Budgeting Archive

Taking control of your finances starts with taking control of your budget.

Key topics: common issues, emergency funds, sinking funds, monthly budget updates and how to make your budget work for you.

February budget forecast (+ other notes)

February 3, 2022

My monthly budget forecast includes wins from the month before, expectations for the month ahead and areas I'd like to focus on.

I used to start my budget updates with a note about how our monthly budget doesn’t change much.

And for a long time, that was the truth! Then, in 2021, we had a kid and bought a house.

What can I say? We apparently thrive on chaos. As a result, like got a lot more expensive. Our budget had to change — so, too, did my method of sharing updates on this blog.

In January 2022, I debuted a new look for budget updates and I quite like how it came together so I’m keeping it! These updates will now focus more on the wins coming into the month, any noteworthy expectations and areas I want to focus on in the month ahead. I know I like reading about how people budget their money so hopefully this will be at least a little interesting.

With all that being said, here’s my February budget forecast.

January budget forecast (+ other notes)

January 6, 2022

Our monthly budget forecast includes wins from the previous month, noteworthy expectations and focus areas for the month to come.

I used to start all my monthly budget posts with a note about how our monthly budget doesn’t change much.

So it only makes sense to start this one by telling you our monthly budget has changed. A lot.

There are two key factors that drove the changes: in March 2021, we had a kid. Then, in July 2021, we bought a house.

What can I say? We apparently thrive on chaos.

Add in the fact that my income is significantly reduced while on mat leave and, well, our budget needed to change.

So, too, do my budget updates — something I realized quickly when I sat down to brainstorm this post. The old format doesn’t make much sense for our current reality.

Today, I’m sharing my first refreshed budget update. My plan is to focus more on the wins coming into the month, any noteworthy expectations and areas I want to focus on in the month ahead. I know I like reading about how people budget their money so hopefully this will be at least a little interesting.

With all that being said, here’s my January budget forecast.

My six most surprising maternity leave expenses

November 11, 2021

Even though I knew maternity leave would be hard on our budget, that has not stopped me from being surprised by some of the maternity leave expenses we incurred.

I knew maternity leave would be hard on our budget, but that has not stopped me from being surprised by some of the maternity leave expenses we incurred.

Almost eight months in, I’m relieved things have started to slow down in terms of our spending and hopeful it will remain that way.

But those first few months?

Yikes, my dudes.

In keeping with my philosophy of keeping it real in this space, here’s a look at some of the expenses that surprised me during my maternity leave so far.

$1K is still not enough for an emergency fund

October 28, 2021

$1K is not enough for an emergency fund, especially if you're in debt. Here are three reasons why you should save a bigger emergency fund.

My thoughts about personal finance have evolved and changed over time, but one thing has stayed consistent: I don’t think $1K is enough for an emergency fund.

Saving an emergency fund was the first things we did when we started paying back our debt. It was the move that made the most sense: the emergency fund created a cushion in our budget that helped us avoid accumulating more debt when unexpected situations arose.

But when I saving, I quickly realized there are very different opinions about the “right” amount to have in your account when you’re in debt.

One popular idea is to have a $1K emergency fund while you pay back debt. I get the logic: keeping your emergency fund small means more money is available to pay off debt. More money to debt means you pay off the debt faster. Makes sense, right?

Maybe for some. But I never bought into the idea that $1K is enough for an emergency fund. I didn’t believe it at the start of our journey and I still don’t believe it today.

Here’s why.

Budget Update: February 2021

March 2, 2021

Our monthly budget update includes 5 highlights from the last month and 3 goals for the month ahead. Here's the update for February 2021.

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 February 2021.