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January 2014 Budget Plans

Written by , Posted in Money & Finances

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I hope you all had a Merry Christmas! I really enjoyed having time off to celebrate with my family.

This is the first version of my monthly budget, my January budget plan. Some of these categories will obviously be a savings type of fund, such as the repair categories. While some might argue that this money could be better spent on reducing the debt, I am going to add to these “emergency” type funds until they are reasonably sized.

The savings category is also being used to add to my emergency fund. I will build this fund to $1,000 before aggressively attacking debt. I will be adding more than the budgeted amount to this cause, as all income from my second job is going toward this and is not counted in my budget. The amount of this “side income” fluctuates from month to month and I don’t want to find myself relying on this additional income for survival.

During the first couple of months I might have to tweak this budget as I find myself needing more or less money in different categories. I have built this first budget after tracking my spending for 2 months to get an idea of what I was previously spending in these categories. Let me know if you have any ideas, suggestions, or questions!

Category
Monthly Total
Giving
$10.00
Saving
$50.00
Housing – Mortgage
$755.00
Housing – Repairs
$25.00
Utilities – City
$125.00
Utilities – Gas
$50.00
Cable
$78.00
Internet
$52.00
Phone
$95.00
Groceries
$160.00
Transportation – Gas
$90.00
Transportation – Repairs
$15.00
Car Insurance
$93.00
Clothes and Hair
$25.00
Pets
$25.00
Household
$15.00
Personal (Eating out, Entertainment)
$20.00
Crossfit
$80.00
Cleaning
$72.00
Debt Minimums
$628.30
Total
$2463.54
Income (Main Job only)
$2465.54
Leftover
$2.24

Do you do a new budget plan for each month?

Photo courtesy of: Tax Credits

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Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

4 Comments

  1. Anonymous

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