story,

Dividend Family Guy

6 comments:

  1. Replies
    1. I shall. Slower then some but I will get there!

      Delete
  2. That's an improvement compared to last month! Slow and steady! Keep at it!

    ReplyDelete
    Replies
    1. Thanks Henry. Just need to keep reducing (and convincing my family it is in their best interests).

      Delete
  3. Hi DFG,

    That's great news about the car loan dropping off this month! Any step forward is great and hopefully February will show a bigger improvement from the lack of car payment.

    What interest rates are you paying on your remaining loans - is there any opportunity to refinance them or are they low enough that it's not worth doing?

    Best wishes,
    -DL

    ReplyDelete
    Replies
    1. Hey DL,
      One loan is interest free and the other I have tried (primary mortgage) to refinance but no takers. Not enough equity yet. Hopefully the rates will hold out for a couple of more years and I will try again.
      Later,
      DFG

      Delete