A Brand New Budget For a Brand New Year!

Since the end of the year is wrapping up, I decided to review my budget and see if anything can be changed for the new upcoming year. I am put together a new budget which I hope will accommodate my lifestyle. The new figures are as follows:

Fixed Expenses:
Student Loan Payment - $856.00.

• My actual payment has now decreased to $716.00. When I first started paying back my student loans in 2006 the payment was $809.00. However, with the help of extra payment along the way, my payment is now $716.00. That being said, I am intending on paying $856.00 a month until I have paid $10,000 in student loan payments for the year (around October). Then I am going to take the extra $135.00 a month and put it into either my new sidebar Home Down Payment Fund or start a new sidebar for a Car Fund.

Rent - $425.00

• Currently my half of the rent is $425.00. That is fairly cheap for where I live. However, my lease runs up in April and I was thinking about moving closer to work. The prices closer to work for something comparable are about twice as much; thus, I am starting a Home Down Payment Fund to purchase my first home. So, I am not quite sure whether I will move closer to work or continue to pump money into my Home Down Payment Fund and make the commute.

Utilities - $100.00

• This includes Electricity, Gas, Water, Sewer, and Trash Pickup.

Nexflix - $18.18

Variable Expenses:

Vet -$30.00

Groceries - $160.00

Eating Out - $120.00

Entertainment - $200.00

Shopping - $200.00

Gas - $130.00

Prescriptions - $20.00

Savings - $800.00

• Gift Fund - $40.00
• Travel Fund - $100.00
• Home Down Payment Fund - $460.00
• Taxes - $200.00

Total Budget - $3,000.00

I will try to compare my monthly budget at the end of every month to determine how I did for that month.

Anyone that has any comments on whether applying extra payments to my student loan vs. saving for a house is a better option. At the moment, I am trying to accomplish both. Should I throw all my extra money at the down payment and just continue to pay the minimum on my student loans? It just really upsets me that they are for 25 years and I will be over 50 and still paying student loans. AGHHH.

$75

I am going to have to rack up on the no spend days during the next two weeks. Not only do I have 4 left to meet my goal of 8 no-spend days for the month of August, but I only have $75 left in my checking account for the month. Having two HUGE spending weekends at the beginning of the month (Dave Matthews and Bachelorette Party) has depleted my monthly budget. It is going to be tough, but hopefully I can make it without drawing any money out of my emergency fund. Technically, I have $50 which I can pull out for the co-pay for my emergency room visit.

Bachelorette Party Spending

I am sure all of you are dying to know if I was able to keep under my $150 spending budget for the bachelorette party. Let me preface my spending by saying that this does not include the spending for the Lingerie Shower (although that wasn't too bad). In fact, I ended up having plenty of help. The bride's sister sent $100 check to help, the bride's future sister-in-law brought two appetizers and the cake, and a friend of the bride brought alcohol for the weekend plus two appetizer. So split between my mother and I for the lingerie shower were - finger sandwiches, shrimp with cocktail sauce, dip with chips, cheese ball with Frito's, mints, punch and nuts. For about $45 a person. I spent the bride's sister's $100 on the decorations, plates, forks, cups, etc.

Now for the Bachelorette Party:
Hotel Room - $38
Dinner at Rendezvous - $30
Two lunches - $27.00
Gas - $25
Drinks (mostly bought by guys out on Beale Street) - $15.00

Total Spending - $135.

Emergency Fund

I have been saving religiously in an Emergency Fund, and I am now thankful that I did. This past weekend in Memphis, I had an unfortunate accident and ended up breaking my thumb. (yes, you read that right, my thumb). I spent the better part of yesterday afternoon in the emergency room for a temporary split and made an appointment today to see a orthopedic doctor. I am not sure what this little accident is going to cost me, but I am sure it is not going to be cheap. I already had to pay a $50 co-pay at the ER yesterday.

The worst part is that I am in limbo as far as insurance goes. I am covered but with starting a new job I don't have all the paperwork processed or any insurance cards. I am not sure if I am going to have to pay out-of-pocket and then try to get the insurance company to reimburse me or what.

