Hey there! It's Stephanie from SixFiguresUnder.com where we make our
personal finances public. Have you ever wanted to take a peek inside someone
else's budget and figure out how other people manage their money? Well that's
what we're gonna do today! I'm gonna take you in and show you our April 2018
budget and show you how we spent our money and give you some insight into how we
budget. If this is something you're interested in and you want more frugal
inspiration and financial motivation subscribe to my channel so you don't
miss anything. Now the way we manage our budget is we live on last month's income
so at the beginning of every month we have the entire income from the previous
month available to budget, So when we started out April this amount here was
the total amount we had earned in March and so we at the beginning of April or
at the end of March budgeted the whole month out and now I'm gonna show you how
that turned out and what we ended up spending. We start with tithing. We tithe
10% on our income from the previous month. We do the whole month at a time so
this shows you right here what we earned in March and so we tithe 10% on that. We
give a fast offering each month. Our monthly bills are pretty pretty steady.
We know exactly what to expect with them. The one thing (you can see what we spent
here) but the one thing I want to point out is our mortgage.
We recently refinanced our mortgage from a 30-year down to a 15-year
which increased our what we pay it for our monthly payment from $2,500 to $3,200 so
$700 more and I have a post up on my blog that goes through all the details
why we did it, how much we paid, the difference in interest, all the details.
I'll leave a link in the description to that blog post but I want to do a little
explaining here to explain why it looks like we only put $652
toward our mortgage this month so we have to go back to
March to make it make sense. So in March we set aside $3,200
for our new mortgage except because we
were between mortgages we didn't have an
actual payment due but we did have to pay some money toward our refi. That's
what this is here. This $1,682 and then a $20
wire fee for a new mortgage. We are also refunded $434
from our old escrow and so it looks like we spent $1,200
in March leaving $1,900 that will move
over to April but we also, I should note, that we want to get $6,400
here so we wanted to be two months ahead on our mortgage, so we
were using March's payment to do part of that and
then in April we got another refund, a big refund $3,690
from our escrow. They had a big cushion of escrow money in
there and we got that back over the the month or so after closing with them. So
this also includes our payment at the end of April the payment that's
due May 1st we made at the end of April so that includes taking that $3,200
and we wanted $3,200remaining here as an extra
buffer. We already live on last month's income, so we're already a month ahead,
but we wanted to be two months ahead with funds for our mortgage just as
an extra precaution. So I wanted this to be $3,200 so in order to do
that this is how much-- $652 is how much we needed to put
in because we had such a such a big refund on escrow. So this is after the
mortgage payment we still have that left so that in May we put in another $3,200
and end up with $6,400 here, but then $3,200
will come out during May. So I hope that made sense. If not leave me a question
I'm happy to answer. All of our other monthly bills are pretty pretty standard
trash and water come every other month so I
budget for half of what then bill normally is. Electricity varies I like to
put $300 there. Usually it's under $300 and then at the end of the month I just zero
out what's what's left in here so at the beginning of the month we had $300 here
so then at the end of the month it had this $88 that was left and so I put that
somewhere else. Let's put that back to normal
Okay our our variable expenses-- our everyday expenses. For groceries I
usually set $400 a month for our family of seven. We usually try to spend $350 and
then the extra $50 we either order meat from Zaycon Fresh in bulk or
this month we needed to renew our sam's club membership which is $45 so we spent
about $350 on food and then another almost $50 on our sam's club membership.
Gas is about $3.30/gal where we live something like that, so we spent about
$400 on gas. Clothes $73 which I'm totally happy with. I got a suit for my
husband, a brand new, name-brand suit on eBay for $50, $60 dollars with shipping
He's a hard size to find because he's really tall and so I was really excited
to find that and he wears suits a lot so that was a good purchase for us
Household we usually set at $150 so we're happy to be under this month.
For fun $6. We spent on red box movies I think. Animals $95 that's that's high
This month there was a sale on chicken feed and so we got eight bags
it was $11 for a 50-pound bag which is a good price for where we live.
