This is how I setup my new budget.
Mortgage + utilities + internet + phone = 32 %
Car insurance + maintenance = 3.7 %
Groceries + gas + vitamins = 8.4 %
Netflix + Yard service = 1.8 %
Other = 4.1 %
Total = 50 %
I will try my best to stick to this budget. Because I pay car insurance twice a year, the monthly insurance amount has been already paid, but I will save this month's portion. The maintenance cost is the average monthly value, and this month I will have to get the car serviced, so only 1/6th of the cost will go into this month's budget.
When I was renting, I was able to save approximately 60% of the salary most months. Now I have new expenses such as property taxes and home insurance, and home repairs. And utility bills are higher as well. So I couldn't save as much after I bought the house. I hope there will be no unexpected expenses this month and that this challenge will help me to pay more attention to my spending habits.
This month I will be able to use kale and lettuce from the backyard without buying organic greens. It should save some money as organic vegetables are expensive. Because the weather is cooling down, I expect a lower electric bill as well.
The other half of the salary will go to different savings and retirement accounts. I also plan to pay extra $250 mortgage payment.
What I really want to learn from this challenge is that how much money I need to live a comfortable, yet frugal life style. The first day of the month (today) is already a no spend day, as I stayed home. I made cornbread muffins, a mutton stew, granola, and several vegetable dishes enough for the work week. In the backyard I repotted basil, green onions, bitter gourd and broccoli. It's a productive weekend and I look forward to the work week.
How was your weekend? Hope you all had a good one. Here's to another frugal and fabulous week!
XX
Nil
This month I will be able to use kale and lettuce from the backyard without buying organic greens. It should save some money as organic vegetables are expensive. Because the weather is cooling down, I expect a lower electric bill as well.
The other half of the salary will go to different savings and retirement accounts. I also plan to pay extra $250 mortgage payment.
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| Homegrown kale will help to reduce my grocery budget. |
How was your weekend? Hope you all had a good one. Here's to another frugal and fabulous week!
XX
Nil
Hi Nil, I am so impressed with your budget. I remember the change in my finances when I started paying for health insurance, home insurance, and repairs. It was quite a shock. Your vegetables look delicious. Congratulations on such a productive weekend.
ReplyDeleteThanks Stephenie. Hopefully I will be able to stick to this budget. :)
DeleteI made some homemade granola bars today, and your comment about making granola reminds me that I need to make some of that too. Your kale looks beautiful. Now that the weather is cooling off it's a good time to grow greens. I need to work on that too. We stayed home today too, so no money spent. I like that. Hope you have a great wee!
ReplyDeleteThank you Belinda.
DeleteI've never made granola bars, I should try it sometime soon.
I grow different greens too, Nil, and it's great to have those on hand without needing to visit a shop. This morning, I baked lots of scones for a family gathering, none left over though! Best of luck with your budget challenge. Meg:)
ReplyDeleteThank you Meg.
DeleteMmm scones ! Just thinking about it makes me hungry. :)
I love the way you've set it out using percentages. Budgeting really does make you think about absolutely everything and such an eye opener sometimes when you see where a lot of money goes.
ReplyDeleteHaving greens is a big saver. My kale looks just like yours. It feeds us and the chooks. Easily grown. I also use the leaves from the broccoli and cauliflower. No need to purchase any greens at all.
Making those little extra lump sum payments on your mortgage makes a huge difference too.
Well done.
Kylie
Thanks Kylie. :) I've always had a budget, though it's not very strict. This is the first time I am trying to stick to these percentages to keep everything at 50%. Hopefully I will succeed.
DeleteYour budget is impressive. I'm being extra careful this month as I have my car insurance to pay. The mortgage has been overpaid so that's another payment out of the way.
ReplyDeleteCornbread muffins sound delicious. X
It's great that you pay extra on your mortgage. I started doing that last month, and want to continue this month as well. I have years to pay off the mortgage, but every bit helps.
DeleteHi Nil I love reading your posts, good luck with the budget, you are very frugal and I know you will be successful xx
ReplyDeleteThank you Marlene:)
DeleteYour budget is impressive. Good luck on your 50 percent goal, and yay for making an extra payment toward your mortgage! I haven't had mutton stew in decades. I need to make some. Hope yours turned out great.
ReplyDeleteThanks Priscilla. Mutton stew was great. One of my friends, whose mom is French and a great cook, told me that my stew was better than mom's. I love mutton, and splurged a bit because it was expensive.
DeleteYou are awesome Nil. Wishing you a hurricane free month! You do so well; I know you'll do it 😊 I think I need to try planting some greens inside. There was ice on the windshields this morning 😕 I'm not sure I'm ready for that yet.
ReplyDeleteOh no, ice already? It's still pretty warm here though mornings and nights are a bit cooler.
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