May 2013 Budget & Goals

May 2013 Budget & Goals

You guys, I’m going to be completely honest and say that I am dreading this month. Look at how much money is going to go in and out of my hands! I’ve been looking at this budget over and over, for days now, and it still doesn’t seem quite right. Am I forgetting something? Maybe. Or am I just stressed out? Probably. Let’s talk about how I came up with all of these numbers, so I can try to get past it and start the month I am now calling May Madness.

The first thing you may notice about this budget is that I have added a new category: Saved For Expenses. This month, I’ll be using a huge chunk of the cash I’ve been saving up all year. On what? Moving expenses. I literally feel sick, when I think about how much this move is going to cost me, but I am so freaking thankful that I saved up for it! On top of travel expenses, I need some new furniture, will need to do a big grocery shop, etc. It’s all going to add up quickly (and the money will disappear even faster).

Moving on to regular expenses, this is the first month I’ll be living on my own this year! While I don’t think anyone likes the idea of coughing up $1,000/month for rent and utilities, that’s life in a big city. But my place is big and beautiful and I can’t wait to have my own space again. With that being said, the first month in a new place is always the most expensive. I need more money for groceries, so I can stock up on cooking oils, spices, condiments, etc. And my Internet isn’t included in my rent, so I’m only estimating what my first bill will be.

Now, let’s talk about the fun stuff. The category that makes all the stress of this month disappear: Debt Repayment. On May 31st, I am going to make my final debt repayment. I don’t really need to make my final payment that day, and I honestly do feel like I’m pressuring myself a little bit to do so – but I just want it gone. Gone, gone, gone. I want June to be a fresh start, with a new budget and new goals. I don’t want to be putting $800-1,000 towards debt anymore! So I’m going to do whatever it takes to wipe it out on the 31st.

Goals for this month:

  • Move, buy some new furniture, and get all setup
  • Start running 5x/week (some short runs, some long runs)
  • Finish reading Wild and read at least one other book
  • Make my final debt repayment (and do a major happy dance)
  • Enjoy every minute of my weekend away!

What do you have planned for this month?

  • “Am I forgetting something? ”

    Yes Cait, I would suggest a few suggestions and observations, if you don’t mind.
    Given that this is your first budget in your new digs, with many variables and unknowns, it might be prudent (like many corporate budgets do) to have a category called “contingency”. This is meant to cover some of the risk in guessing wrong in some of your other budget items. Also, me-thinks budgeting only $5 towards Misc./cash – for the entire month – might not be all that accurate, don’t you think?

    Instead if you are really determined to fully pay off that $995 debt this month then you might want to consider trimming down a few other items a tad, like perhaps restaurant and entertainment. Just my humble suggestion, my friend. Hope you don’t mind my 2 cents worth here.

    As for us this month, my wife and I are getting ready for a few birthdays (for our kids) and for Mothers Day. With my MIL (now 93) and my mom (92) I don’t expect that there’ll be too many more such celebrations in future years.

    • Honestly, I’m so OCD that I usually just make my Misc./Cash bring the total to something even, lol. I find that most of my purchases go into the other categories, but I could look at it more seriously.

      Enjoy all of the festivities with your family!

  • Yay for paying off your debt this month!! You will have so much more room in your budget to do the things you want to do (I’m assuming saving is on the list ;-)).
    Congrats on the new place and here’s hoping you get a sweet introductory internet deal. Ahem, or you get a nice, unsecured neighbour for awhile.

  • I can’t believe you are almost debt free! That is so exciting. Sounds like it will be a rough month, moves are always so expensive. Enjoy the weekend away though, that sounds fantastic!!! Once things get settled, you will have a better idea of what your actual budget will be.

    • Moves ARE always so expensive! Big ones, anyway. At least June 1st will be a fresh start, in more ways than one. :)

  • If it makes you feel any better, you don’t really have $5,200 leaving your hands this month persay. You’ve been saving for the better portion of the year to pay for a bunch of these expenses, so that $2,000 “left” your hands in previous months’ budgets. You’re double counting your money. Yes, it’ll hurt something fierce when the money actually exits your accounts, but its a pain you knew was coming. You’ll be fine ;)

    • I know… I wasn’t sure how to write this budget, but I really wanted to keep track of my moving expenses. Sure, the money is set aside, but I still want to know what I spend it all on. So, it’s in the budget, lol.

  • I like your budget, it seems good to me (also makes me feel reassured that I budget in a similar way :) )

    Vis a vis internet, who are you going to use as a provider? I moved into an older building in March so I had to go with Telus, but I got a steal of a deal because my friend works in sales. If you’re moving into a newer building (in Vancouver, I assume?) you should check out a fiber optic provider like Novus… great rates for unparalleled connection speed.

    One of my friends has Novus and I think he pays in the $40 mark and gets download speeds in the hundreds of MBPS. If this matters to you, I’d say go with them :)

    • I looked into Novus! But I’m outside of Van, in an area they don’t offer coverage. Wah. So, Telus it is. (At least it’s better than Shaw.)

  • I was a little thrown off by the spread sheet; it took me a little while to realize it is all expenses. Glad you have saved up, and congrads on paying off the debt!

  • I am in a similar situation but for my June budget, the bf and I just bought a house and will be moving in June 10, so we will have to figure out our budget for our new place. This will also be our first time budgeting together so I think it will take a few months to get it right.

    Oh a positive note, NO MORE DEBT!!!!

  • Did you mean the phrase “that’s life in a big city” literally? It made me smile, because it’s a phrase my grandmother always says to describe rolling with the punches of whatever comes your way :)

    • I did mean it literally, but that’s a super cute saying! I think I might have to adopt that. :)

  • Hi there! I’m new to your blog and have just embarked on a similar quest to become debt-free. It’s so inspiring to see how far you’ve come in a relatively short amount of time. You’re almost there. So psyched for you! Congratulations!

    • Thanks for commenting, Carly! It’s really nice hearing from new readers :) good luck on your journey to becoming debt-free! It’s not easy but is definitely worth it.

  • I’m sooo excited for you that you’ll be debt free soon! That number does seem like a ton of cash, but much of it is one-time expenses, so don’t fret! Enjoy your May and your new place!

    • Thanks, Daisy! I’m excited to see a much smaller budget in June (one with zero debt repayment, woo woo!).

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