July 2012 Canadian Budget Binder Family Budget Update
Welcome back to my monthly budget update or check-in, if you will. What a month it’s been and I can’t wait to share it with all of you. Let’s just I’ve had my hands in the paint most of the month and I’m still not done.
With school just around the corner I know if you are a parent you are wondering about ways to lower your back to school family budget. If you want to know a way to teach your children about money letting your children coordinate a spending plan with a back to school budget is a great way to get them thinking about money.
I know some parents have a set budget and allow the kids to do the shopping even if it is at the second-hand shop to get a backpack or some new digs. Teaching your children how to say no I have a budget will take them a long way in life. At least it worked on me when I as a kid, so I’m wishing you the best for your children.
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 following our own budgeting steps. This isn’t a tool to see who is better than the other it’s to show the fans that budgeting can work and that we aren’t just talking bollox. This blog helps us to become accountable for our monthly expenses and we hope it helps you to learn some tips and other tidbits along the way.
July 2012 Canadian Budget Binder Family Budget Update
Changes to the Budget This Month- Just a slight change to the Home Maintenance category this month. We realize that we will be spending a bit this year on the house so we added a further $50 a month. We also started to track our overtime so we know that we are not missing any overtime hours on our pay. You can use the free downloadable tools to print off any of these tools all of which we use in our home.
You will also notice our Home Maintenance costs sky rocketed in July and that is mainly for the cans of paint, and the new entry door,entry garage door,crown moulding and trim….endless!
New Projected Expenses- The home maintenance that we altered is a projected expense so that will get saved accordingly in our projected expense account. I will go into more detail about the projected expenses in an upcoming blog post.
Our Net Income for the month of July was higher/lower due to
- Interest from the Savings Accounts $2.74,$0.04, $94.61=$97.39
- Overtime Pay (not much this month as I was on vacation for 3 weeks)
- Benefits reimbursement
- Work Travel reimbursement
- I found $0.50 this month in shopping carts at the Grocery Store. No I don’t go looking as a hobby but I do open my eyes when I’m getting my shopping trolley. That’s $0.50 more than I had before… ah hard work.
- Paid Volunteering
July 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 July Budget Breakdown
- Monthly Budget Total: $5,876.10
- Monthly Net Income Total: $ 6981.09
- Total Coupons Used(this includes everything not just grocery coupons: $68.01
- 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: $4384.84
Calculated is $6981.09 (total monthly income) – $1462.61 (total monthly savings)–Projected expenses $1133.64 = $4384.84
Actual Cash Savings Going Into Emergency Savings Funds: $1462.61
Calculated is $6981.09 (total monthly income) – $4384.84 (actual expenses paid out for the month)–$1133.64 (budgeted projected expenses) = $1462.61 (Total Savings for July)
The Outcome: July was great for us as we surpassed our expectations with The Grocery Game Challenge having 3 people to feed and sticking to our $190 monthly budget. We learned more about getting back to basics this month from the Lil Suburban Homestead with a guest post about Sustainable Living On A Budget- A must read.
Total Net Income July:$6981.09
- Allowance $15-Spent $30(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 $17.95 (will get prescription fees paid back)
- Electricity/Water $153.05- Spent $ 0 this is paid every 2 months and is now a projected expense in our budget. Will get bill in August.
- Entertainment-$7- Spent $1.44
- 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 $32.31 (was under budget)
- Gasoline/Diesel (vehicle)-$192-Spent $143.09 (under budget again this month yay!)
- Grocery- $190- Spent $189.76 for 3 adults (awesome, very happy) Play The Grocery Game With us to Save!
- Home Maintenance-$329.00-Spent $926.16 Over by$547.16
- 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 $ 75.00 for licence renewal
- Life Insurance–$135.05-Spent $135.05
- Lottery-$12 -Spent-$10 Under $2.00 had a WIN.. can you believe it, a whopping $2.00 win.
- Membership/Club/Sports-$6- Spent $0-Saved $6 in account for future.
- Miscellaneous-$294.50-Spent $318.17 Over by $23.67
- Mortgage–$1389.12 -Spent $1389.12
- Parking-$5 -Spent $0
- Pet-$2.08-Spent $0-Saved $2.08 in account for future.
- Property Tax-$287.45-Saved $287.45 in projected expenses
- Emergency Savings-Saved $2596.25-$1133.64 projected expenses = $1462.61 saved in July
- Vehicle Sticker-$16- Spent $o Saved $16 in account for future
- Cable/Internet/Cell/Home Phone–$144.10-Spent $144.74 This is our new bill after haggling with our communications company for another year.
- Work Tools-$50 Spent $0- Saved $50 in account for future
Check in at the beginning of September to see how well we made out in August!
How did you make out with your budget for July?
If you want to ask Mr.CBB a Money related Question please click HERE.
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Cheers Mr.CBB
Related articles
- Newlyweds: How We Avoided Debt on One Income (canadianbudgetbinder.com)
- June 2012 Canadian Budget Binder Family Budget Update (canadianbudgetbinder.com)
- Money Fights and Money Problems (canadianbudgetbinder.com)
- 4 Ways To Lower Your Family’s Back To School Budget (canadianbudgetbinder.com)
- How Much Should My Grocery Budget Be? (canadianbudgetbinder.com)
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My budget in July was kindof a bust, and the no-spend challenge was laughable. You did great though, good work!
No-spend is SO hard but we stay away from the stores as much as we can. This month we are feeding 4 mouths so I’m betting we will go over budget. I’m not that magical, at least I don’t think so! Post in the Grocery Game, would love to see your shops!!!
Great job! I see you or Mrs CBB renewed your license. Is a happy belated birthday in order?! 🙂
No, they had me renew it so I would be on track so my licence was in line with my birthday which it was not. It was in line when I moved to Canada which will be 5 years in a few days which it’s not supposed to be. So now it’s right! But I expect a belated birthday if you expect y brownies lol… Cheers Jen and Congrats again for winning TOP FAN … and being TOP FAN here at the BLOG! Mr.CBB