Estimated reading time: 12 minutes
Welcome to the August 2023 Budget Update edition for the CBB family.
Today, you’ll find out how we spent $24,547.30 over budget in August.
I look forward to putting this post together as it lets us see where our money was spent.
A budget also acts as a diary for your expenses so you can look back to see success and failure.
After all, we can only be successful if we learn from the mistakes we make along the way.
Our budget update also lets readers know that we are NOT perfect and must make changes like everyone else.
We use the tools (Free budget Binder), and I hope you have downloaded your free copy.
If there’s any information that you’d like to know or explain about our budget, please share your comments below.
Alright, let’s get into this.
Discussion August 2023 Budget
These budget updates are massive for us since we try hard to save.
Regarding renovations and the increase in expenses, it’s nice to know that we’re improving our home, but that comes at a cost.
I hope you enjoy the August 2023 budget update, and please share your comments below.
Percentages For the August 2023 Budget
Budget Month Comparison
We had a 40% expense increase due to renovations and other category overages.
I received a 3.5% raise at work in August, which will increase as I get retro pay.
August 2023 Household Budget Percentages
Our savings of 27.07% include investments and savings based on our net income.
The housing category was less in August than in July at 21.04%, as most of the renovations were paid the month prior.
Our Life Ratio is high at 40.99%, which I will discuss below.
Equally important is saving money for our projected expenses due throughout the year.
All categories took 100% of our income, showing we accounted for all the revenue in August 2023.
Our Life Ratio category is more than the projected 25% or less at 38.77% and is something we will review if it becomes a problem.
Life contains everything from groceries, entertainment, miscellaneous, health/beauty, clothing, etc.
Both housing and transportation stay below the monthly percentage points.
Grocery Food Savings Jar August Update
Soon, I will be writing a detailed blog post about why we will track our grocery discounts.
I will tally it at the end of the year to see how much we saved buying reduced food products.
For August 2023, we saved $ by purchasing food that was reduced in price.
Also, we received free food from the Flashfood app using rewards points that I don’t calculate into our grocery expenses.
So far, in 2023, purchasing discounted food has saved us $847.10.
August 2023 Budget and Actual Budget
Below are two tables: Our August 2023 Budget and our Actual Budget.
Our August 2023 monthly budget represents two adults and a 9-year-old boy.
Budget Colour Key: It is a projected expense when highlighted in blue.
Since May 2014, we’ve been mortgage-free, redirecting our money into investments and home improvement projects.
This type of budget is a zero-based budget where all the money has a home.
Estimated August 2023 Budget
Actual August 2023 Budget
Our Canadian Banks
- Chequing– This is the bank account from which we pay our household bills. We use Simplii Financial, TD Canada Trust, and Tangerine Bank. Join Simplii Financial today! Read more about the best Canadian online virtual banks.
- Emergency Savings Account– This money is in a high-interest savings account (HISA)
- Regular Savings Account– This savings account holds our projected expenses.
Breakdown Of Our August 2023 Budget
Below are some of our variable expenses from August, apart from investments.
In August, we spent $3,940.32 over our budgeted $ 6,840.26, so let’s look at where the extra cash went.
Also, we didn’t account for the $18,000 cheque (final payment) we wrote for the windows in our monthly budget.
We have rectified it and noted it for our yearly figures, as we also had to pay a $7k downpayment.
August 2023 Budget Category Changes
We did not have any budget changes for August, although we need to increase our pet budget.
We will ride out what we have until the end of the year.
Come 2024, we will make the appropriate changes since our projected expenses are insufficient.
Although I sprayed the dust out, it needed a good scrub, so I ordered from Amazon.
We also purchased batteries, peppermint oil, and dish towels that finally went on sale.
Our main household bills were standard, with some changes for hydro and gas, as expected.
Our cats went to the vet in August to the tune of $317.07 for their shots, and the new cat went for his first visit.
We spent the remainder of the $604.77 on wet and dry cat food and treats, one from the vet for their teeth.
We purchased our son’s Halloween costume on Amazon, so that’s out of the way.
Other items he needed were back-to-school supplies from the Dollar Store.
His laptop mouse wasn’t working, so I bought him a Logitech wireless mouse, which he prefers.
