Update: June 2014 Budget & Goals

Update: June 2014 Budget & Goals

Happy Canada Day, friends! Do you have any fun/exciting plans for today? I came home from Victoria last night, so am probably just going to get groceries, bake muffins (lemon raspberry, mmm) then get some writing done. You know – just another regular day over here. Although, if it warms up to 32°C (90°F) like it says it’s going to, I may have to go read a book in the sun!

June was technically the first month of summer, and that can be seen in this budget. I track my spending weekly, so I knew I was going to be way over budget this month, but it still didn’t feel good to add in the final numbers last night. However, considering how much travel I did and how many gifts I purchased, I’m impressed the final totals aren’t higher. Let’s look at how June’s budget and goals finished up.

I met my savings goals, which was great. Everything under housing and health care also came in on budget. And even though it felt like I drove a lot this month, my actual transportation costs still came up short. Huh.

Travel, on the other hand, was a little more expensive than I’d planned for. Even though I was only in Toronto for a week, I ended up spending even more than what I’d felt was an already-sizeable budget. And I only budgeted for one of my ferry rides to Victoria, because I didn’t think I was going to come back until today (which would’ve been in July’s budget).

Should we talk about food next? I had this master plan to lower my restaurant budget this month, and really restrict how much I’ve been spending on coffee and treats, and I just gave up on it. Actually, I was doing pretty good until I went to Victoria, where two brunch dates and two dinner dates (literally) ate up more than half of the total you see here.

Finally, “my money”. For starters, I bought myself a new wallet, a little black dress ($20 at H&M), a couple basic tank tops and some iron supplements, which put me over budget for personal care items. I also donated $25 to a friend who participated in a walk for Lou Gehrig’s Disease. And then I gave gifts to my heart’s content: to Mom for her birthday and Baby Bro for his graduation.

While I hate seeing overages at the bottom of any budget, this one worries me less because I received some freelance income this month. I don’t know if I’ve announced this yet, but I’m now contributing to Tangerine Bank’s new blog. I wrote a few posts in May, which I received payment for this week. Oh, and my first post for The Globe and Mail’s Education Lab was also published. I’ll link to those at the bottom!

In the end, I put 19% of my income in long-term savings, spent 35.5% on housing, 9.5% on food, 8% on transportation, 11% on travel, 3% on health care, 3% on myself, 8.5% on gifts for others and I donated 2.5% to charity. When I look at it that way, it doesn’t seem so bad, but I’m still going to take on a new challenge next month, which should make July’s budget look a little better than this one does.

Goals for this month:

  • Map out summer travel dates/monthly budgets – PASS!
  • Transfer pension into RRSP – PASS! Well, I filed all the paperwork, but I’m still waiting (somewhat impatiently) for it to be deposited into my account.
  • Read 2 books – PASS! I read Delancey and The Opposite of Loneliness.
  • Workout 4x/week – FAIL! But I worked out 10x this month, which isn’t bad.
  • Do a 30-day plank challenge – FAIL! I did this for 7 days, then forgot about it the minute I landed in Toronto, lol.

How did your month finish up?

  • So much giving this month – just another reason you’re awesome :). However, I have to say, you should be banned from talking about what you bake until you agree to send it to all of your readers ;) ;).

    …I’m off to find a muffin now…

    • Haha, hope you found one. If it helps, I’ve been too lazy to bake (so far) today.

  • Check out the Canada Day celebrations at Lafarge Lake. It is a beautiful place, usually have some neat stuff going on for the holiday, its close and they have great fireworks.

    I have also overspent this month, bought a few necessary and wanted items. Also ate out a few more times then the budget fully allowed.
    However I have also worked extra hours and all expenses are covered. I should be more careful tracking my expenses and staying in budget. I don’t worry about it too much since I have paid off over 18 k in debt since the beginning of the year and I will be months early from meeting my financial goal for the year.

    That being said, my goal for July is to actually stay within budget for my discretionary spending.

    • Wow, that’s *really* close! Thanks!

      You’ve made some great progress this year, Ashley. Congrats!

    • Yea, I’m going to try again this month… but I am NOT looking forward to it, haha.

  • June was my first month with a budget for my variable expenses. Hubby was reluctant but thrilled when the bills came in. We both have decent incomes (ok, well above decent) and it is easy just to spend and not really go into debt but I want to be putting more money aside for several big trips that were coming up.

    I was over budget $38 last month. A surprise trip to the vet (which was $140) put me over, but for a first month I was thrilled!

    Thanks for helping inspiring me to budget!

    • Wow, that’s great for a first budget, Kristen! Thank YOU for sharing your numbers here. Good luck in July :)

  • Well Cait, no worries about being a bit over-budget. It happens to us all once in awhile – like moi:

    One item that I was expecting at some time and it just happened to occur this past month – our driveway repaving – $1500 (actually it was a good deal)

    And then there was a second item that I was not expecting at all. One of my income slips was omitted when submitting my 2013 income tax return so the Feds came back at me for more tax owing – over $1700 :-(

    So Cait don’t feel too bad and if you ever feel like over contributing again to charity well – I’ll happily take a few sheckles off your hands! :-)

    • Ouch! That’s rough, Rob. Is it too early to ask for Christmas gifts? Instead of Tim’s cards, request donations? hehe. I’m sure you have it covered, but that’s still a blow to the budget for sure.

      • No worries, Cait. Fortunately the “investment gods” were again kind to us in June so that overall the budget deficit was absorbed with no drama. I just mentioned it to make a point – no matter how well one tries to budget accurately, at times there still occurs those “little unexpected expense surprises” that might trip you up if you aren’t adequately prepared.

        Happy Canada Day, buddy!

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