Tuesday, March 29, 2011

New Monthly Budget

With the purchase of the condo my budget I've had to re-jig my budget.  Since I am paid twice monthly and my mortgage is taken out bi-weekly I've created a plan to save for those two withdrawals that are outside of the norm for me. I also take care of paying property taxes instead of having my mortgage company do it, so that's something I have to budget for.

I do a lot of money shuffling each month, which essentially requires me to write out a list of what to move where on the 14th and second last day of the month.  It takes a bit of work and time, but I've gotten into a groove lately, and have actually enjoyed budgeting.

INCOME Budget ActualDifference
Full Time Job3,080.54   (3,080.54)
Extra Income               -  
Gifts Received               -  
Transfer from Savings               -  
Total INCOME      3,080.54                   -     (3,080.54)
EXPENSES Budget ActualDifference
Mortgage703.76       703.76
Hydro40.00         40.00
Condo Fees165.32       165.32
Home Insurance24.75         24.75
"Extra Mortgage" Payments58.65         58.65
TTC Metropass111.00       111.00
Gym65.00         65.00
Rogers (Phone, Cable, Int)125.00       125.00
Property Taxes87.58         87.58
Total EXPENSES      1,381.06                   -      1,381.06
LIFE Budget ActualDifference
Groceries275.00       275.00
Personal Supplies25.00         25.00
Entertainment100.00       100.00
WW23.00         23.00
Misc. (Haircuts, Zipcar, etc)40.00         40.00
Total LIFE         463.00                   -         463.00

SAVINGS Budget ActualDifference
Emergency Fund400.00      400.00
Camera/iPad Fund100.00      100.00
RRSP350.00      350.00
Clothing Fund70.00       70.00
Gift Fund75.00       75.00
Travel Fund200.00      200.00
Car Fund40.00       40.00
Total SAVINGS  1,235.00           -     1,235.00

Total Income3,080.540.00-3,080.54
Total Expenses3,079.060.003,079.06

According to the Gail pie chart here's how I'm doing:
Home: $1,080 = 35.1%
Life: $653 = 21.2%
Transportation: $111.00 = 3.6%
Debt: $0 = 0%
Long Term Savings: $750.00 = 24.4%
Planned Spending (I just don't feel right calling this savings!): $485 = 15.7%

Any feedback you have is welcomed!


  1. Your budget looks really good! I know a lot of people will suggest that housing should stay within 25% of your income but your other areas are very manageable so your doing great! Keep up the good work and congrats on your new home.

  2. "Planned spending" is a great way to put it!