9 Shares

Welcome To Our July Personal Budget Report!

Welcome to another monthly budget report. It’s crazy late, but I have been totally swamped since returning to work this school year. Better late than never! Today, we’re reviewing our July budget report to review our spending, savings, and debt repayment.

Our spending is a bit higher than normal this month. We’ve been doing some preparatory shopping to get ready for going back to school in August. I’ve also noticed quite a bit more scarcity of items in the store, and prices are rising.

On top of that, we did some Halloween spending. It’s been a crazy year, and even though I’m sure Halloween will look very different, I need something to look forward to. My morale has been sinking in recent weeks, and having something to be excited about has kept me moving forward.

Speaking of Halloween, I’m considering participating in Blogtober this year. Would that be interesting to you guys?

Anyway, let’s look at last month’s earning, spending, and saving!

The world continues to be a scary place, and I urge everyone to start getting finances in order, and get prepared for emergencies. Preparedness, financial freedom, and money management go hand in hand. You simply can’t have one without the others! If you’re looking for some reading material to get you started, I’ve got a few that might be helpful.

Want more budget report goodness? Check out these links to see our previous months!

Problems and Projects is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. This post may contain affiliate links through Amazon or other affiliate programs. If you make a purchase through an affiliate link, I make a small commission at no additional cost to you. All opinions are my own and I only recommend products that I believe in. Read my full disclosure here. Thank you for your support!

Why Create A Monthly Budget Report?

The first real budget I set was back in 2014 when I made A LOT less money than I do today. I had been idling along for years in my retail service job, scraping by from paycheck to paycheck, and making very little headway. Way back then, it wasn’t even debt reduction or budgeting that got me interested in getting my finances under control. An interest in prepping lead me there.

In learning about preparedness, I began to realize that if there were ever an emergency, I was going to be out of luck. There was no savings to speak of, cash or otherwise. Stocking up was out of the question. The debt I had accrued was taking up all my expendable income and then some. I thought I was okay with money, but it turned out, I had absolutely no idea what I was doing. At best, I was JUST okay. So, I started to research.

I probably learned about every system under the sun. Cash envelope systems, spreadsheets, percentages and ratios… There was so much to absorb. I made a lot of mistakes. To be honest, I still do. But I did find a system that worked for me, and it made a difference almost instantly. In finally creating a physical budget, I could see that my money was being wasted all over the place. It was no wonder I couldn’t catch up.

If I could share only one takeaway, it’s this. You do, in fact, need to set a budget and put it on paper! Yes, technology counts as paper here!

Why Am I Sharing My Spending And Earnings?

Simply put, it helped me when others showed me what they were doing. I can only hope that sharing my own monthly budget report can help others out there who aren’t sure where to start.

I also think it’s really important that we talk about money. Like, as a society. The secrecy and shame surrounding spending makes it so much harder to figure out a system that works for you. There should be less fear of judgement and failure around money. If I can contribute to expanding the conversation, I want to!

Now that I have a child, I am realizing she learns so much by watching me. The best way for me to set her up for success is by showing her what’s out there and how it could be handled. It might not have taken me until I was almost 30 to realize I didn’t actually know what I was doing if there had been more conversations about healthy spending going on around me.

Budget Report Details Before We Start

Everyone budgets a little differently. There’s not really a right or wrong way. Just what works. Mr. P&P and I don’t track our budgets exactly the same way. But we’re working on getting there.

For a little consistency on our budget report, I’ll calculate monthly spending based on purchases made during the calendar month.

As for income, I work on a zero based budget using last month’s income. Basically, this means that all the money I earn this month is budgeted and spent next month. It’s an absolute life saver, especially if money is tight or inconsistent. Having the ability to borrow from my future self has saved my life a few times! Want to learn more? Check out this post where I break down how and why I budget this way!

Note: I’ve started making donations as I earn! Waiting a whole month doesn’t feel right. I’m adding the half of earnings that I keep into the next month’s budget like normal.

Mr. P&P is still budgeting the current month’s income, so we do a little of both. Since most of our income is salary, this really only effects extra earnings and rental income.

