January 2012 Monthly Budget

I know for me personally I like to see numbers when learning about how others budget. Since we are not financial gurus nor do we make substantial incomes I hope to attract others just like us and experts along the way.

*For a detailed explanation on each category you can read “How we designed our Budget Step 2“.

Keep in mind we may tweak it to fit current circumstances. I will do a monthly overview at the end of each month.

Mortgage-$1389                                  Monthly Actual-$1632.15

Utilities-$450                                       Monthly Actual-$549.72

Smokes-$121                                        Monthly Actual-$68.00

Car/House Insurance-$189.46          Monthly Actual-$189.46

Transportation-$150.00                    Monthly Actual-$176.70

Misc/Renovation-$125.00                 Monthly Actual-$193.79

Dog-$2.00                                             Monthly Actual-$2.00

Dentist-$5.00                                       Monthly Actual-$5.00

Vehicle Sticker/E-Test-$15.72          Monthly Actual-$15.72

Krown-$11.25                                       Monthly Actual-$11.25

Yearly Income Tax-$9.00                  Monthly Actual-$9.00

Work Expenses-$219.50                     Monthly Actual-$169.50

Christmas-$25.00                                Monthly Actual-$25.00

Groceries- $192.78                               Monthly Actual-$231.81

Entertainment-$7                                 Monthly Actual-$0

RRSP-$250.00                                      Monthly Actual-$250.00

TFSA-$517.00                                       Monthly Actual-$834.00

Life Ins.-$135.05                                   Monthly Actual-$135.05

Emergency Fund- $888.00                  Monthly Actual-$888.00

Allowance-$15                                        Monthly Actual-$0

Lottery-$12                                            Monthly Actual-$12

House Taxes-$283.50                           Monthly Actual-$283.50

Clothing-$10                                           Monthly Actual-$0

Total $5022.00                                      Total Spent:$5681.36

Over by: $659.36

Monthly Overview

We actually did fairly well this month compared to this time last year. We went over on our groceries and transportation however $100 will be reimbursed for gas (car).

Our TFSA overshot by $317.00 this month due to an error but we simply left it and corrected it for next month.

We used a total of $240.89 in coupons.

We gained a total of 43,810 Shoppers Optimum points worth just over $60.00 in reg redemption.

  • We were reimbursed $141.32 for transportation costs.
  • We received a cheque for $110.00 from Kitchen-aid for a mail in rebate.
  • We made $47.00 selling items on Kijiji.
  • We received a $15.00 Gift Card from Casey’s Restaurant in the mail.

Total Made: $373.32 in January above our net wages

There was a total of $58.16 made in overtime at work bringing our monthly net to $ 5022.00+ $58.16=$5080.16 plus what we made above $373.32=$5453.48

  • We Spent: $659.36 more than we made this month with that being an extra mortgage payment and $317.00 going to TFSA.
  • We will focus in February on grocery to bring this down to goal. We used a total of $100.00 in Gift Cards on groceries from Christmas putting over our target if we would have not used them.

We also paid for Hydro/Water this month which went up a bit with the Smart Meter although we watch this. I will talk more about this later.

  • 2010 Hydro-$284.61
  • 2011 Hydro-$312.84
  • 2012 Hydro-$313.70
  • Rogers monthly cost is $159.68 for Home Phone, Cell Phone, Internet, VIP Digital Cable, all 4 boxes free, 2x free PVR for a year. 
  • Union Gas went down this month compared to the previous 2 years
  • 2010 Gas-$80.06
  • 2011 Gas-$93.82
  • 2012 Gas-$76.34
UPDATE*** Starting in February we will be challenging all our readers to post their budget update along with us. At the end of the year I will draw a name from every entry in the  monthly comment section with a budget update for a prize! Join the budget train with us and see how far you can get. Working as a team is more inspirational towards attaining the end goal if you know you have to post it for us to read!**Happy Saving!

Photo compliments of: Copyright (c) <a href=’http://www.123rf.com’>123RF Stock Photos</a>

Mr. CBB who was born and raised in the United Kingdom, moved to Canada where he is now a permanent resident. He is also a father to a very active 3 year old boy which keeps him young at heart. He bought his first house at the age of 21 in the UK after graduating University and his second at age 24. Mrs. CBB bought her first house at the age of 30. Both Mr.CBB and his wife are 40-ish year-old finance lovers who accomplished debt freedom before the age of 40. Canadian Budget Binder is a fun, family-friendly place where he shares their financial journey with his readers and hopes to learn about theirs. No silver-spoon just hard work and perseverance. Welcome to Canadian Budget Binder! You've got this!

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