The budget's lookin' mighty fine!

**MomToTwoBoys** · 07-13-2009, 01:01 AM

I started putting money into savings in May. I did it for May 1st and June 1st, but I didn't do it for July 1st because of some possible unexpected withdrawals (automatic withdrawals are wierd, especially when holidays fall on the 1st). It's a good thing too because we ended up with some sick people and the need to replace a set of eyeglasses for DS5. Lo and behold, it looked like we weren't able to put as much in savings at the end of the month like normal...

then I checked the updated tax credit deposits that were incoming for July.

Our biannual deposit for the AFETC (Alberta Family Employment Tax Credit) actually increased this year. It's now $531.10 and that's up about $70. Also, the kids monthly CCTB (Child Care Tax Benefit) increased from $195.31 to $216.95. Now it's not as much as I thought it was going to be and it's not going to cushion the loss of the $100 check, but lo and behold I'll also be getting that $100 separate check that I thought ended on July 1st.

Our plan right now is to put $200 from my pension from July 1st into savings, plus $400 of the $531.10. I'll also be putting the $100 check right into savings and leave the $216.95 in my checking account to cover expenses. With another $700 going into savings, I'll have about $1800 in it for expenses coming up in August and September. We're looking at three birthdays, a new niece/nephew from SIL, school shopping, fees and the start of our Christmas fund for everyone.

DH and I also agreed that we'd each pay $200 per month towards the debt for FIL and MIL. We're on track to pay them off while still being able to put money into savings for things that aren't part of our normal budget.

The budget is looking awesome, btw! I managed to figure out that I forgot an entire week's worth of entries, hence why it was off by so much. DH is getting some OT, which is not part of the budget anyways. We figure with money in savings already, we'd use the OT cushion cash for overexpenditures in the regular budget. We're also looking to kill off some extra features and figure out how to lower our cable bill. My mother is also not coming until the first week of September too, which will help me out because I wanted to budget in a nice lunch with her and some shopping that wasn't going to break the bank (she and I both devour the clearance sales like crazy).

We're comfortable and sitting on

right now. We had some problems with the budget and finances until we figured out we were overextending ourselves in the miscellaneous area and now, we're actually looking at a profit per month of $1k. Here's to many more months of budgeting bliss!

**mauimagic** · 07-13-2009, 01:13 AM

Great work!! You are really into the details and that's what gives you control!! I'm very impressed...keep us informed - I always like to learn from others and know I can learn from your!! Mahalo

**mamamia** · 07-13-2009, 01:46 AM

Wow! You really do have every dollar accounted for, don't you? I guess I can and should take a lesson from that since it worked so well for you guys!

Congratulations on a job well done. I enjoyed your post!

Enjoy your time and shopping spree with your mom. You certainly earned it

Theresa

**frugalfranny** · 07-13-2009, 01:52 AM

Wow, do you ever have a system down. Good for you. That is what it takes and we will learn from you.

thanks for posting it.......you are on a roll, keep it up!

**phoeny_moonstar** · 07-13-2009, 02:57 AM

Awesome job! Looks like you have everything covered now.

**Greebo** · 07-13-2009, 08:51 AM

That's the way to make every dollar sit up and beg for permission to go outside!

Great job!

**Monner 1** · 07-13-2009, 09:07 AM

Wow! You have done a fantastic job. I think you have it all pulled together and the only way is up. Doesn't if feel good that it is all because of your hardwork and the help from the man in your life. Bravo.

Monner

**FrugalMomof3** · 07-13-2009, 12:42 PM

Congrats! Keep that budget going the way it is and you'll have a nice chunk in savings

**nodmicks** · 07-13-2009, 01:11 PM

Great job!!!

**MomToTwoBoys** · 07-13-2009, 01:14 PM

Thanks so much everyone! It certainly feels even better having a huge support network on here because that helps keep me going.

I'm glad that we're able to start overcoming our second-largest hurdle to date, which was the expected but not budgeted properly expenses in the months of July-October. It was getting better last year, but we were still struggling because while we had the extra money, we were keeping it in the same account as the bills and the other miscellaneous expenses.

This year, we put the slush fund to work at least three months in advance (I say three months because my planning started in June, especially in regards to the two big school funds - $220 for Dakota's lunch room supervision fee and $165 for Matthew's bus fee) and even those three months have done us wonders. We also decided that $50 per kid would be the maximum for birthdays for presents and that I'd even budget in the DQ ice cream cake for mine and DS5's birthday since they fall six days apart, we do that at the same time. I'm baking DS10's homemade cake this year since I have the supplies that I ordered from last year. I had enough money last year for my mom's visit and with her coming during the start of the school year, we're going to take her to the zoo this year and that ends up being pretty pricey.

I've got things covered way better and it's funny that DH happened to mention how the first three years of our marriage were financially stormy, but now it's so much more fantastic than ever before. I'm so glad that he's taken such a huge interest in making sure that the budget flows smooth and that we're ready for just about anything.