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
Income Total 4610 7118 2508 1965
Church giving 280 280 0 280
Giving 50 0 50 50
Gifts 50 0 50 50
Rent 0 0 0 0
Gas bill 100 58 42 50
Electric bill 100 37 63 100
Water bill 40 23 17 40
Google fiber 66 28 38 30
Direct TV 82 82 0 82
Cell phone 150 145 5 150
Grocery 350 588 -238 350
Restaurant 200 335 -135 0 ($100 CASH)
Cash withdrawal 400 400 0 200
Car tag / title / tax 0 0 0 0
Car gas / oil 300 214 86 300
Car (Geico) 50 0 50 568
Car repair 100 0 100 100
life insurance 55 58 -3 55
Student loans 255 255 0 255
Taxes 0 0 0 400
Household 40 5 35 40
Health 40 22 18 40
Medical 500 104 396 500
Baby 200 225 -25 200
Maternity/newborn pics 600 715 -115 0
Clothes 50 141 -91 50
Entertainment 100 19 81 100
Braces 0 150 -150 0
Education 40 35 5 40
Other 0 0 0 100
Wifi Hotspot 170 70 100 100
Business 0 58 -58 50
ID Guard 100 25 75 18
Business Trip 0 2048 -2048 100
Spotify 10 10 0 10
Other 0 0 0 400
Total Spending 4478 6130 -1652 4808
Income – Spending 132 988 856 -2843

May recap:

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.

June Budget:

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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