March 2016 Budget and Savings

Sure March is still technically winter but it is one of my favorite months.  Not only is it a great month for dividends but it is also usually when I get my tax refund.  Maybe next year I will also get to include any raises or bonus from my new job I started this year.

Expenses
Looking at my expenses for the month it was a good month on that end as well.  My total needs were kept under budget with just a few minor hiccups.  The first hiccup was groceries.  $156 over budget there.  Again depending on where the first or last week of shopping lands it bumps that months budget by an extra week (to 5) or lessens it to 3 weeks.  I don't sweat this category as it evens out over the year.



The second bump was in the Guilt Free Spending Money or wants category.  I blew over my budget by a good $750!  Almost $400 of that went to pay off money I owed to my daughters fund raiser.  The cash given to me when I sold the candy bars was pocketed and used to eat out and other miscellaneous wants.  This was a bad idea and I should have saved it so it wouldn't have hit my budget in the end.  I think I did something similar last year and really need put the cash into the bank so it can be tracked.

The second item in this category was a whopping (don't laugh) $200 towards chocolate.  My wife is a stay at home mom and chocolate is her allowance.  We went to tour a chocolate factory with the kids over spring break and stocked up on their chocolates.  Also after Easter another chocolate maker in the area cuts their prices in half so we stocked up to last us through the summer.  The third largest expense was $100 to dining out and going to a home and garden expo.

Savings
I am happy to say even with my over the budget blowout on wants I was still able to save 59% of my income for the month.  This income was mostly from my tax refund.  If I take a look at just my basic living expenses vs. last year I am happy that the trend is now going down for March.



With the extra savings I was able to fund all of my savings goals this month and even put some extra into them since I missed funding them in January.  There was even a few bucks left over for investing so I will be on the lookout for an April purchase.


Summary
Some months do get away from me regarding the GFSM category (wants).  I still find it extremely hard to put a hard stop on the spending once I hit my budget limit.  I even bumped that line item in the budget by $50 and still find myself exceeding it regularly. I highly suggest to anyone who has the same problem to cut up your credit cards and go to a cash only system.  I have not yet mainly because I am still able to save even though I blow the budget.  I am not saving enough yet so I need to buckle down some more.

How was your month?  I hope the tax fairy was kind to you and deposited some cash instead of stealing some.

Happy investing,
Dividend Family Guy




Comments

  1. Congrats on being intentional with your money, looks like you are doing a fantastic job of supporting your family while also saving for the future. I love that there was $200 spent on chocolate...that is a necessity, haha!

    I had to shell out an extra $2,500 in taxes this year which will be in our April Budget update.

    Keep up the good work, see you around.

    Chad

    ReplyDelete
    Replies
    1. Yeah taxes hit me too but still got some refund. Happy wife they say...
      Cheers,
      DFG

      Delete
  2. Which chocolate factory did you tour? It must have been good to buy $200 worth.

    ReplyDelete
    Replies
    1. Malleys Chocolates and Harry Loundon (the best of the best)!

      Delete


  3. Admin, if not okay please remove!

    Our facebook group “selfless” is spending this month spreading awareness on prostate cancer & research with a custom t-shirt design. Purchase proceeds will go to cancer.org, as listed on the shirt and shirt design.

    www.teespring.com/prostate-cancer-research

    ReplyDelete
  4. Looks like a great month DFG! The needs percentage is decreasing a little and you were able to save money this month too. I've been spending more on eating out, and although I could definitely spend $200 on chocolate I'm not sure my gf would let me since she manages the grocery spending.
    Best wishes,
    -DL

    ReplyDelete

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