June Income Budget Report- $7,093.65

Teacher Salary – $6,731.23 This includes both teacher salaries after the automatic withdrawal of taxes and health insurance. I was a little short on training hours last year, so I took a small financial hit this month.
Rental Income Property – $336.08 Our first home was a townhouse we paid under $100,000 for in good condition, which is unheard of today. When we bought our last house, The Pit, we decided it was better to keep the town home as rental income rather than sell it to put money toward the new house. We stand by this choice today! This is the money we receive after paying any management and repair fees.
Extra Income Deposited – $26.34 Since I hit my $50 gift card cash out on InstaGC last month, I’m now able to cash out through Paypal, so the money I earn can go right into my account.
- I’m loving InstaGC (click to sign up and try it out!) right now. Since I’m stuck at home anyway, I stream videos on my computer while I work, clean, and take care of Baby Girl. Then, I try a couple of surveys in the morning and at night. I’ve had better luck qualifying for them than many other sites I’ve tried.
Extra Income Paid in Cash – $0
Rebates – $0

June Spending Budget Report - $6,921.04

We’re still slowly figuring out our new normal with household expenses. Since we have yet to experience “normal”, it’s still hard to estimate our regular expenses in advance. I’m starting to think we may never experience it.

Monthly Living Expenses - $3,851.98

This budget report category includes typical monthly expenses that come out of our budget pretty much every month. These are our “basic living” expenses that we need to pay in order to get through the month.

Mortgage – $2,152.66 This is our total mortgage payment on our new house, including insurance, escrow. etc. It’s a lot higher than we paid at The Pit. However, we wanted to stay in our area, and we now have considerably fewer rodents living with us.
Utilities – $538.00 This covers the electricity, water, sewer, and pest control services. Even though we moved, we are contracted with our pest control service through the summer. This month, our electric bill skyrocketed. It’s over 100 degrees outside, so that’s some of the problem. We’re working on having our AC unit serviced and insulation redone.
Daycare – $0 Paid during the school year. We are fortunate to know an incredible lady who provides services for teacher’s kids at a very affordable rate. This expense comes back in August.
Car Payment – $234.35 On top of the home issues last summer, Mr. P&P’s 14 year old car died right in the midst of everything. The car seat doesn’t fit in mine, and we were basically living in a hotel, so we were stranded. We purchased a used car through Hertz Rentals because we knew it would be maintained, and their process is very straightforward. But we didn’t have the cash saved up after foundation repair, so we had to finance. I am still driving my 13 year old, paid off sub-compact.
Gas, Toll, and Other Transportation Expenses – $24.22 Just one gas fill up this month.
Car Insurance – $91.00 We decided to start setting aside money each month to cover estimated insurance premiums. It renewed this month, so now, we’re rolling money into a sinking fund again for December renewal.
Groceries – $811.75 A little higher than usual. I’m noticing higher prices and items disappearing from shelves again as COVID cases spike in my state, so I’m less able to price comparison shop and have to get what I can find. We also did some stock up shopping to prepare for the start of the school year.

Debt Expenses - $1,885.26

This is money we spend in order to pay down previously existing debts and any expenses resulting from debt. Just look at how much money we’re giving away!

Student Loans – $400.00 Mr. P&P is still making his payments. (Federal student loans older than 10 years DO NOT qualify for COVID related assistance!) The cost of my loans will go into savings for now. Since my loans are not accruing interest, I will set aside my monthly payment for 6 months. Things are so uncertain right now, and I want a buffer in savings if there’s an emergency. If all is well, I’ll make a 6-month sized payment in September.
Debt Repayment – $1,484.76 We had a fair amount left over this month and made a large payment since our 0% interest offer is about to expire on one card.
Fees and Charges – $0.50 An interest charge on a card. I don’t think this should have happened, and I’m looking in to it.
Medical Debt – $0 No payments on Mr. P&P’s hospital bills from October. When you’re rude and make up stories in an attempt to bully a payment out of us that we can’t afford, you don’t get paid.

Other Recurring Monthly Expenses - $285.72

These budget report expenses happen every month, but they are not vital spending categories! It’s the stuff we could get rid of and survive if we needed to.

Phones – $88.35 This is both cell phone plans.
Digital Media, Streaming, and Internet – $85.59 This covers our internet and Hulu accounts.
Rock Climbing Gym – $75.78 We love rock climbing together! But when we learned that Baby Girl was coming, we stopped attending and haven’t picked back up. The gym is closed, but we’re still being charged. We don’t want the place to go out of business, so we will pay.
Monthly Renewals – $36.00 We each have some subscription boxes for various hobby interests throughout the year. It’s lower because one of the businesses was required to shut down for a bit due to the pandemic.

Variable Spending - $2,165.42

These expenses change every month. They are somewhat unpredictable and variable.

