Our monthly budget 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 June 2018.
Monthly Budget Update: June 2018
In June, we…
- Paid a small amount on our debt after all
In last month’s update, I mentioned we would be pausing our snowball to save for our vacation. We did that, but we still made a little progress on the credit line. The initial plan was $100 — $25 a week — but thanks to my raise, we finished the month at $150.
Total remaining: $6,652.
- Booked our vacation
Initially, we planned to go to Iceland in September. We talked about it, researched it, and saved for it. We figured we would need at least $5K to make it happen.
But when it came time to book, it didn’t feel right. And the more we talked about it, the less sense it made to spend big bucks on a vacation right now.
So, Iceland is going on the back burner…and we’re going to be crossing the bridge over the Prince Edward Island for a little getaway instead. We’re staying in a TreePod and I am super excited about it!
- Spent a silly amount of money on our cats
Both cats were due to for their annual checkup. For the most part, they both did well. Lyla, our 8 year old, is starting to see some mobility changes, so the vet recommended we start giving her omega 3 ($20 for the bottle). She will eventually need (very expensive) dental surgery to remove a tooth (due to something beyond our control).
Nala…well, she needs to lose a bit of weight.
Cost for the checkups: $135.70 x 2 = $271.40 total. Cost for the omega 3 supplement = $20. Total spent: $291.40.
We also bought a new litter box. The old one was four years old so it was time. All I can say is thank heavens for sinking funds!
- Bought new clothes
Each week, I give Jeff and I $20 each to spend on whatever we want. I typically save mine. This month, I bought some new clothes. I have not really done any shopping outside necessities in a long time so it was nice to get a few new things (especially since almost everything I bought was on sale).
- Started decluttering
I made a couple online sales this month, which was nice. Did not do as much on this front as I wanted, but that’s OK.
July 2018 Goals
Looking ahead, in July we will…
- Contribute to our RRSP
I know this isn’t something you aren’t supposed to do when you’re on Baby Step 2, but the idea of not putting away at least a bit for retirement makes me uneasy. Now that our emergency fund is fully stocked, we will start making small contributions to our RRSP again.
- Get the car inspected and registered
Registration will cost about $100, with MVI coming in around $40. We did one semi-major repair this year (replaced the alternator) and the car seems to be running alright, so hopefully inspection goes smoothly.
- Stay on budget in Ontario!
I’m heading to Ontario in July to visit my best friend! I don’t have a strict budget, so to speak, but my goal is to be mindful of my spending. Some of the money in our vacation fund will go toward this trip.
Your turn! How did June turn out for you? What are your goals for July?