Time for my first budget review of the year. I hope everyone who lives on the east coast is recovering from that harsh snow last month! Remarkably, I can count on one hand how often it’s noticeably snowed this winter in Chicago and we even had two 50-degree days yesterday and Sunday but it’s supposed to snow later today I guess 🙁
Some people are ‘iffy’ about creating and implementing a budget. I’m all for it seeing as how budgeting has changed my life and allowed me to afford more and meet my financial goals quicker. I like to start the review off by listing out my high and lows to acknowledge what went well, and confront what didn’t go so well and what I might like to change for the future.
My Highs
- I was able to put an extra $600 toward my loans in January. Seeing the balance get under $19k is very motivating. You can check out my debt updates here. The sad part, is that my debt number will actually increase in the spring when I get married since we will be combining everything, but at least I will have less student loans. I’m not sure what I’ll do with my budget reports after May since I may need to get used to having a combined budget, but I’ll still post updates on my debt. If my new hubby is okay with it, I’ll post our total debt number for clarification and accountability purposes. If not, I’ll still share how I’m kicking butt with my student loans.
- I’m happy to be contributing more to my emergency fund this year. It was looking pretty weak toward the end of the year when I started putting more toward my debt. This year, I want to set aside at least 2-3 months’ worth of expenses and separate savings for car repairs, then I’ll feel more comfortable putting more toward my debt. With an emergency fund, I’d take what the experts say to do with a grain of salt. It’s all about what amount feels best for you and your family because there’s no one size fits all solution.
- Celebrating by birthday and my son’s birthday last month was super cheap. I organized a party for him or some type of outing ever since he’s been born so I’ve been running out of ideas. We decided to do something small at the house with just family and it was super fun. We also went to see Disney on Ice but I paid for tickets in December with holiday gift money so that spending isn’t reflected below. For gifts, I purchased this huge ninja turtle play set for him with leftover money saved up from Christmas (since it was supposed to be a Christmas gift but it sold out of stores quickly) and a generous Amazon gift card my boss gave me at our annual holiday party at work. What’s awesome about having a child with a January birthday is that all the leftover holiday toys go on clearance so I was able to scoop him up a nice extra gift for about $6. For my birthday, it was a free day for many museums in Chicago so we went downtown and checked out aquarium and planetarium then went to dinner later. I spent about $10 on myself that day.
My Lows
- Dining out is the only slight issue I saw with my budget last month. Most of what I purchased was takeout food, which is the worst in my opinion because I’d rather go out to an affordable restaurant twice a month and get out of the house instead of order small takeout meals 10 times a month. My weakness is weekends. I try to spend as little as possible during the week and commit to bringing my lunch most days. Then when the weekend rolls around, I cave in, get lazy and think about ordering food so I don’t have to cook. Buying frozen pizzas to prepare on Fridays or Saturdays helped in the past, but then we got tired of them. I’ll have to work on another solution.
All in all, it was a pretty standard month. Here are the numbers:
How did your budget go in January? Any pleasant or unpleasant surprises?
Stop Worrying About Money and Regain Control
Join 5,000+ others to get access to free printables to help you manage your monthly bills, reduce expenses, pay off debt, and more. Receive just two emails per month with exclusive content to help you on your journey.
Latoya says
I think overall we did good on out January budget. At the end of the month we gave into our no eating out for Jan goal. We intended to save all dining out funds for my hubby’s bday dinner which was the 22nd, but mama experienced a bout of laziness. Other than that, we have to get through my daughter’s bday this Thursday and my birthday next month. I’m hoping to keep the dining costs as minimal as possible for those celebrations.
Choncé says
I tried not eating out for a month last year and it was HARD. I don’t have a problem with it as long as it’s done in moderation and I can control it.
Hannah says
We had a nice low spending month last month (although it was somewhat artificially low since our January bills hit us in December, but our February bills didn’t deduct until today). I was a little surprised. Usually, we have at least one major expense each month, but somehow avoided it last month, and unless we have some big car or home repair, we should spend at a low level in February and March too
Choncé says
Normal months are always good. The beginning of the year is the perfect time to slow down and get back on track.
Michael Belk says
I know you are happy to see some results. I am glad blogging helps you stay on track. It is good to see how other people are paying off debt.
I wis you luck in the future and congrats on your wedding.
Choncé says
Thanks Michael!
Tonya@Budget and the Beach says
I hear you on the urge to get takeout on the weekend. I seem to always run out of food (I want) by friday so for me I’m tempted to go by whole foods and pick up a meal, which isn’t cheap. Overall I’d say you did rather well!
Choncé says
Yeah, we try to shopping once every two weeks but once our food supply runs low, the temptation to order out increases. I’m okay with it as long as it’s done in moderation.
hollyatclubthrifty says
Great job on throwing extra money towards your loans. That is awesome!
Choncé says
Thanks Holly!
Michelle says
I am not surprised by the take out on the weekends. Sometimes it’s nice to relax after all of the hard work over the weekend. Kick the loans to the curb!
Kara @ Money Saving Maven says
I’m the same way on the weekends! Even though I actually have the time to cook, I’d rather just order a pizza! 🙂
Choncé says
It’s a work in progress I guess 🙂
Kristi @ Femme Frugality says
Way to go Chonce! An extra $600 is no small feat!
Choncé says
Thanks Kristi! Hopefully I can keep it up.
Jessica says
Wow you did great finding that extra money for your loans. You will seriously have them paid off in no time, even with adding to your savings and paying for your wedding. I had an expensive month in January because I had to pay my annual bar dues, get a new tire for my car and pay copays for my physical therapy treatment. I think February will be a bit less expensive.
Choncé says
Thanks Jessica, lately I’ve been feeling like saving and putting toward the wedding is slowing my debt repayment progress down, but I have to live for now as well.Hopefully this month is less expensive for you!
lovetteorleavette says
My budget f or January went well. I only ate out on the last day of the month which as result of working unexpectedly and being unprepared. It doesn’t look like you did horrible.
Choncé says
That’s awesome! I don’t feel that bad about going over because it is what it is but it’s a new month and I have a fresh start to make the numbers turn out better.
DC @ Young Adult Money says
This reminds me – I need to reconcile my January finances! I’m honestly not sure how it went, but I was happy to sign on my first freelance contract in a long time. I think having my name out there on a new site will be really beneficial.
Choncé says
That’s great about the gig! Congrats!! Posting these reports keeps me on track to go over my budget numbers because sometimes I have to tendency to procrastinate.