Hey there if you've ever wanted to take a look inside someone else's budget? Now is your chance!
I'm Stephanie from SixFiguresUnder.com and I make our family's personal finances public.
Today, I'm going to show you what we do at the end of the month with our budget
and then show you what we spent. And then at the end of the video, I will show you how we
budget for the next month
I'll leave a link in the description for the blog post where I
outline all of this and go through all
of our monthly expenses and our income and our savings. Eevery month
I've been sharing our budget updates for the last four and a half years, so there's a whole
archives of our
Past budgets if you want to see how far we've come
Okay, so let's dive in let me show you
So the budget amount for some of our
Monthly expenses we know at the beginning of the month how much our car insurance and our
You know mortgage and Internet, we know how much those are going to be so we budget exactly that amount and there's none left over
but in
things like our everyday expenses like groceries and
Gas for the car and clothing, household goods those sort of things we put an amount
down at the beginning of the month, and then sometimes we don't spend all of that so when we were paying off debt
We'd use this extra
To go straight toward our debt at the end of the month
Now that we're not paying off debt anymore we do sinking funds for some of our categories like car repair medical dental
our car registration and smog
birthdays Christmas life insurance
projects around the house all of those sorts of things we have a
Sinking fund so we put an amount in at the beginning of the month sometimes we spend from those categories
And then we have a balance left over at the end of the month and that balance carries on month after month so
For example with Christmas we put in
$100 well right now. It's 100. We put in that each month, and then by Christmas. We will have accumulated
$1,200 over here
If we keep consistent with that every month other
Categories we're not sure when we're gonna spend from like car repairs
We have we both drive older cars and a lot of months. We have car repairs and
This month we didn't but we did last month so we were starting from zero and we've got only 300 dollars in there
So these we carry a balance on but our everyday expenses
I like to take these out at the end of the month and add those to our savings goals
So I want to show you how I do it, so you can see
So this month we spent three hundred and seventy two dollars and 69 cents in groceries, so I'm gonna change this to
370
2.69 and
then see how this
Balance is zero now and then sent that money back up to the top here up to the available to budget
fuel will change to
331 that's 78
Clothing 95 75
Household goods one thirteen twenty two
And
Change that to 46 so now we have this one hundred and sixty dollars and fifty six cents extra and I
Will take that down and add it to the emergency fund so dude plus 160.56
now we add 321 to the emergency fund and
That brings us up to this total
We actually
Already did that? I need to put in the transaction that says we we did it
But I wanted to show you how how I do this
How is zero out these categories now if you don't use YNAB?
You could totally still do it this way in fact if you do cash envelopes
It's really easy to instead of keeping that the leftover cash at the end of the month
You can stick that all into your savings or your debt payoff or however you want to do it
Sometimes it's nice to have the money carryover, but but sometimes if it carries over
It just kind of gets lost and you're not sure how to how much to budget for the next month
And this is the way we like to do it for these categories
That we know we have expenses in every month
As opposed to these where the expenses come up here and there we're not sure when they're going to come
so
That's how we do things at the end of the month
Let me give you a brief overview of our spending this month our tithing is based on our
income the month before
If you click here
This is where I keep track of
That in this little note
our other
Other giving this one. We've we've
Promised to give this, but we haven't received our notice in the mail where we actually will pay it. It's for Scouts
These are regular expenses car insurance cell phones
We have cell phones with republic Wireless, and we are on there Republic refund program
Where it's $17 a month, and then you get refunded for the data that you don't use so mine depending on how much data
I use that month is anywhere from
13 to 15 dollars my husband's cell phone is through his business
The republic Wireless doesn't have this program anymore
Doesn't have this plan anymore
But they have other really great plans that are a great deal
no contracts or anything like that and I'll leave a link in the description if you want to look into that it's
Yeah, you don't want to be overpaying on your cell phone
So mortgage our mortgage is just under $2,500 a month, but we we usually pay
$2,500 just because I like nice even numbers this month. We actually have our
refinancing our
Mortgage and so we had a $500
We put five hundred dollars toward that now I'm not gonna give you all the details of that. I'll save that for a future
video where we'll talk all about
What we're doing with our refinance, and why we're doing it, so that will be an exciting one
I'm just gonna leave you hanging on that one for now
fifty dollars for Internet
two hundred and sixty-four electricity
little over four for our
Our home phone, which is actually through it's an Internet phone, so it's not a not a standard landline
But my husband uses that when he works at home
We have
Trash pickup that is every other month. We get billed for that so we put half of it
To it each month same with same with the water it didn't come out this month
But that that extra is sitting there until next month when we budgeted another forty five dollars. It usually is about ninety dollars
There's a little less last time so that's why there's this extra dollar seventeen on there
For groceries in February we spent three hundred and seventy two dollars and some change
I have videos for both our main big
first of the month grocery haul and then our
mid month
Smaller shopping trips they all add up to this, but I have videos on each of those. I'll link in the description
Gas for the cars we spent three hundred thirty one dollars
Clothes we went to let's see there are some great
end of season clearance at
Walmart, and we also went to a 50% off day at the thrift store and got some great things
We got some winter coats for the kids for next year and some shoes
Yeah, got some that's nor more than we normally spend for clothes, but I'm pleased with everything that we got for that amount
In our household goods. We that includes normal toiletries. We also got a new kitchen thermometer a new forehead thermometer
Dish so dishwasher soap we got replacement
toothbrush heads for our electric toothbrushes