Health Care – $0 Nothing this month.
Home Improvement – $1,111.90 We’re desperately trying to knock out some projects before school. This large purchase included a replacement kitchen faucet, new exterior door and frame, and a banister repair kit. We also bought wood, a tiller, gas, a tamper, a saw blade, 2 cubic yards of dirt, and a truck rental to build 3 raised garden beds (63 square feet total) to get a fall garden going. About half of our home improvement spending was budgeted. The other half came from money previously saved for home projects.
Home Expenses – $69.07 Laundry detergent, Oxyclean, and more of my favorite organic plant food.
Dining Out – $94.07 Fried chicken and Krispy Creme donut cravings are expensive. A lot of this is a consequence of boredom. We’re getting really stir crazy.
Blog Expenses – $92.28 My domain registration renewed this month. Can you believe it’s nearly been a year? I also bought a couple more educational courses.
Baby Expenses – $53.01 I bought Baby Girl a thrift store skirt and some silk flowers from the Dollar store. Then, I grabbed her some wool necklaces on Etsy to use as diffuser necklaces. We’re all going back to school in August, and there’s not much I can do to protect her from illness, so I’ll try to encourage some immune support by putting some baby safe oil on her necklace.
Classroom Spending – $0
Digital Streaming/Media $0
Gifts – $6 We grabbed a few hand sanitizers for Mr. P&P’s former student going through cancer treatment. Her family has had a tough time finding a scent that doesn’t aggravate her nausea. I saw a couple new varieties at the store and grabbed them for her to try.
Hobbies and Entertainment – $118.69 One of my hobby sites does an advent gift package for the holidays, and early purchasing opened this month. I also grabbed a couple little things here and there. My morale right now is crazy low, so I’ve been trying to find ways to stay positive.
Other Spending – $6.04 Just a couple of clothing items from the thrift store while I was out hunting for spooky ideas.
Holidays – 188.02 I’m adding a new section this month as I prepare for Halloween (another morale booster. I need SOMETHING to look forward to!) We got a bunch of fencing material and plywood to make graveyard fences and headstones for Halloween. At the thrift stores and Dollar Tree, I got a bunch of apothecary jars, candle holders and candles, silk florals, spooky baskets, moss, and pumpkin shaped decorations. There will be Blogtober tutorials!
Savings – $400.00 My student loan payment. I’ve chosen to add those payments to savings while the CARES ACT has suspended my interest. At the end of September, when my interest rate kicks in again, I’ll make a lump sump payment, provided our situation stays the same.

Donations - $50.00

Those of you who read this post might remember that I’ve decided to start donating half of my online income to organizations that support black causes in light of recent events in my country. I’ll be doing this for 9 months. I don’t make much, but I felt a strong pull to do something to help fight racism and the mistreatment of humans in my country.

If you’d like more details or information, go check out my post. This month, I donated the full amount of my extra income to a cause, plus a little extra.

Unicorn Riot – $50 Unicorn Riot is a decentralized, educational non-profit media organization “dedicated to exposing root causes of dynamic social and environmental issues through amplifying stories and exploring sustainable alternatives in today’s globalized world.” – Taken from their mission statement.

Do you have a favorite organization that needs support? Comment below and let me know who they are. Maybe they’ll show up in my next budget report.

Budget Report Goals Progress

Next month, we plan to pay off another credit card. (yay!) That will leave us with just one final card! I can’t believe that we’ve paid off more than 60% of our nearly $40,000 in credit card debt since September.

We’re also getting a head start on Halloween shopping because I’m decorating for Halloween whether it happens or not. I’m really hoping to go all out since last Halloween was interrupted by antibiotic resistant MRSA trying to kill my family… But I don’t want to blow the bank, either! I think a bunch of DIY budget posts might show up during Blogtober.

The start of next school year is here, and that always comes with expenses. I don’t know if you guys know this, but teachers pay for basically everything you see in your child’s classroom. That safe, fun, and inclusive learning environment doesn’t come cheap. With Mr. P&P changing grade levels this year, I expect it will be even higher than usual, and we already usually spend several hundred dollars up front.

I’m also still not thrilled with our preparedness stores, and I’d really like to deal with that before school starts. I don’t want to have to worry about panic buying as the COVID numbers grow. Not to mention, I think another Slow Spend September is likely on the menu for 2020.

What’s Slow Spend September, you ask? It’s our twist on a No Spend Month Challenge! Check out these posts to see what we did last year!

I know that not everyone out there is as fortunate as us. If you’ve lost your income, or it’s been cut drastically, I recently wrote this post about how to cope right now if you didn’t have an emergency fund to fall back on. I outline a bunch of ideas to help cut costs and increase income while times are tough.

