Budget Update: July 2018

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 July 2018.

Monthly Budget Update: July 2018

In July, we…

• Made progress on our credit line

We paused our snowball in June to beef up our vacation savings (even though we changed our mind about where we’re going). In July, we got right back to work and put $1,150 toward the outstanding balance.

Total remaining: $5,501

• Got the car road ready for another year 

The car passed its inspection ($35) without needing any major repairs. We also paid the annual registration fee ($91). Thank you, car sinking fund!

• …and had a little visit from Murphy 

While the sinking fund took care of our inspection and registration, we did have an unexpected car expense: we had to replace two tires thanks to not one, but two nails. Not something either of us wanted to deal with but it happens. Came to about $180 for two new all-seasons. Thank you, emergency fund!

• Enjoyed an amazing, budget-friendly vacation

I visited my best friend in Ontario and it was awesome. Even better: thanks to our vacation sinking fund, my personal saving envelope and a mindful approach to spending, I won’t be paying back a credit card for weeks afterward. Win!

• Gave thoughtful gifts

I’m not going to get into the details about this, but after some prayerful consideration, we put some of the money we had initially saved for vacation toward a few gifts for friends. It was nice to be able to do this and we both feel good about these decisions.

August 2018 Goals

Looking ahead, in August we will…

• Make a huge payment on the credit line 

August is a five pay month. The goal is to use that fifth pay to make a big dent in the remaining balance of the credit line. If things work out the way I hope they will, the balance will be around $3,500 by the end of August.

• Declutter the spare room

We made a dent on this a couple months ago, but there are still some things I want to do. I have items I need to get rid of – mostly books, but a few other things, too. In August, I need to prioritize listing sellable items online and sorting out things that can be donated.

• Find ways to bless our friends 

Pretty self-explanatory. We have spent a lot of time over the last several months learning about living in community. I want to make a more conscious effort to put that learning into action.

Your turn! How did July turn out for you? What are your goals for August?

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