Budget…or lack thereof

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I try nearly every month to make a budget, but based on my work it’s incredibly hard to make one that works, makes sense, and covers everything necessary. But, I’ve decided to lay out how my finances are distributed, and make a sort-of budget. Since it’s the first time I’ve really done this, it will obviously take some tweaking over the next couple of months.

This is what I need to spend, and where I expect things to go

Rent                             $425
OSAP                           $305
Groceries                     $160
Phone Bill                    $80
Parents                         $100
Credit Card                  $100
The Banker                  $50
Gas                               $50
Savings                        $100
Date Nights                  $40
Clothing                        $40
Other spending            $150

TOTAL                         $1600

You don’t see insurance on there right now because it is part of the debt I owe to my parents. Also, because the Banker has a steady job and was making a lot more than me until recently, he pays for the hydro and TV/internet (bless his soul!).

These are things that I need to do each month, and when I get extra money, above and beyond what I expect I put more toward debt and savings, and occasionally allow myself to splurge on other things.

My income varies greatly because of substituting, but I can afford this budget based on my expectation of 8 teaching days, and my weekends at the cheese shop. I’ve been lucky to get at least 15 days of teaching a month, if not more, so I’ve done well for the past few months. I also do have my pay from another organization, but programs only run for 10 weeks at a time, and are coming to an end now, so I don’t want to include it in my budget.

While I haven’t made a budget before, I do track my spending every month. I’ll start to share this breakdown with you at the end of March, and continue to do so every month afterwards. You may not be impressed with how I spend my money, but I do encourage everyone to track their spending. Even though I’m not where I want to be with my finances, I am getting better at controlling my spending. Seeing where all of my money goes at the end of the month really opens my eyes and makes me want to do better the following month.

Wish me luck and I hope when I share, you’re not too embarrassed for me!

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2 thoughts on “Budget…or lack thereof

  1. J xo

    I think your budget is greatt !!!! … some months if you have extra from your $150 other spending i’d throw it into savings and at the end of a chosen month period (e.g. 6 mth/1 year etc) put a lump sum onto your debt to see it disappear. Another thing that I do to manage my debt is to lay out my debts and choose the debt that has the smallest amount pay that off first since it is the most achievable and see the debt disappear. It allows for a sense of accomplishment and drives you to keep saving that hard earned money.

    Id love to share more about my debt story !!
    — sincerely J xo

    • J,
      This month, I am FAR over the $160 I budgeted for other spending..I’ll be posting it all tomorrow. I did horribly!
      But I definitely agree with taking anything left over and putting a huge chunk onto debt. It’s nice to see it disappear!
      That’s a great way to budget. I’m trying to pay off the debts with the most interest first and then I can pay back The Banker and my parents a little more quickly!
      I’d love to hear more about your debt story too!

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