Estimated reading time: 6 minutes
Please read about our August 2012 budget update and how we managed renovations, grocery expenses, and entertaining guests.
Spending And Renovations: A Month Of Expenses
August has been a busy month as we have had two out-of-town guests here, which keeps us more than occupied.
In August, I was able to finish some home renovations, but 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 neighbor doesn’t make a fuss, as he’s an absolute tosser and always has his knickers in a twist.
Another area we failed at in our budget for August was groceries, as we reviewed our monthly grocery budget.
Although we were feeding more mouths, we were impressed with how well we did.
We purchased some bulk items, such as four extra virgin olive oil jugs, which contributed to overspending.
Next month, we don’t anticipate spending much more as we will be stocked for a while.
It likely will pick up bits and bobs week by week.
Birth Of The Canadian Budget Binder Spreadsheet
I am almost finished with the Canadian Budget Binder Spreadsheet, which I have worked on in my spare time (ya right, what’s that).
The Budget should be ready for fans interested in using the budget spreadsheet Mrs. CBB, and I use in the next month or so.
In my 10-step mini-budgeting series, you can catch up with a post called Projected Expenses to understand more about what they are.
I hope this post has given you a better understanding of why we save money for future expenses we know we will have.
CBB August 2012 Budget
- Budget Changes- No fundamental changes to the budget this month.
- New Projected Expenses- There are no new PE this month to review.
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 want to fill the mower’s spare propane tank and a petrol can.
It’s also good in the winter when I’m too lazy to get petrol. Mrs. CBB doesn’t know I empty the mower petrol little by little.
I need to step it up, but I’m happy as long as it gets me from point A to point B with no delay.
Net Income August 2012
Our net income for 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 for $0.10
- Paid Volunteering
- Food Study
- Extra Pay Week in August for one of us
August 2012 Budget Monthly Overview
We have 3 Canadian bank accounts, and our chequing account is with President’s Choice Financial.
PC Financial is our bank of choice 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.
CBB August 2012 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 the year and save monthly for = $1133.64
- Total Expenses 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)
Outcome For Our August 2012 August Budget Update
August was a great month for us regarding 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 overspent in a few categories: clothing, groceries, and miscellaneous.
Blog Update
I also want to get this blog self-hosted so I can 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.
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.
Remember, my allowance is $15 a month, and I’m giving up my coffee for a long time!
Actual August 2012 Budget Numbers
Total Net Income August: $9831.82
- Allowance $15-Spent $0 (beer and coffee)
- Car Repair/Maintenance $23.50- Spent $0-Saved $23.50 Projected expense.
- Christmas $25- Spent $0- Saved $25 Projected expense
- Clothing $10 Spent $16.94 -Over $6.94 Projected expense
- Dentist/Prescriptions $5- Spent $20.44 Projected expense
- Electricity/Water – $153.05 Spent $380.91 Projected expense
- Entertainment-$7 Spent $0
- E-test –$4-Spent $0 Saved $4.00 Projected expense
- Furnace/Hot Water Rental–$112.38 Projected expense.
- Union Gas (domestic) -$59.19 Spent $34.43 (was under budget)
- Gasoline/Diesel (vehicle) -$192 Spent $60
- Grocery- $190 Spent $276.85 for 4 adults
- Home Maintenance-$329.00 Spent $103.30 Projected expense.
- Car/Home Insurance – $205.17 Spent $205.17
- 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 Projected expense
- Life Insurance – $135.05 Spent $135.05
- Lottery – $12 Spent- $12
- Membership/Club/Sports – $6 Spent $0-Saved $6 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 Projected expense.
- Property Tax- $287.45 Saved $287.45 Projected expense.
- Emergency Savings– Saved $2596.25-$1133.64 projected expenses = $1462.61 saved in July.
- Vehicle Sticker– $16 Spent $o Saved $16 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!
Thanks for reading,
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
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
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?
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
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