Kids activities $38. We were in a musical production and had to get some different
things for costumes some fabric and some costome clothes at the thrift store for
our costumes. Periodic expenses, these are our
sinking funds. So we didn't have any car repair this month we put in $300 we're
sitting at $843 for what we have saved. Medical we put in a hundred we used
about $55 for prescriptions or co-pays for visits. Right now we have about $400
in that category. Dental we put $30 have $120 sitting in there. Our registration and
smog we put $40 a month have $104 in there right now. Birthdays and gifts we
put $40 a month have $122. I didn't spend anything there.
Same with Christmas put a hundred in. Life insurance if we put $70 each month
we have what we need when the payments are due. We had about a thousand set aside for
some home projects that we want to do. We haven't got around to those yet but we
spent about $16 getting some some soil for some things that we want to
plant. We kind of have a makeshift planter bed that we made out of some
scrap wood that we had and we needed some more dirt for that. We didn't put
anything in furniture though we still have $40 sitting around there. For
vacation and family reunion we have a family reunion coming up this summer so
we're just setting aside a little bit of money each month for that. We put aside
$200. For allowance we do about $60 a month. We give our kids 50 cents for each
year their age. So our 10-year-old gets $5 a week, our 8-year-old gets $4 a
week and so on. I'll have a whole video up on that at some point here how we do
that. Okay our rainy day funds. Our emergency fund, we were able to put more
toward this this month because we did get that the big refund from our escrow
and so we didn't have to put all the money that we would normally budget for
our mortgage so that's where a lot of this extra toward our emergency fund
came from but we were able to put $3,400 toward our emergency fund along with
some interest that it got so we're up to about $14,500. We just put
$100 toward our kids 529s. It's not much but we set it up a while ago back when
we were still paying off debt $25 for each of our kids (at the time we only had
four). This retirement money comes right out of my husband's check but I put it
in here I add it into our money received and then have it in here just just to
keep track just because I like to know. We're putting $550 a month that
automatically comes out toward my IRA so that at the end of the year it will be
maxed out. This is money that we set aside 25 percent of my blog earning that
go toward our tax liability. my husband between what he sets aside or what he
has withheld at his day job and this that covers all of our taxes for both of
our businesses (his law firm and my blog) and his regular day job. We have an
annual plan with our tax preparer that costs us $90a month and don't
worry it saves us more than we spend. Okay I want to take a quick peek at May.
We've already budgeted it's a week into May when I'm making this video so we've
already budgeted and spent some of this money. So as a refresher we started May
out with all the money that we earned in April we set that money aside during
April as we earn it and it all comes up here to the top of May and then we
budget that out a lot of them. A lot of the categories they're just the same
every month. Some of them vary. We put a little bit more into fun
because we're planning to get a pool pass for our family and a little bit
more in kids activities because I think we have some things coming up. You can
also see that of our $400 food budget we've already spent $367.
We do a monthly grocery shopping trip where we go to
Winco, Sprouts, and Sam's Club and I'll have a video up on
that soon so if you like grocery hauls, if you like to see what we how we keep a
$400 food budget for our family of seven, subscribe to my channel. I'll have
our monthly grocery haul video up shortly. I just want to point out you can
see how the month starts all these nice even pretty looking numbers but when it
ends up it's gonna look more like this where things aren't exact and you can
carry the extra over to the next month but what we like to do we this is how we
started when we were paying off debt we like to take any of the extra in these
categories and funnel it toward our whatever financial goal we're working on
Right now we're trying to get our emergency fund up to six months of
expenses so whatever we don't spend in clothing or groceries or fun
all of that money instead of just carrying over to the next month we put
it all toward our goal for that month so while these are all nice even numbers
right now at the end of the month they will hopefully be less than this and the
the remaining the extra in those categories will go toward our goal also
if for some reason we need to spend a $167 on kids
activities we take that extra $67 from somewhere else in our
budget. It may be from you know one of these other categories that that were
just sinking funds or it may be from our gas budget or our grocery budget. The
extra spending has to come from somewhere though. So right now it looks
like in May we're gonna put $1,548 toward
our emergency fund, so stay tuned to my channel to find out if that's actually
how much we put or if we're able to put more from saving money in some of these
other categories. If you have any questions leave them in the comments. I
would love to chat with you! Thanks for watching!
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