Budget Breakdown

Budget Breakdown

You ask and you shall receive!

One of the takeaways from the money map was a breakdown of the budget was warranted.

Early Budget

Back when it was just me before I started dating Ms Blue Ribbon I was smart enough to at least track my money and have a “budget.”

It was pretty light and wasn’t being followed at all but it was something. I kept with that style after we started dating and even after we got married.

We really didn’t pay attention to it until after Mini Donut was born. I kept trying to make the old reactive budget work but we were constantly over spending and being caught off guard by different occasional expenses. (Amazon boxes were showing up quite often)

Let’s Get Real

Finally enough was enough and we got serious about our spending. We moved to a cash budget for gas, eating out, groceries, and a catch all bucket (Also cancelled prime 😜).

Luckily for us I had over 5 years of data to make an educated guess for how much each should be. Every time a new occasional expense showed up we would pay it with some of our catch all money and add it to the budget so we could set aside a little each month to cover it next time.

After a year and a half we were only making small changes here and there like adding a few dollars to internet because there was a new tax. Another being the cost of water went up so we added a few bucks as a buffer.

Primary
Home & Auto Insurance 194
DMV – Camry Tabs 18
DMV – Leaf Tabs 29
Gas & Fuel 40
Electric 50
Internet 36
Mobile Phone 50
Natural Gas 61
Water/Sewer/Trash 50
Netflix 9
Groceries 300
Mortgage 950
Daycare 868
Life Insurance 44
Christmas 17
Else 504
Allowance 30
Sub total 3,220
Savings
Roth IRA 460
Mini Donut 529 80
Baby 2 529
Property tax escrow 300
Mini Donut allowance 10
Baby 2 allowance

Let Me Break This Down

In regards to the chart, the ones marked in yellow are set up in Mint to carry over the leftover money to the next month budget to average out the differences.

Green denotes entries that are yearly. Obviously Xmas will be used in December and we will have $204 to use for gifts. Car tabs are the other ones that are yearly. I just take how much was due this year and set aside that much for next year.

At the end of the year whatever is left in those buffer entries will go toward some side goal like a trip or pay down the house or…whatever goal needs attention.

Lastly, purple is for future entries. We are still waiting on a social security number for baby 2.  We need that so we can set up his 529 and savings account.

None of those are cash entries anymore. After one year we moved gas back onto the credit card since that wasn’t a problem spot. Around that time we also moved groceries back to our Target Red Debit card since that wasn’t being problematic anymore.

Finally a few months ago we moved eating out and the catch all back onto the credit card. So far so good. We are keeping a watchful eye on those changes and we’ll go back to cash if we need to.

Do you use a cash budget for anything? What yearly expenses do you have?

How do you track your budget and/or spending?

Any Minnesotans have a good idea for baby 2’s name?

6 thoughts on “Budget Breakdown

  1. We don’t do cash, but we do track all our expenses. We’ve used Mint for years, as I love how easy I can do our budget (I feel like a real finance person!) and Hubs has used Personal Capital for a few years too. I’m working on learning that, to see our overall finance view.

    We have a pretty set budget and we follow it pretty close every month. Hubs is actually in finance and loves to make spread sheets. 🙂 We sit down once a month and discuss all our finance things in depth so I am just as aware as he is. It all makes for a well-followed budget!

  2. Wow this is super organized!

    How old is mini donut? I’m curious about the ‘going rate’ for allowance these days 🙂 We have a baby GYM (my names really don’t compare to your cute names!) and it will be a while before he would have allowance but just want to plan ahead haha!

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