June 2015 Budget & Savings

May was a triple paycheck month so it will be hard to beat it's savings rate.  With my new salary June wasn't so bad even after paying a semi-annual car insurance bill.

I am officially one month late on this since it is now August.  I have been busy getting things ready for the baby due this month.  This past week I took off of work to spend time with the kids while I am still getting sleep.  We had fun at the zoo, the county fair, hiking in the woods and exploring a cave.  My daughter and I even spent a couple of days working on a couple of projects out in the garage.  Some great memories were created and all on a budget.  We will explore if I stayed on track when I write July's.  For  now let's take a peek at quiet June.


Income

This was the first month at my new job.  My health insurance is weird as I pay the premium for the full month in the first paycheck.  This has made it hard to set up a nice reoccurring paycheck in quicken like I have done for the past 15 years.  I am also not able to split up my paycheck and have it deposited in multiple accounts.  This snuck up on me and I have to close one of my checking accounts or pay a $12 month fee.  Other than that just enjoying the nice pay boost.


Needs

These are the things if I were to be financially independent I would cover with my dividends.  If I ever lost my job I could still cut out of my needs but life would be pretty boring (but at least we would have food on the table and a roof over our heads.)
Category
Comments
Under K or Over J
Auto
Insure was due but I had saved for that.
K
Home/Personal Expenses

Over by $200.  I had put another 15 inches of insulation in the attic in June.  I hope to recoup some of that cost this summer and winter saving on utilities.
J
Utilities
The sewer bill always follows the water bill.  I do save for this but it caused my budget to be overspent by $40 in this category.
J
Loans
2 Mortgage loans and 1 kid in braces.  Other than that debt free.
Fixed
Food
Spent the entire budget this month.  Mostly because the last week of the month started out as June and ended as July.  I shop in the beginning of the week so it goes on June.
K



Wants

We did go over for the month.  I had a reoccurring payment setup for an online subscription that I forgot to cancel.  It showed up on the bill this month.  If not for that we would have been under budget and saving more!

Category
Comments
Dining Out
Again only ate out twice this month.  That makes me feel good. July wasn't so nice on the wallet though.
Gifts
The aforementioned online subscription was for my daughter.  I have it on my list to cancel next May to prevent this from happening again.  As long as she plays the game I am OK with footing the bill.  She has helped my wife out tremendously with this kids this summer playing with them and even teaching them.  She will be a great mom or teacher someday.


Savings & Summary

So for the month of June overall I was $464 over budget.  This was Ok as it was mostly due to normal bills which I save and budget for each month.  With that said I was able to achieve a savings rate of 16% for the month.  That includes money from my taxable account dividends.  While not the half I would like to be saving it is still way above what I saved in previous years. 

Unfortunately all of this savings rolls directly into my fund for paying our health insurance deductible when the baby is born.  My goal is to use the cash to pay the bills and not touch the money in my HSA (health savings account).  I am going to build that up enough where it can be invested and let it compound tax free until I am of poor health and will need it.

After July I will have enough money saved to cover the deductible and then I can turn to my old friend the stock market.  I have missed the feel pushing the buy button on my computer and watching new dividends roll in.  Sure babies are fun but so is investing.



Happy saving,

DFG

Comments

  1. Gratz on the baby. You'll be FIRE in no time. Gogogogogogo!

    ReplyDelete
  2. Pretty nice savings rate considering your ever growing family. Keep up the great work

    ADD

    ReplyDelete
  3. Hey DFG,

    Keep investing in quality companies and those dividends will grow even faster than your familiy ;-)

    Best wishes, DfS

    ReplyDelete
  4. DFG,

    Good month! 16% is a very respectable savings rates considering your family situation and the one-off items like the insulation in the attic. You deserve every penny you save because of your effots.

    Keep it up,
    NMW

    ReplyDelete
  5. Thanks everyone for the continued encouragement. I wish I had more of you guys living around me. My family and friends, etc are all spenders. Frugality seems to be a rarity. Later y'all.
    DFG

    ReplyDelete
  6. My expenses started to creep up as well. It's disappointing, but I try to make the best to keep things under control. Those "one time" expenses are appearing more frequently blah.

    And congrats on the new addition to the family! You can't put a price on that! :)

    ReplyDelete
    Replies
    1. It always happens when you buying for more than yourself. There is a good balance in there somewhere but don't stop saving.
      DFG

      Delete

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