June Budget with May recap Olsen Monthly Budget 2014
Money, Marriage, and Monthly Budgets…
Why do we post our monthly budget? Answer
|May / June 2014||May Budget||May Actual||Difference||June Budget|
|Restaurant||200||335||-135||0 ($100 CASH)|
|Car tag / title / tax||0||0||0||0|
|Car gas / oil||300||214||86||300|
|Income – Spending||132||988||856||-2843|
We earned $2508 more than we thought we would. However, we spent $1652 more than we planned to. The reason for most of this is a business trip to Chicago. This trip was for Carrie’s job. We paid our way out of pocket and then we were reimbursed. The extra expenses and the extra income balance each other out. It makes the differences between May budget and May actual make more sense.
Our income for June is going to take a huge hit. Two reasons for that:
1: Carrie is on maternity leave and her paycheck will be taking a huge hit in June, like almost down to zero.
2: I lost some audio producing work that I had been doing for about a year.
We pay car insurance twice a year so we will pay $568 during June. (Geico rocks!)
We will need to pay $400 in first quarter personal taxes this month so we don’t get to far behind on taxes this year.
On the up-side, we might have an additional $1800 come in during June in the form of more insurance reimbursement for the birth in April. We always try to aim low on the income side so we are forced to be more conservative.
We plan to out-spend our June income by $2843. If the $1800 comes in we will only over-spend by $1,043. We can afford to do this because we have a few thousand in cash savings to pull from. Our income changes every month, so some months we out-spend our income and some months we spend a lot less than we earn. Gotta love having an irregular income!
More on the up-side, we are going to cancel our DirectTV bill this month. I’m sure there will be a cancellation fee of some kind, but it will save us money in the long run.
Lastly, we are going back to using cash for restaurants. Since having our baby girl in April, we have been eating out a little more than we usually do. So, we decided to use $100 cash for restaurants for June to put a stop to that.
How’s your budget coming along? Let us know below in the comments.
-Derek, Carrie, Amelie
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Why do we post our financial information online? Answer.