Frustrated

As I previously mentioned, I am hosting a bachelorette party for my old roommate the second weekend of August. We are having her Lingerie shower at my house on Friday night and then heading to Memphis to party on Saturday night. I originally had wanted to plan her party closer to her wedding (in October), but the other girls that volunteered to help ALL wanted the second weekend in August. *

Well, yesterday I found out that ALL three other girls that volunteered to host her party have backed out and are not coming. Only one girl, her sister, is actually sending money to help defray the cost. This is frustrating because I do not have the money to cover all her expenses and I don't feel appropriate speaking with her about it. She has been a very dear and great friend to me and I know that if the situations were reversed she would plan my bachelorette party without any help. The help is not really the problem though because I can plan the party by myself, it is a money issue. The only solution that I can come up with, is after finding out who all is attending the events to send them an email asking for volunteers to bring appetizers to her Lingerie Shower. I expect whomever is staying in her hotel room is expecting to split her cost and at dinner/bars her friends are just going to have to pony up. Any other suggestions?

*The second weekend in August was inconvenient for me because I start my new job that week and am not sure what time I will get off for a party that starts at 7 at MY HOUSE.

August Plans

I have two very expensive weekends starting off August. The first weekend, the bf and I are heading up to Memphis to catch a Dave Matthews/Willie Nelson concert. Expenses include:

Ticket plus misc at concert - $100.00
Gas - $25 (we are riding up there with another couple)
Meals - $80 (one expensive dinner with drinks on Friday night and then Saturday and Sunday's lunch and dinner)
Vet - $30 (have to board my babies)
Birthday gift - $30 (t-shirt at concert. However, this will come out of my gift fund)

Total - $265
This money will come from various places including travel fund, gift fund, and groceries/dining out.

The following weekend I will be hosting my old roommate's bachelorette/lingerie party. We are again heading to Memphis. Expected cost for the weekend:

Food for Lingerie Shower - $100.00
Lingerie Gift - $30.00
Gas to Memphis -$35.00
Room - $75.00 (my share plus part of the bachelorette's)
Dinner - $50.00 (my share plus part of the bachelorette's)
Beale St. - $100.00 (my share plus part of the bachelorette's.)

Total - $390.00. WOW, things really add up.

I am hoping some of these costs will be defrayed by other friends willing to help. I may dish out some of the food responsibilities and others should help with her drinks and room. Needless to say, once the $390 is gone, that is all I have.

That is $655 in just two weekends. Look's like the other two will be low key.

Because I have been a little over zealous this month with spending, I had to withdraw $200.00 out of my emergency fund to make it through the rest of the month. I am hoping that I can manage NOT to spend all of the $200.00 and be able to replace some of the withdrawn funds at the end of the month. However, I have gone over in several categories.

So far the damage is:

Groceries - $301.26/$300
Shopping - $418.46/$150.00
Gas/Auto Maintenance - $247.36/$160

(Keep in mind that there are still two weeks left in July. I filled up my car yesterday with gas so maybe (highly unlikely) I will be able to wait until August before filling up again. But, I know that I will need to buy more food before the month is complete.)

Weekend Spending - OUCH

I think this weekend has caused me to go over in almost every category. I have spent relentlessly. But on things that I had to spend on.

I finally, I mean FINALLY, got my oil changed. Along with the oil change, I needed new windshield wipers and an air filter. Grand total at the shop - $75.16.

Then lunch on Saturday at a bbq restaurant for the bf and I - $12.60. A friend from high school of the bf's just opened this bbq restaurant and we told him that we would check it out.

Dinner Saturday night: $49.32. This included rib eye steak, baked potatoes, salad, and apple pie with ice cream for 3. It was delicious. We were cooking out at a friend's house.

