Thursday, July 31, 2008

July Month-End

Just as I have tasks in my accounting position regarding month-end posting, that is one of the tasks I will be doing in my blog as well. It is the end of July and I started off this month with a few goals. How did I do? (I will be posting my August goals at the end of the week.)

1.) Save at least $100 in my E-Fund. Goal met! (I actually contributed $200 and would have put in more, but I realized with the move to the new apartment on August 9th, I will need a cushion for some of the moving costs.)
2.) Save at least $200 towards a Roth IRA. Goal met! (I will be setting up automatic bi-weekly savings transfers from my checking account to my ING account since I am now receiving full paychecks.)
3.) Follow preliminary July budget. Goal met! (This went very well! I was surprised that I was under budget in a few categories, adding up to a nice amount even with my surpassed savings contributions. However, my parents were in town for 5 days and they definitely compensated me with meals out and some purchases.)
4.) Work out 3x per week. 1/2 success. (I worked out at the small gym in my complex 3 times last week and have worked out twice this week, so I only half made this goal. My motivation for working out is MUCH better when I have classes to attend!)

Regarding #3, I feel stuck in terms of how to reconcile my budget. For example, I know that in August I will have to purchase more contact lenses (~$150 for a 6-month supply) and I would like to get my eyebrows waxed and get a pedicure (~$50 together inc. tip) which I budget for every other month but included it in July's budget. How do you rollover what you did not spend? I like to leave a bit of a cushion in my checking account for random purchases that might take me over budget. What if I calculate the total under-budget amount, perhaps cut it in half & put that towards savings? What do you suggest? How do you reconcile your budget at the end of the month?


Anonymous July 31, 2008 at 9:31 AM  

Some people figure there are things like that every month, so they budget each month to come in unders a certain amount.

I estimate how much I need on average a month, put a line item in my budget, and create funds for extra money. This is especially useful for big things (insurance payment of $400) but can be used for small things if you like to be really detailed.

For others that is too much

SavingDiva July 31, 2008 at 9:48 AM  

I create a specialized budget for each month. I also add any leftover money ot my emergency fund (and pull money out of there when I forget something from my budget).

Anonymous July 31, 2008 at 12:04 PM  

I have 5 different categories that "roll over" each, car maintenance, medical...stuff like that. Perhaps you can do this with your pedicures? (Basically I make a YEARLY budget for these items and divide by 12 to save per month.)

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