For the longest time I have been using budgeting spreadsheets or templates, but I’m either too lazy or forget to fill them out. Budgeting apps made it easy to track my spending automatically. After few months of failed budgets, aka not being real with myself about how I use my money, a budget template was made. My budget varies every month because life changes and I try to accommodate any emergency expenses coming my way beforehand, having that baseline helps me.
After a year-long spree of paying off credit card debt, this is my first time following saving oriented budget. I found that paying off existing debt is easier than saving or putting money away.
Expected Income – $2500 paycheck + $1700 rental income = $4200
Potential Income – $??? Work bonus at the end of the year
Mortgage & Rent – $2060 Morgage for the rental property plus Rent (includes utility and internet) that I split with my BF
Auto Payment – $320
HOA – $300 rental property
Groceries – 200$
Shopping – $250 Holliday gifts for family and White elephant gifts for work
Gas & Fuel – $80
Restaurants – $50 Treat myself $$$
Insurance – $120 Rental property insurance
School – $650
Parents Loan – $160
$4200(Income) – $3380(Expenses) – $810(Savings)=$10 wiggle room
10 bucks are not much, but at least I’m not in the negative.
I’m not counting my work bonus simply because I don’t know what it is yet. When it arrives it will go towards my car loan and car insurance for the month of January. Tough month for the budget with all the gifts and holiday parties but let’s make the best of it.