Then the bf and I went on our weekly run to the grocery store (Walmart). We spent a lot. I hope that it is going to last us through most of the month because my grocery budget is minimal. For $126.35 (the bf and I split this, so my part wasn't this much) we got:

Bananas,
Brown Rice,
8 x 8 baking pan,
Fudge Ice Cream Pops,
3 lbs ground turkey,
Skewers,
2 cans of Tomato Sauce,
Flour,
Mozzarella Cheese,
6 Smart Ones,
Grapes,
Spinach,
Pepper Jack Chicken Dinner,
Hot Dog Buns,
3 Bell Peppers,
2 boxes of Corn Bread Mix,
Taco Dinner Kit,
Potatoes,
Onion Powder,
Onion Salt,
Garlic Powder,
Onion Soup Mix,
Onions,
5 lbs hamburger meat,
24 pack diet coke,
Shaving Cream,
Barrettes,
Deodorant,
All Detergent,
Dirty Rice,
Trash Bags

Grand Total for the Weekend - $207.43

I had a great 4th of July at the beach. We got to the beach late Thursday night and went out and had a few drinks with some friends. The bf bought most of my drinks so I only spent about $15 at the bar. We got up early Friday morning, the bf went and got the boat out of dry storage while I made sandwiches and snacks for the afternoon. We headed out to Crab Island for the entire day and got back to the condo just before the fireworks started at 9. We were so tired from the long day on the water, we went to bed early. The next morning we did it all over again. But Saturday night we went out to eat at a really nice restaurant for dinner. Afterwards we headed to the bar for a few drinks. My total at the bar was $33.
Gas for the trip - $76.37
Ice for the boat - $6.14
Drinks for the boat - $20.82
Drinks at the bar Friday - $15
Drinks at the bar Saturday - $33.00

Grand total for the 4th of July weekend - $151.33. That means that I only went $1.33 over budget for the long weekend. Not to shabby.

July Expenses

We are starting off July with an expensive meal out. My bf's college roommate, his wife, and their new baby are coming into town today. We are planning on meeting them out for dinner. With food and drinks, we are probably talking about $100.00. Which I am sure will be well worth it. The bf rarely gets to see his college roommate because he lives 6 hours away and they just had a baby. We went and bought a baby gift last night, but the bf paid so I will probably try to split dinner with him.

Besides tonight, this weekend is also going to be pretty expensive. We are leaving tomorrow after work to head to the beach until Sunday for the 4th of July. It is a tradition for the bf and I to go to the beach, spend all day out in the boat, and then watch the fireworks. I am pretty excited! However, we tend to eat out every meal except for breakfast. So, I am budgeting $100.00 for food and $50 for my share of the gas.

Other expenses for the month include:
a $200 registration fee for a convention which I am attending July 15-20.
gas and food while at the convention.
two birthday gifts.
several happy hours to celebrate friends birthdays.

The good news. . . I have two free weekends when I will be in town and don't have any plans. Hopefully during those two weekends I will be able to recoup the money that I am spending.

June Tracking

June is officially over and it is time to see how I did on last month's budget.

I paid off my credit card debt!

Prescriptions: 175.55/50. I went way over budget this month in prescriptions. I combine my personal prescriptions for the month along with my pet's frontline/interceptor. This month I decided to buy a six month supply on frontline which cost me $55.00. I also had my dog's annual vet visit where he got several shots/vaccinations.

Utilities: 47.73/100.00. I am not sure if this is a true estimate of my monthly utilities because it is the first month the my new roommate has been there. So, there may be some utilities that were paid previously when old roommate had transferred the utilities that were in her name to her new house. I should get a better estimate next month.

Groceries: 153.60/200. There was a week when I didn't have to buy groceries because I was in the Bahamas. Otherwise this number would have been really close to over-budget.

Eating out: 41.67/100. I did rather well with eating lunches and dinner at home.

Misc: 217.15/130.50. This category always gets me. If I don't have another category to place my purchase I add it to the misc category. I tend to go over-budget every month in this area. Need to work on that.

Gas: 91.99/160. I didn't have a chance yesterday to fill up otherwise I would have because my gas tank is pretty low. If I added another $60 on this amount which is probably about what it takes to fill up my measly 14 gallon tank I would have been pretty close to budget.

