July Budget Results

It is the end of July and all my bills for the month have been paid.  For the month of July I ended up over-spending my budget in certain categories and under-spending in others.  Overall, I did not exceed my July budget, but moved some dollars around.  I think I did pretty well for my first time establishing a monthly budget.  I will need to continue tweaking my budget as each month comes to a close to reflect what I truly need to spend.

I was a little alarmed at first that I had not spent my entire “Debt Service” category since I was under the impression it was minimum payments for the most part.  I took a look and realized that one of my bills is around the first of the month and sometimes the payment is made prior to the first and sometimes just after.  The next payment is after August 1st, so it will carry over into my August budget.

I feel ready to tackle August and create an even better budget!

Budget Analysis July
Category Budgeted Actual Difference
Food $          250.00 316.03 (66.03)
Housing/Utilities: $     1,115.00 1,106.51 8.49
Personal Care: $         20.00 0.00 20.00
Recreation: $         20.00 80.51 (60.51)
Transportation: $        125.00 146.96 (21.96)
Pet Care: $        100.00 89.50 10.50
Debt Service: $       1,515.00 1,358.52 156.48
Savings: $          300.00 300.00 0.00
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One response to “July Budget Results

  • wealthartisan

    Hi There,

    Great job on your first budget. The first one is always the most difficult. You’ve taken a huge step in the right direction. One of the most important things that you need to know is that every penny must be accounted for. If you have extra left over at the end of the month, then allocate to debt, savings, or a mixture of the two. You’re doing great though, just keep up the good work!

    Thanks,
    Timothy

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