What happened in August?
August has been a busy month (who am I kidding every month is busy) for us as we have had 2 out-of-town guests here keeping us more than occupied.
This month I was also able to finish some renovations around the house but certainly not as much as I would have liked to. I’m hoping between September and October I can accomplish a bit more before the pretty white stuff invades. Of course that is if my neighbour doesn’t throw up a fuss as he’s a real tosser and always has his knickers in a twist.
Another area that we failed at in our budget for August was groceries as we went over our grocery budget for the month. Although we were feeding more mouths we were impressed at how well we did. We did purchase some bulk items which contributed to the overspend such as 4 jugs of Extra Virgin Olive Oil. We will keep posting in the grocery game challenge as that really is what’s keeping us on track. We don’t fancy spending too much next month as we are more than stocked for a while. Likely will pick up bits and bobs week by week.
I am almost finished the Canadian Budget Binder Spreadsheet which I have worked on in my spare time (ya right, what’s that). I’m going to be optimistic and say it will be ready to any fans who are interested in using the budget spreadsheet that Mrs. CBB and I use in the next month or so.
I also wrote a post in my budgeting series for all of you that emailed me about our projected expenses and wanted to know more about what they were. I hope this post has given you a better understanding about why we save money for future expenses we know we will have.
August 2012 Canadian Budget Binder Family Budget Update
Changes to the Budget This Month- No real changes to the budget this month.
New Projected Expenses- No new projected expenses this month although we did talk about propane tanks and petrol for the lawn mower which we will be factoring in our gas budget for the year. Once we run the numbers we will know if we are on track with our petrol budget. What we don’t spend in the petrol budget will then go to projected expenses.
We like to keep a spare propane tank filled as well as the petrol can for the mower . It’s also good in the winter when I’m too lazy to go get petrol. Mrs. CBB doesn’t know I empty the mower petrol little by little. I need to step it up but ah well, as long as it gets me from point A to point B with no delay, I’m happy.
Our Net Income for the month of August was higher/lower due to
- Interest from the Savings Accounts …$98.63,$0.08, $3.66=$102.37
- Overtime Pay
- Benefits reimbursement
- Work Travel reimbursement
- I found one beer can this month $0.10
- Paid Volunteering
- Food Study
- Extra Pay Week in August for one of us
August Monthly Overview
We have 3 Canadian Bank Accounts with our chequing account being with President’s Choice Financial. We chose PC Financial as one of our banks because we didn’t want to pay any bank fees. We also have never felt the need to see anyone personally.
- 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 August Budget Breakdown
- Monthly Budget Total: $5,876.10
- Monthly Net Income Total: $ 9831.82
- Total Coupons Used(this includes everything not just grocery coupons: $172.26
- Projected Expenses: These are expenses we know we will pay for throughout year and save monthly for = $1133.64
- Total Expenses Actually Paid Out is: $4030.72
Calculated is $9831.82 (total monthly income) – $4667.46 (total monthly savings)–Projected expenses $1133.64 = $4030.72
Actual Cash Savings Going Into Emergency Savings Funds: $4667.46
Calculated is $9831.82 (total monthly income) – $4030.72 (actual expenses paid out for the month)–$1133.64 (budgeted projected expenses) = $4667.46 (Total Savings for August)
The Outcome: August was a great month for us in terms of net income but we were secretly aiming for a $10k net income. Oh well, maybe another time but it will still be our goal. We went over in a couple of areas such as clothing, groceries and miscellaneous so we will work hard at those categories for next month.
I also want to get this blog self hosted so I can actually start doing some advertising and making some passive income. I’ve had so many potential money-making opportunities that I’ve had to turn down since WordPress.com does not let me advertise. So in the meantime I’m searching for a web designer experienced with WordPress. This person must have a vision for Canadian Budget Binder and who can show me how they can bring it to life!
If that’s you… contact me today with your vision, quote and references. If you know someone tell them to contact me with their pitch! Keep in mind my allowance is $15 a month and I’m giving up my coffee for a long time!!! SO.. it better be good!!
Total Net Income August:$9831.82
- Allowance $15-Spent $0(beer and coffee) I know, shocking but true. I spent nothing this month outside of the home on myself.
- Car Repair/Maintenance $23.50- Spent $0-Saved $23.50 This is a projected expense
- Christmas $25- Spent $o- Saved $25 This is a projected expense
- Clothing $10 Spent $16.94 -Over $6.94 (used saved projected expenses) This is a projected expense
- Dentist/Prescriptions $5- Spent $20.44 (will get prescription fees paid back and we both went to the dentist this month for our annual check-up and cleaning. This is a projected expense
- Electricity/Water $153.05- Spent $380.91 this is paid every 2 months and is now a projected expense in our budget.
- Entertainment-$7- Spent $0
- E-test-$4-Spent $0-Saved $4.00 This is a projected expense
- Furnace/Hot Water Rental-$112.38- Used projected expenses to pay) This is a projected expense
- Union Gas (domestic) -$59.19-Spent $34.43 (was under budget)
- Gasoline/Diesel (vehicle)-$192-Spent $60 (under budget again this month, but I admit I nicked about $10 from the mower can!)
- Grocery- $190- Spent $276.85 for 4 adults (not complaining) Play The Grocery Game With us to Save! Over Budget $86.85
- Home Maintenance-$329.00-Spent $103.30 This is a projected expense.
- Car/Home Insurance-$205.17-Spent $205.17 – We swap vehicles twice a year so they paid us back almost $200.00 then it got added back onto our monthly bill. So infact $191.84 is our total for all.
- 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-Spent $0 This is a projected expense
- Life Insurance-$135.05-Spent $135.05
- Lottery-$12 -Spent-$12
- Membership/Club/Sports-$6- Spent $0-Saved $6 This is a projected expense
- Miscellaneous-$294.50-Spent $369.39 Over by $74.89
- Mortgage-$1389.12 -Spent $1389.12
- Parking-$5 -Spent $0
- Pet-$2.08-Spent $0-Saved $2.08 This is a projected expense
- Property Tax-$287.45-Saved $287.45 This is a projected expense
- Emergency Savings-Saved $2596.25-$1133.64 projected expenses = $1462.61 saved in July
- Vehicle Sticker-$16- Spent $o Saved $16 This is a projected expense
- Cable/Internet/Cell/Home Phone-$144.74-Spent $144.74
- Work Tools-$50 Spent $0- Saved $50 This is a projected expense
Check in at the beginning of October to see how we did in September!
- How did you make out with your budget for August?
- What changes do you need to make to your budget?
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- Mr.CBB’s Weekly Blog Post Pics Aug 31,2012 (canadianbudgetbinder.com)
- Money Fights and Money Problems (canadianbudgetbinder.com)
- Why We Want To Pay Off Our Mortgage Early (canadianbudgetbinder.com)
- Back to School Student Budget For College or University (canadianbudgetbinder.com)
- Lessons Learned From My First Retail Credit Card (canadianbudgetbinder.com)