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 June 2019.
Monthly Budget Updates: June 2019
In June, we…
- Paid $1,450.00 to the student loan
After making a big payment on the loan last month (thank you, three pay May!), June was a lot more typical. Of this, $450 accounts for the minimum payment.
- Went over budget
June was an expensive month. I wrote about it here, but essentially, the old adage proved true: fail to plan, plan to fail. We’ll be getting back on track in July.
- Opened a TFSA with a robo-advisor
Finally! I’ll write more about this eventually but so far, I’ve been enjoying it. I’m not investing a lot right now, mostly because our focus is on paying back debt, but a little is better than nothing, right?
- New laptop savings: 35.07 per cent
I opened an account with EQ Bank in April to save for a new MacBook. Happy to report that right now, I’m on track to have the money put away by December!
- Started saving for Christmas
In the past, I have created a specific sinking fund for Christmas. This year, I’m doing things differently and focusing instead of putting money into our general gift fund. The first step was to up the amount per pay going into this account. Next will be determining how much I want to put away ahead of the holidays.
July 2019 Goals
Looking ahead, in July, we will…
- Book accommodations for Newfoundland trip
Does this look familiar? It should. It was on the list for last month. For some reason, it just did not happen. This needs to get done in July.
- Set Christmas budget
Yes. I’m thinking about Christmas. In July. By the end of the month, I want to have a budget set for the holidays so our budget can be adjusted to reach that goal.
- Find a good resource to learn about investing
I’m going to write more about this later in July, but one thing I want to do this summer is learn more about investing. I have a pension, an RRSP and a couple TFSAs…and I only know the bare minimum about most of these products. That’s not acceptable. In July, I want to find a good resource to get started on learning more. Any recommendations?
Your turn! How did June turn out for you? What are your goals for July?