Counting the Coins – June/ August 2015

Ahoy Mateys!

This is the Captain speaking with my feathery companion Norry to discuss finance!

Last month, I highlighted my current income and took a look at my July 2015 budget. Now let’s see how I did!

July 2015 Budget Complete

-Bit of red you got there, Captain.

Agreed Norry, a lot more red than I like. I majorly went over budget in food which means I didn’t get to save as much as I wanted.

– Looks like you didn’t pay your phone bill either!

Yep, turns out I’ve been paying my bill a month earlier than I needed. I’ve set up the auto-pay feature now and am just not going to worry about it.

Other changes:

I’ve restructured my budget sheet so it would be better organized and easier to read by separating my expected spending into buckets.

Fixed: Anything with a set-in stone due date or was needed for survival. Groceries, housing, utilities, phone bill, as well as my donations and patreon are under this bucket.

Invest: Stocks, bonds, funds, and long-term savings (such as house savings) go in this bucket.

Fun: Partying, drinking, eating out, going to the movies, vacations, ect. all falls in this bucket.

After that, everything not spent goes into my general savings bucket for short-term needs.

-I thought you were supposed to do savings first, not last.

In general, yes Norry, you are correct. In my case, I’m attempting to use my savings as a carrot on a stick. With this structure, I know that the only way to save a lot is to slow down on eating out and doing other random things. Since I have a strong desire to save, this should help me a lot!

I also automated a lot of my expenses so I don’t have to worry about them! All items with the green highlight are taken care of without me having to lift a finger. Technology is helpful sometimes.

But all this is looking into the past. It’s time to take a look at next month’s budget plan:

August 2015 Budget

As you can see, I’ve added some padding to my eating out and grocery buckets, but their total is still less than I spent last month. I’m still trying to cut spending in those categories but I’m giving myself a little more breathing room to do so.

I’ve also decided to work on funding my Roth IRA. The yearly max is $5,500, divide by 12 months and voila! $460.00 to my Roth account each month!

-I also see you are going to Disneyland and aren’t taking me!

I am going to Disneyland! My parents are taking my brother and I there as my 28th birthday present! I’m looking forward to a fun family vacation and knocking another item off my treasure map! Disney can be EXTREMELY expensive and I don’t want to be a burden on my parents so I am paying for my own plane ticket there and going to cover a few of the family meals. The plane ticket has been paid for already from savings, so for souvenirs and other randomness I’ve set up a large budget of 500 doubloons for the trip.

-Bye-bye savings!

It certainly feels that way! I should be able to cover all the expenses I have while still growing my savings but it won’t be near as much as I want it to be. If I can be better about cooking at home instead of eating out, if I’m careful about random spending, and if I spend less while on vacation though, my savings should grow even better!

That’s all I have for now, next post will be on how my Net Worth fared for the month of July.

Until next time, avast ye scoundrels!

Photo Credit: (c) Anna Chelnokova Dreamstime Stock Photos

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One thought on “Counting the Coins – June/ August 2015

  1. Pingback: Counting the Coins – June/ August 2015 | The Pirate's Life For Me

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