I feel like I’m slowly starting to get the hang of keeping track of what we are spending. I would like to be more detailed with a few categories such as food and household items but happily, I’m starting to see the money leaks in our budget. Identifying the money leaks is the first step to plugging the holes and increasing our savings rate. Here goes…
- Combined Net Income for this month: $15,090.50
- Employer reimbursement for education expenses: $675
- Returns of previously purchased items: $40.39
- Earned Dividends on bank account: $56.64
Total Earned Income: $15,862.53
Our 401k and health insurance premiums are deducted from our paychecks pretax and are not counted in the monthly expense reports. Happily, I reached maximum contribution to my 401k this month. Currently, the government will let you deposit $19,000 pre-tax into a retirement account. I also met the current earning limits for social security taxes to be withheld so there was a slight uptick in my monthly pay.
- Mortgage: October’s mortgage was paid at the end of September and was accounted for in September’s expense report. $0.00
- Preschool: $1,175 higher than last month as there were 5 weeks in October’s billing cycle
- cell phones: $133.92
- Utilities: $316.30
- Internet: $44.99
- Grocery: $624.89
- Gas: $223.97
- Costco: $405.78
- Restaurants: $241.62
- Alcohol: $221.19
- ATM withdrawal: $40
- Clothes: $61.60
- Halloween: $58.11
- Gifts: $127.28
- Donation: $50
- Entertainment: $63.13
- Medical: $130 cold and flu season hit the house early this year
We completed a landscaping project on our home this month that totaled $3,432.
Our total credit card expenses were $2,535.58 which included the premiums for our car and life insurances, sling tv, a gift for my mother-in-law’s birthday and a weekend trip we recently enjoyed.
Total Expenses: $9,885.36
We started the month of October with $32,823.24 and we ended it with $38,800.41 for a total increase of $5,977.17 which was an amazing month for our savings. We should see more income over the next two months as there aren’t anymore 401k contributions being withdrawn from my paycheck or social security tax.
I believe we succeeded in one area this month that we have been struggling with and that was our restaurant spending. We have been spending around $400-500 in this area. This month we cut that in half! Even the little successes are worth celebrating.
But hello alcohol consumption!! Football season is upon us and that means fancy beer for my husband on Saturdays and Monday nights. I’m still plugging away at the budget and the numbers and I’m still amazed that we spend as much as we do every month. I often wonder how we let it become “the norm” for us…
Thanks for reading and a big welcome to my new readers this month. Feel free to leave any comments if you notice an accounting error or if you think I can do better in one area of spending. I’m open to suggestions.