Budget for August

In Uncategorized on August 6, 2009 at 7:56 am

Well, July was not a great month for my budget. Luckily, I brought in a lot more income than I normally do – thanks to my side hussle – so it worked out. And I still contributed to my debt repayment so I am no worse off.

HOWEVER: the point was to stay WITHIN my budget not BLOW it!

But here are some reasons why the budget went over.

It was the month for our kitty’s veterinary checkup. This amount is an amount I put away for every month, so in my monthly budget it was not reflected since it came out of my savings but will get replaced in the few months to come by the amount I contribute every month to ‘my kitty fund’.

I had several weddings to attend in July. Not that I didn’t know in advance and plan for these weddings, but being out of town I of course forgot some staple toiletries that I had to pick up and this threw my ‘personal effects’ line off. *sigh* Luckily I can replenish this line with the coming months by refraining from buying any more toiletries or makeup and my clothes should be fine now until fall.

Speaking of clothing, I am going to be sorting through my closet and placing several of my fall items from a couple years ago on consignment. Hopefully this amount will be able to see me through any new fall clothing I need to purchase this year. The hope is to come out even. Since I only buy secondhand clothing or items on deep discount, this shouldn’t be a problem.

My goals for August are to track every expense weekly and to stay within my budget.

I’ve also come close to obtaining my $500 cushion in my chequing account so I will attain my goal of having $1000 emergency fund too.

As some of you know, my emergency fund is not to cover lost income if I lose my job, but to cover any unforeseen expenses that in the past would have been covered using my credit cards. This is to keep me from racking up more debt while I pay it off.

Eventually I would love to have an e-fund that covers 6 months of expenses, but right now my main priority is to eliminate as much debt as possible. Maybe once I am down to only paying off my line of credit I can really build up that fund.

Happy Thursday all!

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