August Budget with July Recap

Numbers first.

Discussion below.

Aug Budget July Recap Difference
Total Income 3500 6034.47 -2534.47
Monthly Expenses
Church offering 100 100 0
Cash Withdrawal 200 45 155
Debts 453 453.89 -0.89
Rent 560 0 560
Electric 40 0 40
Incidentals 30 29.22 0.78
books 0 0 0
Netflix 7.99 7.99 0
TV / Internet 20 140.9 -120.9
Cell phone 100 201.21 -101.21
Grocery 250 166.67 83.33
Restaurant 75 8.99 66.01
Car Gas 400 405.94 -5.94
Car repair / oil 40 60.91 -20.91
car ins 163.62 163.62 0
life insurance 60.33 60.33 0
Dental Humana 64.47 64.47 0
Childcare 250 0 250
Health insurance 200.1 200.1 0
Medical 75 25 50
Entertainment 50 22.39 27.61
Gifts 40 124.2 -84.2
misc 0 30 -30
Baby 20 14.27 5.73
Cleaners 0 43.15 -43.15
Business 50 2849.7 -2799.7
ID Guard 0 5 -5
Unexpected #3 250 112.26 137.74
Total spending 3499.51 5335.21 -1835.7
Subtract Total Spending from Total Income 0.49 699.26

The Good

GOOD #1: Income is going back up, THANK GOD!

Derek& is starting to make a little more money and Carrie Olsen Voice Over continues to explode! (Carrie has some really cool things coming over the next two months with her voice over business, stay tuned!)

After a few months of lower than normal income, it’s a huge relief to see our income bouncing back. Running your own business is not easy, if things take a turn for the worse you feel it, big time. It sucks, but not as much as working 50 hours a week at a job you hate just to make someone else rich.

We signed up for the ups and downs of owning our own businesses so we just hang on as tight as we can!

GOOD #2: Expenses are going down!

We had a few big wins on the expenses side of The Equation.

(The Equation… income – expenses = your financial life.)

  • I finally made the switch from iPhone/ATT to Republic Wireless and I love it. I wish I had made the switch 2 years ago! My new monthly cell phone bill is $20. Yeah, that’s like $100 less that it was!!! Carrie lowered her bill by about $20 too so we are now saving $100/mo right there!
  • We also switched our health insurance. For some reasons we were paying WAY too much for what we needed. I think it mostly had to to with the fact that we aren’t earning as much as we thought we were going to this year. Carrie switched our plan and we are now paying about $220 less each month.
  • We canceled a hotspot/internet plan that we were using while we were on the road full time. $140/mo.
  • Our car gas bill will drop because we are no longer on the road full time. But our rent will just about even things out there. We are staying in the trailer for a few months before we figure out our next move with the living situation. The rent where we are staying is $540/mo plus electric. We will also pay for propane. But the water and internet is free.

The Struggle

We aren’t struggling too much right now. Our businesses are doing better and we have everything covered. Basically we just need to work like crazy to make sure our income is always ahead of our expenses.

Our net worth went up by $331.82, so that’s a good thing! Calculating your net worth is always a good way to see if you are going in the right direction.

The Future

The plan from here is pretty simple… Make as much money as we possibly can and keep our expenses at an all-time low.

One really good thing we have going for the next month is that Carrie has $6,000 in invoiced work that she has already completed. That’s 2 months worth of expenses for us that is just waiting for us.

Our plan is to build up a $5,000 emergency fund and put it in a separate account so it’s not easily accessible and then forget that it’s there.

Then we will focus on paying off all of our debts within the next 18 months. That’s roughly $777/mo which is doable. (As long as everything goes to plan of course!)

You can’t control everything, but you can create a plan and stick to it as best as you can.

Happy budgeting!!!

How is everything going in your world?

-Derek, Carrie, Amelie