It’s already August, so it’s time for another income and expenses report. I love going back through the month to see how we did. At the end I’ll explain a little more about my lax method of budgeting and income and expenses.
This is usually our best month of the year, and it looks like it is again this year. I have to give my husband credit for all the work he does. You have to be good in business and performing to be a professional juggler.
Our income this month was $11,933.28. Since we are self employed most of that money was made in the month of June, but we weren’t paid until July.
Here are our expenses:
|Car Insurance||$76.00||Printer ink||$46.02|
|Gas and Oil||$350.00||Total||$6,661.95|
My lax method of budgeting looks like this. At the beginning of each month we estimate what we’ll spend. It’s usually the same, so we just brainstorm if there will be any extra expenses. There is always something, like birthday parties, or needing ink for the printer. Either I look it up to get a general cost estimate, or I just know from experience.
The Fridge Sheet
Then I print out a Fridge Sheet. I call it that because I am old school and have it on my fridge! It’s pretty much just an excel doc with columns for each category. I write in what the budget is at the top of the column. So for Gas I write $350 and we just minus each receipt as we take receipts from our wallet. Sometimes it’s every few days, sometimes it doesn’t happen for two weeks, but all of the information gets on there before the end of the month.
For Groceries, I don’t write $500 at the top. I write $125 per week. I learned my lesson with that. I would tend to take a little more each week sometimes spending $130, or $140, so the last week we would have like $60! That wasn’t fun. So now try to hit $125 each time. Sometimes I’m off, but I make it up for it the next week.
At the end of the month all I do is make sure the categories under. I don’t care exactly how much under they are. I don’t move money out of the account if I saved $40 that month. I just let it pad the checking account. I do this becauseÂ we go over occasionally. We don’t go over with our personal funds, or birthday’s etc, but sometimes we need to get more gas than we expected. I’m not as strict now that I am getting out of debt. If it goes over, we still have a pad from the months we were under. But I make sure to adjust for the next month.
That is why the expenses above are all round numbers. I could go back to the Fridge Sheet and tally everything for each category and record it. The info is there, and we save it in case I need to look back at it next year. But in general I don’t want my finances to take up a ton of time.
We need to be in control of our finances, but we don’t want them to control us either.
How lax is your budgeting? Or how strict is it?