It’s the end of April and that means a Budget Update for Canadian Budget Binder is in order. I admit I do get excited at the end of the month to see how we did for the month. We’ve worked hard as a team to keep our budget in check which is important in any relationship. It’s very important to be mindful of your data input and to go over it to make sure it is correct.
We now have 4 people testing the Canadian Budget Binder Spreadsheet for the month of May so we look forward to their opinion. Our projected expenses for the month of April continue to change as you will see below compared to March. It seems we had some other expenses pop up that we had not thought of but this is reality, be ready for these surprises.
New Projected Expenses
- Central Air Inspection Yearly $140.00 plus tax
- Saving for extra weeks payments through year for mortgage as there are 52 weeks per year. Even though we get an extra pay in certain months we still wanted to budget in the money for the extra mortgage payments in those months as well.
- Tax Return of $377.99
- Pathetic interest from the Savings Accounts $84.68
- Overtime Pay
April Monthly Overview
We have 3 Bank Accounts
- Chequing- This is where all the bills get paid from.
- Emergency Savings- This is where our Emergency money sits.
- Savings- This account holds money for projected expenses.
The CBB Family April Budget Breakdown
Monthly Budget Total: $5876.10
Total Coupons Used: $253.21
Projected Expenses: These are expenses we know we will pay for throughout year and save monthly for = $601.59
Total Expenses Actually Paid Out is: $4070.09
Calculated is $7029.05 (total monthly income) – $2357.37 (total monthly savings) – Projected expenses $601.59 = $4070.09
Actual Cash Savings Going Into Emergency Savings Funds: $2357.37
Calculated is $7029.05 (total monthly income) – $4070.09 (actual expenses paid out for the month) – $601.59 (budgeted expenses) = $2357.37 (Total Savings for April)
- Allowance $15-Spent $16.33
- Car Repair/Maintenance $11- Spent $62.74
- Christmas $25- Spent $o- Saved $25 in account for future
- Clothing $10 Spent $37.22
- Dentist/Prescriptions $5- Spent $3.79
- Electricity/Water $153.05- Spent $153.05 ( this will be changed to a projected expense in May as it should be and was not)
- Entertainment-$7- Spent $0-Saved $7 in account for future
- E-test-$4- Spent $0-Saved $4.00 in account for future
- Furnace/Hot Water Rental-$37.46- Saved $37.46 in account for future
- Union Gas (domestic) -$59.19-Spent $44.87
- Gasoline/Diesel (vehicle)-$192-Spent $195.03
- Grocery- $190- Spent $198.93
- Home Maintenance-$50-Spent $63.78
- Car/Home Insurance-$189.46-Spent $198.25 We also received $98 back from Insurance this month as we swapped vehicles for summer. Our new policy starts in May which should be $155 a month.
- Income Tax Filing-$2.50-Spent $0-Saved$2.50 in account for future
- Investment-$767.00-Spent $767.00
- Licence Renewal Fees-$11.84-Saved $11.84 in account for future.
- Life Insurance-$135.05-Spent $135.05
- Lottery-$12 -Spent-$12
- Membership/Club/Sports-$6- Spent $0-Saved $6 in account for future.
- Miscellaneous-$294.50-Spent $288.61
- Mortgage-$1470.30 -Spent $1632.15 ( extra weeks payment this month as well as $417 extra a month we pay.
- Parking-$5 -Spent $4.40
- Pet-$2.08-Spent $0-Saved $2.08 in account for future.
- Property Tax-$287.45-Spent $856.22
- Emergency Savings-Saved $2239.05-$601.59 projected expenses = $1637.46 saved
- Vehicle Sticker-$16- Spent $o Saved $16 in account for future
- Cable/Internet/Cell/Home Phone-$165.56-Spent $165.56
- Work Tools-$50 Spent$23.34 Saved $26.66 in account for future
You can follow me on Facebook HERE or Twitter HERE. Come join the conversation! Mr.CBB
Related articles
- How We Designed Our Budget Step 7- Balancing Our Budget (canadianbudgetbinder.com)
- How We Designed Our Budget Step 8- Knowing Our Coupon Savings! (canadianbudgetbinder.com)
- March 2012 Canadian Budget Binder Budget Update (canadianbudgetbinder.com)
- Net Worth Update March 2012 Canadian Budget Binder (canadianbudgetbinder.com)
- Top Seven Budgeting Mistakes (canadianbudgetbinder.com)
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[...] April 2012 Canadian Budget Binder Family Budget Update (canadianbudgetbinder.com) [...]
