Canadian Budget Binder

Yep, that’s another month to cross off the list for 2012 as we head into the final month of the year. We certainly will have some data to look back on and evaluate since we document all of our expenses. It’s funny how the year progresses and we see more and more areas that we can improve in when at the time it all sounded like a solid plan.  Do you find you make changes to your budget throughout the year?

What happened in November in the CBB House? 

Not a lot happened this month to be honest with you. I did some renovations on the home and prepared the house for the winter months. I’ll be bringing out the tank for winter soon and parking my love machine for about 4 months. I do go in the garage sometimes just to hang out and start the engine just to get a feel for what I’m missing. December might even be a write off as so much will be happening I’m doubting I will get anything done. On a good note our love ferns are surviving well in the kitchen no less, and are getting much-needed sunlight. Here’s hoping they hang on over the winter season.

Changes to the Budget This Month

This month we decided we will be needing more money in the budget for Christmas next year so that’s one small look into a 2013 change. Other than that in The Grocery Game Challenge last week we went over some changes that we need to make. One of them being the pet food that is just not feasible at this time in our grocery budget so this will change our pet category for December from $83.33 to $115.83. The Pet category includes potential Vet and Drug fees as well as Bird Seed for the winter feathery friends in the back garden which we also forgot to factor in. This is why projected expenses are so important although we realize we can’t possibly think of everything, hence the ever favourable miscellaneous category.

We could pull off the $190 a month Grocery Budget, heck we did it most of the year but only if we didn’t stockpile any items but even that we are thinking of separating from our grocery budget. It’s been recently we ran out of dog food that was free through a nutritional study and free bags from another company that we realized the impact. Pets can get costly and part of the reasoning why it’s important to think about pets and budgets before getting an animal. Next year we will start a stockpiling category as a projected expense and use it Only if necessary.

In January we will see a rise in our grocery budget a new category called bulk buying at $50 a month which will be a projected expense. Also our TFSA will go up since the increase from $5000 a year to $5500 a year. Finally Reliance Home Comfort will be putting their price up in January 2013 as well.

That’s all for now, but who knows what’s in store for us next!

 November 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 inside of a bank but if we do Canadian Imperial Bank of Commerce (CIBC) will gladly help us out as PC is affiliated with CIBC.

1. Chequing- This is where all the bills get paid from.
2. Emergency Savings- This is where our Emergency money sits.
3. Savings- This account holds money for projected expenses.

The CBB Family November Budget Breakdown

• Monthly Budget Total: $5797.85
• Monthly Net Income Total: $7676.18 
  
• Total Coupons Used (this includes everything such as points redeemed, big box store coupons, not just grocery coupons: $202.21 up from $121.16 in October
• Projected Expenses: These are expenses we know we will pay for throughout year and save monthly for = $1224.89
• Total Expenses Actually Paid Out: $4032.72

Total Expenses Actually Paid Out Calculated is $7676.18 (total monthly income) –$2418.57(total monthly savings)–Projected expenses $1224.89 = $4032.72

Actual Cash Savings Going Into Emergency Savings Funds: $2418.57  

Calculated is $ 7676.18 (total monthly net income) – $4032.72 (actual expenses paid out for the month)–$1224.89 (projected expenses) = $2418.57 (Total Savings for October)

The Outcome: November

PE=Projected Expense  is money which is automatically saved so if we go over in a category the money will come from the PE Account where it accumulates all year. The key is to make sure that you are not spending more than you are saving each month over the course of the year.

Example: Clothing we budget $10 per month. If we don’t spend it we move it to the projected expenses account. This means we should have $120 per year for clothing to spend. We have to track that expense as we spend it. If we see we need to adjust the budget because the number is far too low or high we will do that. I may add a Year to Date starting in January 2013 to this update so I can track it along with all of you.

• A/C Service /Maintenance- PE $12.50 Spent $0
• Allowance $15.00  Spent $31.45
• Birthday PE $10.00  Spent $0
• Car Repair/Maintenance PE $23.50  Spent $0
• Christmas PE $25.00  Spent $10.15
• Clothing PE $10.00  Spent $0
• Dentist/Prescriptions PE $5.00  Spent $14.36  (will get reimbursed)
• Electricity/Water PE $153.05  Spent $0 (This bill comes every 2 months)
• Entertainment-$7.00  Spent $7.90 Over $0.90
• E-test PE $4-Spent $0
• Extra Mortgage Payment 5 week- PE- $101.26 Spent $0
• Furnace/Hot Water Rental PE$112.38  Spent $112.38 (This bill is every 3 months)
• Union Gas (domestic)-$59.19  Spent $46.49
• Gasoline/Diesel (vehicle)-$192.00 Spent $158.57
• Grocery- $190.00 Spent $295.77 Play The Grocery Game With us to Save! Over $105.77 Ouch! $84.23 to spend in Dec.
• Home Maintenance PE $329.00 Spent $231.12
• Car/Home Insurance-$205.17 Spent $205.17
• Income Tax Filing PE$2.50 Spent $0
• Investment-$767.00 Spent $767.00
• Licence Renewal Fees PE $11.84 Spent $0
• Life Insurance-$135.05 Spent $135.05
• Lottery-$12 -Spent-$14.00 Over $2.00 (2 free plays added encore)
• Membership/Club/Sports PE $6.00 Spent $0
• Miscellaneous-$125.00 Spent $381.65
• Mortgage-$1389.12 Spent $1389.12
• Parking-$5 -Spent $0
• Pet PE $83.33 -Spent $65.64
• Property Tax PE $287.45 Spent $0
• Emergency Savings-Saved $3643.48 (this includes PE)
• Vehicle Sticker PE $16.00 Spent $o
• Cable/Internet/Cell/Home Phone-$146.19 Spent $146.19
• Work Tools PE $50 Spent $0

Overall: This month has been an eye opener for us but that’s expected. I don’t think that any budget is perfect and that continual work on them to improve your finances is imperative.

Check in at the beginning of  January 2013 to see what the New Year Brings Us!

What changes do you need to make to your budget?

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