That is how I did this month, how about everyone else?

First Lunch

Today is the first day that I have eaten lunch out. I spent $11.00 at a hibachi grill with my administrative assistant. We had an excellent time and I am really proud of myself for eating in so much. In fact, this is the first money out of my $100 eating out fund for this month and it is already the 20th of June. It feels great to be sticking to a budget!

Unexpected Vet Expenses

Last week while I was in the Bahamas I had to board my 5 lb puppy (G) at the vet's office. Since I received G as a birthday gift from my bf on June 1, 2007, it was time for his yearly vaccinations while he was being boarded. So when I returned from my trip, I owed the vet $175 for his services (7 days of boarding + shots).

As if that didn't hurt the budget bad enough, G has been sick the entire time since I picked him up. As soon as I got him home on Sunday, I laid down some food and he ate the entire bowl like he was starving to death. I filled the bowl back up and he again wiped it clean. I decided not to give him any more, since he usually has a bowl of food down all day and eats a few bites here and there. Then the mess started. G has had the runs every about two hours for the past three days. I have had to bathe him a minimum of 12 times because his hair is long and it gets all in it. Needless to say, it is disgusting.

Well, after another long night of getting up every two hours, taking G outside to use the restroom, giving him a bath, and getting back to sleep, I decided to call the vet this morning. I thought that he would feel better by now, but he hasn't. They want me to bring him in this afternoon at lunch because he risks the chance of becoming dehydrated. Looks like an unexpected vet expenses is going to clear my bank account this month.

All for the love of dogs.

Getting Back on Track

The bf and I made it back from 7 days in the Bahamas with his family late yesterday afternoon. I have to admit, it was the best vacation that I have ever taken. The most relaxing part was not having to make any decisions and just being able to go with the flow of things. It did take all of my travel fund, but it was worth every penny. The Bahamas is absolutely the most beautiful place. If you haven't been and ever get the opportunity to go - DO NOT miss the trip.

While there we ate some of the best food. We went to the only 5 star restaurant on the island, tried the local cuisine (conch), and even cooked out one night. We went snorkeling, visited Atlantis, and soaked up the sun on the beach. We were there for their Labor Day - June 6th and got to attend a parade. We even shopped a little downtown. It is hard to believe that the week is already over. I guess the saying is true - Time flys when you are having fun!

I wholeheartedly agree with all the pf bloggers who have mentioned that spending their money on experiences rather than things means more to them. I wouldn't give up this experience or memory with my bf for anything. This is a trip we will cherish for the rest of our lives.

With that week behind me, it is time to get back on track with my budget. As I explained in an earlier post, I am not very good as keeping receipts on vacation. And this vacation was not any different. However, because the money came out of my travel fund and not my monthly budget - it does not make any difference. Starting today, I am going to keep track of the rest of the month. NO excuses.

Also, now that I am back I hope to make more regular posts.

Lost Track

Unfortunately, I have been VERY bad at keeping track of my budget this month. I have been out of town every weekend. That has caused me not to keep up with receipts and make sure which categories I am staying within budget. I do know one thing for sure - I have spent $237.08 on gas this month. That is $77.08 over budget.

I know that there has been plenty of talk on the blogs about limiting weekend trips with the rise of gas prices. While I have not been limiting my amount of travel, it has definitely put a kink in my budget. I am having to cut back in other areas (i.e., disconnect cable) in order to pay for the increase. I value the time spent away with my bf more than I do the daily cable.

If you are like me and cannot seem to limit your travel over the weekends, what areas have you found to cut back on in order to afford the gas prices?

Changing Roommates

Changing roommates is really starting to wear on me. My old roommate (C) is officially moved out of our place and with some of my stuff. Almost everyday I have to call or text message her about belongings of mine that she has taken to her new home. I am sure that it was not intentional (or she claims that it is not), but it is still frustrating. I didn't realize that I should have stayed in town this weekend instead of visiting my family to make sure that she only took out what was hers. And the worst part, she probably has more stuff of mine that I just don't use as frequently and realize that she has taken.

