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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Looks like you did well for August, especially since you had two extra house guests which does not help the bills.
Yes we were happy and it was a busy month for us. We are hoping it will slow down in the upcoming week or so. Thanks for checking in!!! Mr.CBB
I’m impressed how detailed you are with your numbers! I think I got a little lazy/overwhelmed this month with tracking everything. I guess we all slip up from time to time.
Yes we have gotten better at it over the year. I just finished our spreadsheet and should have it out by October for anyone who is interested in seeing what we use to budget. We all slip up, but we learn from those mistakes! Cheers Mr.CBB
Great to hear things are on track. I am devastated that you spent nothing on coffee. No coffee!!!??
I was feeling pretty good about my debt repayment in August until I found out about an HST bill I knew nothing about. I called CCRA and they had my old address and old accountants address and said they have been mailing me stuff.
This sets my goals back about 3 weeks, but I am determined to be debt free soon!
I know but that’s because I replaced it with BEER the last couple months so I have to play catch up lol. That sucks about the HST.. don’t you just love that. What is your goal for debt freedom?
The lesson for me is that it is up to me to keep on top of my taxes even though I have an accountant.
My work was slow during the first part of this year and I accumulated some debt. My goal by the end of Sep. to be 100% debt free. The only debt I will have left will be my car loan which is less than the car is worth and low interest.
Then in from Oct. on every pay check I get will be split 50% going into savings and 50% being invested in dividend paying stocks building passive income.
That will be an awesome feeling mate! Now do you own a home or do you rent? If you rent is that what you see yourself doing for the rest of your life? I have a mate who is not married, in his late 40′s and rents but invests in stocks and has plenty of money. He has no motivation to ever own. If you do own how long did it take you to pay off your mortgage. If I’m too nosey just tell me lol. I just like to learn how others save their money. Cheers Mr.CBB
Real estate in Vancouver is extremely overpriced. Buying a nice house is out of the question, and I am not going to pay $300-$400k for a 1 bedroom condo.
I am not against investing in real estate, but I would do it by buying real estate investment trusts, or rental property in another city.
I have managed to rent below market cost for the past many years. It keeps me pretty agile when it comes to saving and investing.
If real estate ever goes on sale at a bargain prices I might think about it then.
NO doubt that’s a bit pricey. I don’t know how people make it out your way. Some of those prices scare me but no different than here in Toronto to be honest. Pricing on houses is way out of reach for most people and it’s only getting worse. I don’t know how the younger generation are going to do it. What is a 3 bed home with double garage going for in your area? Newer model. Cheers Mr.CBB
Here is a 3 bedroom house for sale across the street from me.
http://goo.gl/KzUAP
That’s insane, really and people who are selling them are laughing all the way to the bank if they bought it low and are getting the hell out of Vancouver. Crazy… what keeps people in Vancouver and Toronto, the big city life, the opportunities? What keeps you there just your work? Or do you have family there as well? Just curious why people live in such overpriced places. IMO.
They are re-developing the main road going out towards where I live. The developers started knocking on doors offering people $3 million each so they could buy 3 houses in a row to build condos.
Vancouver is an amazingly beautiful city. The movie stars I work with are blown away when they come here for the first time. You can go skiing in Whistler and then an hour later be having a beer on a sunny patio on the beach watching the float planes land.
I grew up on the West Coast and don’t think I could live anywhere that I don’t see the ocean every day.
Never been out your way but would love to some time. Where would you suggest the first place to go is?
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Our goal is to continue living as if we still had only my husband’s pension, while splitting my salary between debt repayment and savings. After so many months of doing without due to my illness and then doing without in order to catch up, it can be tough to resist the temptation to splash out a bit. I’m actually quite proud of our willpower. Our budget continues to be very tight but we stayed pretty much on track this month.
We had a much larger grocery bill in August than we usually do, and will in September too because it’s canning season, but I have a separate planned spending account for our annual food preserving expenses. We put a little aside monthly throughout the rest of the year specifically to cover this cost.
We had some unexpected changes in the cost of our medications that’ll have to be factored in to our ongoing expenses from now on, but we were able to cope with them by foregoing some other planned expenditures.
Good for you Beth. You both seem to know where you are going and have goals you are ready to achieve. Sometimes we have to give a little to get alot. I read this post today that said PF bloggers are always broke. It’s true because our money is tied up and budgeted. SO when I tell my mates I have 15.00 for an allowance they laugh, but that’s what I get. Cheers and thanks for sharing. Mr.CBB
Just finished balancing August and opening September…other than a roughly $45 overage on groceries, we are right on track but I’ll adjust our September groceries to bring us back in line.
We have to be on track though because coming very shortly. We’ve got 2 vacations (Bellevue & Palm Desert), our house insurance, travel medical insurance, about $9,000 for RRSP contributions and $6,200 US for SPG points special purchase (1/4 the normal cost if we exercise before Dec 1st) due in Mid-October to Mid-November. I need 2 more months of savings & it’ll all come together smooth as silk.
Fortunately, that will only leave our Portland Christmas vacation and the last $4,500 RRSP contributions to max us both out for 2012 that I have to get done before the year end. Gotta make the pennies squeak to get all that accomplished!
You are so organized Mary, I like that about you. Sounds like everything is coming together for you both. I hear you on the overage. We try to make up for it the next month but maybe that’s something we can work extra hard on especially in the misc category. Good tip. Thanks Mary for the update… it will all be worth it when you are enjoying those holidays! Cheers Mr.CBB