June 2012 Canadian Budget Binder Family Budget Update
Canadian Budget Binder June 2012 Budget Update!
If you are new to Canadian Budget Binder once a month I post our family Budget update for everyone to see how we are making out. This isn’t a tool to see who is better than the other it’s to show the fans that budgeting can work.
June 2012 Canadian Budget Binder Family Budget Update
Changes to the Budget This Month- We really didn’t make any changes to the budget this month which is surprising but good. There comes a point where you hope that you have it sorted out and all you need to do is plug-in the numbers. Since using many of our free downloadable tools we have been able to monitor expenses because we are documenting and keeping organized.
New Projected Expenses- There have been no new projected expenses although we did change the home maintenance at the end of May to reflect just over 1% of the total purchase price of the home. Buying materials now is easier when you know the money is being saved. Wait until July… you will see. I’m picking up all the landscape materials for the house in the next week. This will be a huge expense for us but worth it. I hope to have some pictures up for everyone of my landscaping project soon!
Our Net Income for the month of June was higher due to
- Interest from the Savings Accounts $0.07,$2.02, $88.88=$90.97
- Overtime Pay and just received a raise in June which will be reflected in July
- Benefits reimbursement
- Work Travel reimbursement
- We found change on the ground and in grocery carts(not much but hey if it’s staring at ya, you might as well pocket it!)
June 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.
- 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 June Budget Breakdown
- Monthly Budget Total: $5,876.10
- Monthly Net Income Total: $ 7595.12
- Total Coupons Used(this includes everything not just grocery coupons: $272.67
- 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: $4569.81
Calculated is $7595.12 (total monthly income) – $1891.67 (total monthly savings) – Projected expenses$1133.64 = $4569.81
Actual Cash Savings Going Into Emergency Savings Funds: $1891.67
Calculated is $7595.12 (total monthly income) – $4569.81 (actual expenses paid out for the month) – $1133.64(budgeted projected expenses) = $1891.67(Total Savings for June)
The Outcome: June was great to us especially in terms of grocery. The Grocery Game Challenge has grown a bit and that has help motivate us to keep on saving in the grocery budget. When you know you will be held accountable you will do better than good. The garden is coming along nicely and in the next month we will be using much more food that we put sweat into sowing and growing to save money.
Total Net Income June:$7595.12
- Allowance $15-Spent $27.45 (beer and coffee) I typically buy beer from April-August.
- Car Repair/Maintenance $23.50- Spent $0-Saved $23.50 in account for future
- Christmas $25- Spent $o- Saved $25 in account for future
- Clothing $10 Spent $0 -Saved $10 in account for future
- Dentist/Prescriptions $5- Spent $10.97 (will get prescription fees paid back)
- Electricity/Water $153.05- Spent $275.91 this is paid every 2 months and is now a projected expense in our budget.
- Entertainment-$7- Spent $10
- 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 $33.99 (was under budget)
- Gasoline/Diesel (vehicle)-$192-Spent $164.00 (well under wow!)
- Grocery- $190- Spent $222.93 (over by $32.93) $222.93-$26.87 points earned at SDM event-$5.47 left on GC from SDM event= $190.59 so over by $0.59 this month YAY.. See The Grocery Game Works!
- Home Maintenance-$329.00-Spent $13.53 with $329.00 going to projected expenses. (it is said to save between 1-3% of purchase price per year on Home Maintenance)
- 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-Saved $11.84 in account for future.
- Life Insurance–$135.05-Spent $135.05
- Lottery-$12 -Spent-$15 (extra week in June)
- Membership/Club/Sports-$6- Spent $0-Saved $6 in account for future.
- Miscellaneous-$294.50-Spent $277.51
- Mortgage–$1389.12 -Spent $1389.12
- Parking-$5 -Spent $5
- Pet-$2.08-Spent $0-Saved $2.08 in account for future.
- Property Tax-$287.45-Spent $881.00 with $287.45 going to projected expenses as well. Our June instalment of our yearly taxes was due.
- Emergency Savings-Saved $3025.31-$1133.64 projected expenses = $1891.67 saved
- Vehicle Sticker-$16- Spent $o Saved $16 in account for future
- Cable/Internet/Cell/Home Phone–$144.10-Spent $121.72 (they made an error and we got credited)
- Work Tools-$50 Spent $6.46- Saved $50 in account for future
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Photo Credit:Copyright (c) <a href=’http://www.123rf.com’>123RF Stock Photos</a>
See you next month when I come back with July 2012 Canadian Budget Binder Family Budget Update
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Wow that’s great about the amount you’ve saved due to using coupons!
Thanks. It’s gone down alot since we stopped buying stuff just because we had a coupon or could get it near free. It all helps though, that’s for sure. Cheers Mr.CBB
Wow, it looks like you’re doing great! I love that you allocate money for future expenses – do you use different accounts for that?
Yes we have 3 accounts one of which we call a “projected expenses” account. So many people tend to factor in all those bills that come once a year, every couple months etc… and when the bill comes they either have to put it on credit or pull from Emergency Savings. The problem is these expenses are NOT emergencies. We feel 100% happy knowing that the money is budgeted every month and when the bill comes in we pull it from that account. Easy Peasy, No Stress! The hard part is to think about everything you know you will have to pay for at some point in the year… we factored in everything from licence renewal to getting our vehicles undercoated in the winter. Hope that answers your question… cheers Daisy! Mr.CBB
I have PC Financial too! I fail to understand why I should pay a bank to use my own money.
Good job this month, especially groceries!
Same here, didn’t pay in the UK and won’t pay here. They use our money and make money from it, never mind charging us to use our own, what a crock. Thanks, we are working very hard on the grocery part. So many people spend more on grocery than they need and waste happens, been there done that. Cheers Mr.CBB