[...] April 2012 Canadian Budget Binder Family Budget Update (canadianbudgetbinder.com) [...]
Thank you for all the great advice
And Thank You Jeff for being a part of my team .. cheers mate! Mr.CBB
[...] April 2012 Canadian Budget Binder Family Budget Update [...]
[...] April 2012 Canadian Budget Binder Family Budget Update [...]
[...] April 2012 Canadian Budget Binder Family Budget Update [...]
Great job this month Mr CBB! At first glance I got caught up in you having a higher net worth than we do so of course I used that to justify why we don’t have the savings that you are able to do. Once I got over that, it gave me some ideas for new categories to add to my budget. This is revision month for our budget so it is timely for me to read this
Look forward to seeing how the trial group makes out with this budget template!
That my dear is keeping up with the Jones.. it’s not a competition.. it’s your life, your family. Don’t worry about what I have worry about how I am getting there. Cheers Mr.CBB
Some great information, and a great example for us trying to make our own budgets. I see you have investments built into your budget which is great and then the rest that is left over appears to go into the emergency fund. Was just wondering if you invest any of the money in the emergency fund or just have it sitting in an account? I also was just wondering how you would account for income that isn`t monthly but comes say every 3 months (like HST rebate)? Thanks and keep up the great work, very inspiring.
In the Canadian Budget Binder Spreadsheet there is an area where you can add in ‘extra income’ which for us ends in our ‘Emergency Savings’ fund. Yes our ES is sitting in a high interest account for the time being until we figure out where we are putting it. Ideally we would like to pay off the mortgage. I will be posting our Net Worth Update tomorrow and this is where I like to see how well we are doing. It’s like a monthly report card. Our investments are built in yes and essentially what is left after all the bills are paid and all the data is posted in the spreadsheet, what’s left goes to Emergency Savings. Any other questions I’d be more than happy to answer them. Cheers Joanna! Mr.CBB
[...] April 2012 Canadian Budget Binder Family Budget Update [...]
Wow! I wish I made that much money! lol…Some calculations confuse me but I’m sure we’ll figure it out! I look forward to balancing my budget!
You and math don’t mix Jen… lol… I’m sure you are now armed with all the information you need. We have worked hard together and I know you will make the right decisions. Keep your chin up… stay positive and get saving.. do what you have to do and you know what that is. Cheers Mr.CBB
Well your budget is interesting though you have a significanly higher budget and income then we ever would be able to reach at this point. We have scaled back everything I can think of other then the phone which we will be cancelling within the next month to put in Magic Jack. I think the issues is a need for more income this end but at this point we are still trying hard to budget as a balanced budget or close to it. I totally agree that making debt is the worst idea on budget for day to day, month to month expenses as that is where my error started. Had we not created the debt we would have over $600 a month extra we don’t now..that is ALOT of money particulary in a small budget. I know now that I won’t be making that mistake twice but life circumsatnaces significanltly changed..that is why an emergency fund is vitally important and I didn’t have one to start off with because I had used all surplus income to pay off debts earlier. I think even in paying debts off that it is important to set some money aside for an emergency fund. It will ocst mor ein interst for pay the debt as you will pay it slower but it will create a true buffer fund which is more realistic and then the cash is available when needed without creating new debt. I may be wrong but then you are working more with real figures then paying of debt only to have to create it again when there is an emergency.
I agree with you that everyone should balance and set aside some money for emergency savings while paying down debt. What I have found while investigating others budgets is you simply can’t set money aside for emergency savings if you can’t balance the budget. If your bills total more than you NET.. there is no emergency savings. Cheers and thanks for your post, much appreciated. Cheers Mr.CBB
great post! Very inspiring. Great to see examples to go by.
Well thank you Wendy.. it’s great to know that you took the time to read it over and comment. Cheers Mr.CBB