In preparation for our son’s birthday, we bought gifts, primarily clothes, cologne, socks, soccer cards, National Geographic excavation kits, and posters for his bedroom.
The big ticket birthday item was an adult metal detector and WilFiks heavy-duty pick axe.
We had a great time searching for treasures, although nothing of value has been excavated yet.
The cool part is that the company sent us a card asking for a review, and they’d give us a $50 Amazon credit.
As he gets older, we find that clothes and other items we get for his birthday are increasing.
We will increase the birthday budget next year.
Since we don’t have a party for him and his friends, we spend more on him.
We paid $420 for our son’s Fall soccer team and training.
I had to purchase another year’s worth of parking passes for McMaster Children’s Hospital for $100.
When we arrived, I had no tickets left, so we had to pay a whopping $20 to park for two hours.
It’s worth buying a yearly pass to park your vehicle if you often go to the hospital as we do.
We didn’t spend money using the FlashFood App in August but have saved $338 in 2023.
In August, we found some fantastic deals on the Flashfood App.
We look for milk, yogurt, specialty bread, and meats and have purchased a La Rocca cake. (it was so good.)
Health and Beauty
Anything purchased in this category is all Mrs. CBB’s doing. Haha!
Items include iron pills, CeraVe hydrating cream, bathroom cleaner, paper towels, toilet paper, and a jug of Palmolive dish soap.
Those are just some items on the list, as there were more but just general needs.
PC Optimum Points
Our current PC Optimum Points amount is $6700.
TD Visa Cash Back Amount
Our TD Visa has a cashback balance of $345.13.
We will continue growing until we want to use it towards our credit card bill or redeem it.
Unfortunately, we made a double payment when we paid our Visa bill, but we aren’t sure how.
We decided to leave the overpayment as it was too much hassle to get it back.
I’ll explain how this works in an upcoming blog post.
In the meantime, TD Visa uses the overage when we spend money on the credit card.
What credit card do you use that offers you the best amount of cashback?
Canadian Tire Triangle Rewards August 2023
With so many renovations this summer, anything I could charge, I did.
I also took advantage of points days at Canadian Tire to earn even more cash back.
This is the highest I’ve ever had for a CT Money balance, but it will be helpful for more renovations.
I have to admit that I like this way of earning money over the paper bills they used to give me.
At first, the change was shocking, but I’m thankful I don’t have to keep track of it alone.
As tidy as I am with money, I always found Canadian Tire bills stuffed in my glove box, desk, or garage.
Just like budgeting helps keep our finances in order, so does having online rewards tallied without physical objects.
Another one that popped into my head was the McDonald’s coffee stickers, which are now on the app.
Grocery Budget August 2023 Budget
We blew the August grocery budget by $333, which was attributed to having company and overspending.
There were so many deals in August, and I started to purchase new spices and gluten-free flour for the blog.
My blog food is incorporated into our grocery budget, as I can’t claim it as a business expense.
I couldn’t find a definitive answer through research, but if you know I can, please let me know.
Here are some of the items I purchased on Amazon.
- Webber Naturals Cold Milled Flaxseed
- Sukrin Gold Brown Sugar (I might try to make my sugar-free brown sugar).
- Bobs Red Mill Gluten-Free Flour
- Yupik Organic and Gluten-Free Buckwheat Flour
- Harissa Spices
- Sumac Spices
- Quinoa Gluten-Free
August 2023 CBB Net Worth Update
I will share the difference and percent change in our investment portfolio monthly.
In August 2023, we saw a 1.56% decrease in net worth due to spending too much money.
That number equated to a decrease of $24,200.36 in our overall wealth.
The massive decrease was partly due to the $18,000 final payment for windows and sunroom renovations.
Although our net income decreased, the value of our home has increased, which doesn’t matter much unless we are moving to a lonely place on the other side of the earth.
Buying a starter house for nearly a million dollars these days is the tip of the iceberg in our city.
Our investments increased by 0.55%, which isn’t much but better than nothing.
Until Next Time!
That’s all for our August 2023 Monthly Budget, although I may change things as I go along.
If there’s something you’d like to see in our monthly update, hit reply to this email and let me know.
Thanks for stopping by, and please subscribe if you are new to CBB.