August Budget Recap.

friday financialsI’ve closed out August a bit early, and thought I would do a short recap.

This month we had a lot of big expenses, but fortunately we had the funds to cover them.  Here are some of the biggies:

How I spent my money:

  • Car maintenance: $1,515.52.  The bulk of that was the Honda repair.  The rest was registration fees for two of our cars.
  • College tuition and dorm supplies: $9,800  (Yep folks, this is only 1/2 a year’s tuition.)
  • Medical:  $521.06  We pay out-of-pocket up until we reach $3,000.  We’ve met our deductible this month, but some of that was for an eye exam, contacts and glasses (which isn’t covered under the deductible).

Thankfully, the other ‘usual’ categories (gifts, entertainment, clothing, etc.) were well within our budget.  I’m especially proud to say our grocery budget was the lowest I’ve ever paid in a month.  Although I didn’t make my $200 goal, I came in just under $300.00.  Nothing short of amazing for me.  I have a feeling my food bill will stay low now that there are only three of us.

What’s working for me:  Multiple Savings Accounts for Variable Expenses!

  • Having all of my variable category expenses in an online savings account helps me separate money and save for the big expenses when they come due.  (i.e. taxes, insurance, repairs, college)

What I did to save some $$ this month:

  •  Stayed put.  No travel, no vacation, no fun, no spending.  I was concerned about our budget so I planned nothing for this summer that would cost money.  Not sure it was the most fun, but it did eliminate budget busting.  Next year I hope to have a bit more summer fun planned and saved for.

How was your August spending? Over budget? Under?

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Comments

  1. I closed out August early too since I received my pension on Friday, Aug. 29th. I did ok in August having $140 left in my chequing account. September will work itself out what with the house closing in PEI next week and perhaps buying a trailer. That will mean shifting amounts of money around but it should all work out.

    • Congrats on having money left! It’s always a bonus, right? Also, I’m so glad you were able to sell your PEI home so quickly. It should make life a bit easier, right?

  2. August was way over budget for me, especially with the drive and stay, getting DS to college, and his start up costs. We haven’t even paid the tuition yet. It’s scary how fast it adds up.

    • Hi Jolie! How did everything go? Yep, a lot of money went out setting up our daughter as well. Things seemed to have settled down now, thankfully.

  3. I gave up on my August budget two days ago. I stopped counting and budgeting. I’m done!

  4. Variable savings has been my biggest positive change to budgeting in 2014. I use a cash wallet for variables that come due more often (but not every month), i.e. pet stuff, salon, etc. But I use CapitalOne 360 for yearly expensives I can expect like gifts, Christmas, float trip, etc.

    • It really works great as long as I’m disciplined to keep adding to it. :)! I used to use ING which is now Capital One, but Ally gives a higher interest rate.

  5. Stephanie says:

    Oh my goodness – that is a lot of money this month! Yikes! So proud of you that you had the funds to cover everything go! Way to go!

    Looking forward to a new month & new goals. I have already been writing them down – it should be easier now that school is back in session & dd will be busy with fall softball & basketball!

    • Stephanie says:

      *cover everything! (no ‘go’ should be there! sorry!)

      • It is, isn’t it? College has started and the end of spending frivolously has begun. :)

        • you can do it!!!! (& so can I! haha) I hate that summer vacation is officially over, but I can honestly say that I am so happy that there is a normal routine and that means that $ flying out of the pockets is officially over!!!

  6. I thing that staying put is the only way to save. The minute you veer off course from daily living, the money goes. Can’t walk out the door without spending on something; let alone go out of town. But when you have children living far away, visiting is the budget buster. Now my middle child is moving to California, 2,000 miles away. That will be an added expense. I feel like moving to be closer to him, I am so upset. Kudos to you for keeping below your food budget this month, You Did It!

    • Oh gosh Sherri, 2000 miles is really far away. Plane fares are a bummer. I spent a fortune the few times I visited my daughter in Florida. Thankfully she is a car ride away, so no more airline tickets. Hopefully you’ll get to see your son often.

  7. I know that when my boys went away to college, we certainly saved money on groceries–especially milk. I think you will find the same thing with your son. Teenage boys eat a lot!

    • I’m counting on the savings! I just hope I figure out what to buy and not buy so I don’t waste any money.

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