Today I am going to show you how I close my budget for the month. To do this, I use my budget sheet and spending tracker.
As usual, I will be giving myself 5 takeaways that I can apply to my next month's budget.
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These funds help me feed my cat and keep this blog up and running.
- Overspending on groceries - like loads!
- Took £8.81 out of cushion fund.
- Miscellaneous costs still too high.
Actions for November's Budget
Adjust the grocery budget, so we don't overspend on groceries.
Every time Mr Budget and I talk about what we plan to eat in the week ahead, this always leads us to spending less.
However, on the other hand, I am well aware that Mr Budget sees things very differently to me. He will start to feel suffocated by the budgeting, if I talk about it too much. So we compromise, and talk briefly about ideas for the week. He loves to cook and while I want to save money, Mr Budget creates healthy home-made meals that are really tasty.
His approach relies on, to some extent, buying fresh vegetables and other additional items. As a fervent budgeter, this could potentially stress me out, as we are more likely to overspend. But marriage is about compromise right? By constantly adjusting the budget, I will get closer to a fluid approach where he doesn't feel suffocated and I feel we are balancing our budget.
So this month I will adjust the grocery bill to £300 (up by £50) . This will be taken from the eat out budget. I only ended up withdrawing £150 out of the £200 budget and we had £23.83 left at the end of the month.
Also, I have analysed the spending and realised that I have been taking trips to the Co-op far too many times, buying my other obsession (Pepsi Max) and chocolate bars. So my efforts will be to cut this down. I could do to lose a couple of pounds around my waist, so this could work!
Keep the coffee and breakfast budget the same.
These cash envelopes are really working for me. The physical cash makes me balance my spending throughout the month.
Coffee - £25 amount left £0.11
Breakfast - £20 amount left £0
The amounts are just enough to make me feel I am having a small treat, even though, in other areas we are cutting spending.
Keep the cushion in place - it worked
I kept £50 as a budget cushion, so that if there was an overspend in an area, this could supplement it. Because I didn't make myself a physical cash envelope, it became a little bit complicated. So I had to take £10 from the cushion because I needed to stock up on my once a year vitamin d pills.
In November, this cushion will be physical cash, because I think that would be more simple to manage.
Remember that the mortgage on one of the rental houses will be temporarily higher before it is remortgaged next month.
As another remortgage is due, the mortgage on this rental house will be £100 higher than last month, so this will need to come out of the figure normally I would use to overpay the mortgage on the house we live in.
I feel frustrated because I love seeing our mortgage come down - but I need to remember this is only temporary and in December I will be able to continue to overpay the mortgage.
Don't forget to pin me for later!
Earn as much extra income as possible, to help overpay our home mortgage
As said above, I'm frustrated that I won't be able to overpay as much of our mortgage as I would like, in November. But, I will challenge myself to earn extra money, to go towards this.
Admin and Creativity
Over the last month, I have created improved designs of my cute cash envelopes. I find handling the cash easier with the horizontal cash envelopes. How cute are these!
I also love my new one sheet budget planner, but it is only temporary, as I have decided I want to create a new really cute budget workbook based on this sheet.
My love of colourful things and cute graphics really motivates me to budget consistently, so my workbook will be full of these!
So what have your budget successes been and what have been the lows of your paycheck budget?