A Quick Word On Preparedness

In the P&P household, we’re all still healthy and relatively untouched by the pandemic and protests. But friends, things are changing… FAST. With states opening up, people choosing not to social distance, and people losing their minds out in the world, who can say what the future will bring?

Here in Texas, our infection numbers are skyrocketing. The first wave wasn’t that long ago, and hopefully, you still remember the stress of food and supply shortages that snuck up on so many people. If you can prevent it the next time, I urge you to do so. Don’t wait until things get worse.

NOW is the time to take steps and get prepared if you haven’t already. Get money in the bank, food in the pantry, and supplies in storage.

Here’s that list of helpful posts again, just in case you’d like more information.

What Does The Future Hold?

Facing your financial burdens head on does not feel good, but it is important if you want to grow. You can’t fix a problem if you don’t know it exists. No matter where you are, figure out what you’re starting with so you can decide where you’re going.

If you need help getting started, well, that’s what I’m here for. Check out this recent post that will give you a step by step guide to help you make a plan and get out of debt.

We longingly dream of the day we can say we are entirely debt free! I don’t know if that day will come, but why not dream big? Today, our goal is to make progress. But someday, we want to have as much control as possible over how we use our money. So, I’m giving you a breakdown below of our major debt goals and monthly progress. Who doesn’t love a nice graph?

All totals except the credit cards go back to the original loan amounts, and the credit card total comes from our calculations in September 2019.

The percentage bar shows the percentage paid off.

The numbers beneath show the total remaining / original loan.

Credit Card Payoff Goal

Debt Paid 68.4%

$12,461.39 / $39,558.61

We are shooting for a goal of payoff in 2 years! Just 1 year, 3 months to go.

I can’t believe all the progress we’ve made in just 9 months! Busting through this debt in two years is looking more and more likely every month.

Medical Debt Payoff Goal

Debt Paid 16.4%

$11,885.63 / $14,169.05

This includes only the debt I took on with the birth of Baby Girl. The cost of her conception through treatments and prenatal care were paid in cash, as was the hospital down payment. It’s just the debt accrued after delivery complications and emergency services that I couldn’t deal with due to a mostly unpaid maternity leave. A lot of this is currently in collections because I just don’t have enough money to settle yet, but I’m chipping away.

Medical Debt Payoff Goal #2

Debt Paid 9.5%

$5,000.27 / $5,526.63

This is the debt we took on as a result of Mr. P&P getting an infection that went septic and needing hospitalization in October.

Car Payment Payoff Goal

Debt Paid 16.6%

$11,762.62 / $14,111.92

We’re not putting extra here yet.

Student Loan Payoff Goal

Debt Paid 25.1%

$60,321.51 / $80,567.17

Someday, we might qualify for debt forgiveness due to becoming public school teachers. We’re not really putting a ton of eggs in that basket though. If I can get them paid off earlier, I will. A lot of the progress I made here happened in the years where my income was fairly low, so I’m pretty proud of that.

In January, I officially paid off one of those loans! Slow progress is still progress.

Mortgages Payoff Goal

Debt Paid -38.7%

$405,576.86 / $292,407.00

I left our previous mortgage total because I thought it would be interesting. Mostly, it’s painful. This move increased our debt total in this category significantly. There’s no guilt here, though.

We had to make the best choice for our family’s health and finances. The best choice for us was to get out of The Pit, and start again somewhere else. Between the purchase of the new home and the refinance on the rental property, we took on a lot more mortgage debt. It’s weird, though. For the first time in a while, we feel like we can breathe. We see a light at the end of the tunnel and an opportunity to actually make some progress.

We are definitely gambling a little bit. Not much can go wrong, and the budget will be tight for at least a year. Of course, with Coronavirus, we have some anxiety about this change. I couldn’t imagine, though, self isolating and working from home in a house infested with rats! We still think the move was a good choice.

The mortgages are last on our list of payoff priorities. They’re pretty huge amounts for us, but we really would like to pay them off early and save some interest!

Now, It's Your Turn

If you haven’t sat down yet and faced your debt head-on, I really encourage you to do it! Figure out what you owe. Write it down. Stare those numbers in the eye and acknowledge them! Here’s a step by step guide to help you get started.

You can’t fix a problem you don’t know about!

What was your spending month like? How have recent events altered your budget or plans? What are you doing to stay on top of everything?

How are your personal finance goals coming along? We would love to know!

Don’t forget to subscribe to our newsletter below and stay updated on new posts and info that will come straight to your inbox.

Pin9