The other problem is bills. She signed a lease until August 31, 2008. I found another friend of mine that would be willing to sub-lease from her until the lease expires and she can sign a new lease, but truthfully that friend is really helping her out. We got a cable bill in yesterday which covers the month of May and C has asked that R (the soon-to-be new roommate) pay the bill since she will technically be in the house for the month of May. This is really frustrating to me because I cannot afford the bills by myself, but I don't feel that I should ask R to pay the cable bill until next month. Plus, I refuse to pay more than my portion when I am upholding my lease obligations until it expires.

What is the best way to approach C?

I don't want to ruin our friendship, but this is really starting to stress me out. I live on a very strict budget. Also, I don't think that I should be the go-through person. I believe that C should contact R and they can come to some kind of agreement about the rent/bills etc.

The End of the Month

I finished my spreadsheet for the month of April and I must admit that I didn't really stick to my budget that well. Here are the totals:

Prescriptions: 87.50/50.00
Groceries: 162.97/200.00
Eating out: 161.74/100.00
Misc. 128.36/70.50
Gas: 138.45/160.00

I also spent 39.18 on a new bathing suit and 40.95 on a birthday gift for my mother. I was only able to put an additional $10 on my cc debt beyond the $566 and I had to take $160.00 out of my travel fund for my Passport application.

Overall an expensive month. Not to mention that I supremely failed Krystal's April Challenge of sticking to a $100 eating out budget.

April Update

We are a little over halfway through April and I have decided to see how well I have been with my budget thus far. I am actually doing pretty well in every category except for misc. Too many things come up in which I don't have a specific category for and I place it in misc. Here is the breakdown:

Groceries: $86.43/$200
Eating Out: $62.36/$100 (I really need to watch this category. I am participating in Krystal's April Challenge and really want to stay within my $100, but there are plenty more days in April in which I could blow it. I am pushing it rather closely.)
Misc: $149.31/$70.50 (I am in the negative $78.81.)
Gas: $92.25/$160 (This category looks good so far, but I know that I will have to fill up at least two more times this month. And at $40 a pop I could easily lose this race.)

Working for the Weekend

As the last three weekends of April are going to be very busy, the bf and I are traveling every weekend with rising gas prices, we decided to take it easy this weekend. We were relatively successful. Over the weekend I spent roughly $78.82. And all has been accounted for in my budget. Here is a breakdown of what I spent:
Lunch with two girlfriends - $11.62
Interceptor and frontline for my puppy - $36
Groceries - $17.13
My prescriptions - $14.07

Overall no frivolous spending. We have enough meals planned throughout the week. Hopefully, we will not have to make a single trip to the store. I am keeping my fingers crossed.

March update

With March officially ending today... it is time to review my budget and goals. I did fairly well sticking to my budget (minus the few setbacks from the last weekend). I was on target on everything except a few categories. I went over my grocery budget by $4.77; my eat-out budget by $28.83; my gas budget by $24.56; and my misc budget. I came to the conclusion that I need to further define my budget because anytime I didn't have a category I placed the money spent in my misc budget. Needless to say, I went WAY over budget in that category. Thankfully, I was under budget on a few categories so I had the money in the account for my misc budget.

I am on track for my goals, but think I am going to change things up a little bit. On the first of every month, I am going to deposit $900 in my ING account, on the 20th I am going to withdraw $566, and then when the money is in my account I am going to pay my cc bill with the $566. This way, I will make my final payment into my ING account to reach $6000 in December, but my cc will be paid off beforehand. Once my cc is paid off, I am going to snowball the $566 into my student loan payment. I know that may people have mixed feelings about paying extra on their student loans, but with $107,000 worth...every penny counts. I just really want to be under $100,000 by Dec. 31, 2008.

Also, this month I think that I am going to participate in Krystal's (at give me back my five dollars) challenge. I think that I am really going to stick to the $100 eat-out budget. There is no way I should be spending more than that in a month. Got to cut somewhere and this is my downfall.