This these expenses were also offset by a five dollar
Rebate mailing a rebate that we got from the computer that we bought at the end of last year
Fun my son was in a wrestling tournament that had a twenty dollar registration fee, and then we had to pay ten dollars
For my husband, and I to go watch that the kids were free
We got some
chicken feed
See
Okay, now our periodic expenses like I said with $300 toward car repair
$100 toward medical, but we spent 10
on
Let's see on a prescription for the baby
Put a little toward dental and car registration we had to
Register or renew the registration on one of our cars this month last month February
We put $100 toward birthday and gifts which is more than normal
But we have my daughter has a birthday party coming up, and I thought I'd be spending that in
February, but I I'm running behind we had to postpone it a little bit
and this is positive because we returned something that I'd gotten my husband for his birthday at the end of last year for
Let's see we set aside some money for Christmas life insurance
Home projects we didn't put anything toward it we didn't spend very much. We just got some
Some dirt and peat moss for some berries that we planted
So we've got a big balance there
Still have some left over furniture money and $300 toward some upcoming
Vacation road trip slash
Family reunion things we started giving allowances to our kids this month
I'll put a link in the description to the book
It's called the opposite of spoiled that that gave us this idea we had we had only ever
Given our kids money when they did chores we were pretty
pretty set on that being the the way to do it, but we
Got a new idea when we read this book and thought wow we're gonna try that
So I'll have a future video all about how we do allowance this was part way through the month
So that's only part of the month, so we ended up putting
About three hundred and twenty-two dollars toward our emergency fund
We put a hundred dollars toward the kids 529s every month
It's not very much, but we started it back when we were still paying off, debt, so we'll ramp that up eventually
This retirement money. I just keep track of it here for my own
Record this never actually hits our
Pocket it goes straight into retirement from his check so I add it in in in the income here I add
It into our budget every month, and then spend it right here. I'm not spend it, but record it right here, but this
comes out of his paycheck before he gets paid and
our goal was to
Fill my IRA for 2017 so we this is how much we had to put to to bring the total up to
Fifty five hundred
We so that this is all zeroed out, but we put some in past months
So we've filled that goal
Now in the future. We're gonna be putting
550 toward my IRA for
each month so that by the end of the year by the end of 2018 we will have
Filled it for 2018 so we won't have to be doing it in the next year
Like we are this year that makes sense
self-employment taxes this is from
my business
from my blog I
take 25% out of what I earn my net income I
Put 25% here and then 20 and 75%
comes to me as
Income I deposit in the family
Checking account. This is what we pay for our tax advice and raishin, and this is a supplemental
property tax bill that
I think comes in April that we put this much aside each month and then
That will we'll have all the money for that
That's in addition to the money
That's escrowed for our property taxes, so that's what February looks like let me show you real quick
How we budget for March?
So right here this number is
How much we have available to budget I've already put in our tithing according to what we earned in January and
First I like to go and do the things that that are automatic this hundred dollars always comes out
this is automatic and
Just put this in while I'm down there
We have the IRA
contribution being automatic now -
This will will save to see what we have left so
Then we'll come back up here and
Car insurance will be the same
Mortgage we're gonna leave
At what it usually whoops
Online so cell phone. I know is going to be a little bit more this month because I use more data
Twenty five hundred for the mortgage
$49.99 for internet
Electricity I can monitor my electricity online so I know the bills gonna come in a couple or the
Billing period is going to end in a couple of days, but I think it's going to be somewhere around here
This is the same every month
This is the same every month
Groceries I
Set 400 fuel I usually set 400
clothing
Not planning on getting anything major
Household only have 150
Fun we're gonna be going on a road trip at the end of the month, so
Most of that will be covered in the road trip, but I'm just gonna
Put 50 here for now
We usually put 74 animals
Kids activities, I know there are going to be some expenses here, so I'm gonna put 100
Car-repair
You're gonna do 300
So for most of these periodic expenses I have in in the name of the category
I put the amount that we usually spend just to help me do it quickly but but car repair
I need to change that one to 300. I think that's gonna be our new normal
so 30
40
40
Home projects, I'm not gonna put any more right now or furniture. Let's see let's put
100 here I know this is gonna be 60 here and then
Let's put
What's left here 789
8 so with my husband and I do this together we we both look over it I usually fill it all in like this and
then we look over it and I asked him this if you can think of any other expenses that we
that I didn't think of that we have coming up and
I'll do a whole other video on how we do our budget meetings
But hopefully this gives you a good idea of how we do our
monthly budget
Here the goal is to get this down to zero so we spent all of our money if we
If we spend more than that it
Goes in the red lets us know
But we like to keep it a zero and
Anyway, that's how March looks it surely will change as as the month plays out
But that's part of having a good healthy robust budget is that you can change things so if we if we happen to
Go over and spend
450 on groceries well, we'll it would maybe take this 50 away from clothing and
Be back up at zero but for now this is how?
We'll do it and
I've said this a million times probably
But but what's great about this it all of this is real actual money
This is this money is already in our account because we're a month ahead
this is all the money that we earned last month, so these aren't just
Figures that we we hope we'll earn this month
This is already money that we have if you're interested in learning how to get a month ahead
I have a guide to getting a month ahead financially
that is free you can I'll put a link in the description so you can check that out and
If you have any questions feel free to leave them in the comments. I'm open to discussing this
Money's not taboo around here, so we can talk about whatever you want and as usual if you like this video
Give it a thumbs up and subscribe to my channel
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