If you remember or you saw the post, thanks to the my money app, I created my first ever budget. Here is how it ended.
Let's start with the income, since you can't spend money without making it. My expected income for the month was $1856.35. I actually made $2481.37 as you can see. This is all due to overtime. Twenty-Seven(27) hours in overtime to be exact. It was no fun but it really came in handy since I blew my budget, unexpectedly thanks to some unavoidable events. Here goes the details.
Car Payment - $0 Left Over
This one actually met budget which was expected. I decided I won't be paying the extra I have been to finish it. I was paying $500 a month to have this completed by October but because I have so many up coming expenses around that time, with school coming up, I decide I will back it down to $300 a month(which is still $50 more than required). If at that time, I have enough in savings, I will wipe out whatever balance I have left on the car. It's an interest free loan so I won't be paying extra with either option. That's the plan for the car going forward.
Car Repairs/Maintenance - $10 over budget
I paid someone to wash my car. It's a chore that I really really dislike. As you can see, I made space in April's budget just in case I need to do it again. I have plans to do it myself but just in case it catches me off guard, I'm
Cell Phone - $6.35 left over
I actually over budgeted for this one on purpose as I always make out of plan calls due to my package.
Dentist - $45 left over
Over budgeted as well. Better safe than sorry and I should be getting a reimbursement from insurance, if I do, that goes straight to savings.
EF - $1.93 left over
EF is fully stocked back at $1000 dollars. Let's hope I can keep it there for a long time to come or maybe even increase it.
Entertainment - $100(ALL) left over
I am either super amazing or super boring. Either could work. Actually, it's not that I've been cooped up in the house all month, it just so happens that most of my entertainment fell into the Eating Out budget. I must also admit that just 3 days before the end of the month, I bought a newspaper(yes, we still have to pay for all of our newspapers here in Barbados) for $1.25. I wasn't sure if this was a justifiable entertainment expense and so as to not ruin my perfect month, I stuck the newspaper purchase into misc.
Eating Out - $4.98 left over
I bought lunch most of the days(if not all) I worked overtime. I also ate out a bit with friends and had a lot of snacks, I like snacks. An interesting point to note is that roughly 25% or $25 or so was me paying for someone else's food, which I didn't mind but it shows me that I may be able to save a lot in this category, especially when not working overtime.
Gas and Transport - $4.71 left over
I actually made it on $200 dollars for the entire month unbelievably. I believe I started with a half tank though which isn't the case for April. I went to the gas station this morning and filled up only to find out after that gas went up by 11 cents per liter at midnight; which means I could have saved about $3 dollars had I topped up last night. Needless to say, I've already spent half of the $200 for April and this is only the second day.
|102.25 for 29.38 liters of gas!|
Actual pic of what I paid
This is the big bad boy that blasted my budget with a shotgun. Unplanned expenses just cropped up with no where to put them so they landed here, the major culprits being a tyre for my aunt's car and a wire transfer to P for school. None I had a problem doing and the overtime pay still turned out to be more than the entire misc category.
Savings - $160 over budget
When you save more than you budget for, is that good or bad? Obviously it is awesome! and that's what I did. Props goes to the overtime for this but I think I would have saved more than the budgeted amount. Actually, I could have saved even more than this as my checking account had a balance left over that I could have transferred. More than likely you will be seeing that savings in this month's budget(April).
School - $60 over budget
Given I don't start school till September, I never imagined I would have had an expense in March; so I had $0 budgeted for the category. Apparently, I needed to have a check up from a doctor submitted with my acceptance form so that's where the $60 came from.
Supermarket - 2.27 left over
Too close for comfort this one and it really took me down to the wire at the end of the month; having me scampering not to go over budget while trying to purchase lunch items to get through the final days of the month. An interesting point here in this one, remember when I said I eat an insane amount of bread and cheese, I wasn't lying, Out of the $200 budget, $24.40 was spent on bread alone; and this only covers the bread I bought, I don't always buy the bread for the house. I increased this one to $225 for April, I want a little more comfort when shopping for groceries.
Given this is my first time ever using an actual budget, I think it went awesome, especially the challenges it brought. Of course I will be continuing with this from here on out, having a smartphone app just makes it even more wonderful and easier. I'm really looking forward to see how April turns out and really hoping that nothing unplanned comes up. Budgets are awesome, or if you ask J. Money, he would say sexy. If you don't have a budget. Get one now!