Budget Update: August 2019

Our monthly budget update does not change much. 

It is primarily fixed expenses, like rent, phone bills and car insurance, which remain the same month after month.  Even the amount budgeted to our miscellaneous line (more on that here) stays the same most months. 

So instead of giving a line-by-line breakdown for our monthly budget update, I do something a little different.  Each month, I share five highlights from our budget, along with three goals for the month to come.

Here is the update for August 2019.

Monthly Budget Update: AUGUST 2019

In August, we…

• Paid $1,450 to the student loan

August was a regular month in terms of pay periods, so we paid our usual amount toward the student loan. This total includes $450 for a minimum payment, with $1K in additional payments toward the principal.

Current balance: $34,629.30

• Spent $332 on car repairs

Just when I thought we were done with car maintenance, we found out we needed to replace our water pump (and one of our belts). This was definitely not in the August 2019 budget. Thankfully, this repair was affordable — $332 included the part and labour and we had it all in a sinking fund already.

• Stayed on budget for Ontario vacation!

I spent 10 days in Ontario in August visiting with my best friend. I saved about $500 ahead of the trip and planned to use about $150 from our travel budget. Thanks to eating more meals at home and shopping a little less, I managed to not go over this year.

We also saw the Jonas Brothers again and it was awesome.

• Struggled with our budget

I’ll be real with y’all: I struggled with the August 2019 budget.

Being away during a pay week really threw off my routine and I felt like my spending was all over the place. I anticipate feeling like this at the start of September, as well, where we are away in Newfoundland. Once we are back, I do think it will go back to normal.

• Decided to decrease our emergency fund (temporarily)

Another moment of transparency: our emergency fund is going to be at about $3.8k for a while.

I went back and forth on this, as I feel most comfortable when we are sitting on about $5K, but it feels like the last few months have been a little expensive — and I want to have a little more money available for our trip to Newfoundland.

Once we get back from vacation, we will focus in on refilling it back up to $5K!

SEPTEMBER 2019 Goals

Looking ahead, in September, we will…

• Stay on budget in Halifax / St. John’s

This will be my second vacation this year! We’re planning to spend a couple nights in Halifax before heading off to Newfoundland. We usually do the west coast, so this time, we’re checking out the east. I’m excited! Most of the big items are already paid for (accommodations, flights) — I’d like to keep what’s left to about $1.5-$1.8k, if possible.

• Begin replenishing the emergency fund

Once we return from Newfoundland, the focus will be back on getting this account to $5K. The goal is to have this done by end of November or early December at the latest. It should be doable.

• Continue building Christmas fund

And actually start planning gifts. Usually, Christmas shopping is my thing but for some reason, I have been struggling a little this year. By the end of September, I would like to have a bit more of a plan for gifts.

Your turn! How did August turn out for you? What are your goals for September?

Photo by Matthew Henry from Burst