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Saturday, February 2, 2008

End of the Month Report - January 08


January turned out to be one crazy month. I went over my entire budget by $29.27. Luckily I have overdraft protection and the money was pulled out of my savings account. I forgot all about my insurance bill that is automatically debited from my account on the 28th of the month. My overage was also offset by the $262 in extra income I brought in. Makes me wonder: Did I overspend because I had the extra income or was I just lucky?

Income: I brought in an extra $262.52 via a combination of income from my blog, Pinecone Research and sales off of Amazon and eBay. That extra money definitely saved my behind.

This category has been labeled as DDD's baddest budget buster and I do believe that I broke the record this month. I was over budget by $312.62!!!
There were a number of things, unforeseen and foreseen, that came up:
  • - Car registration renewal: $36.10
  • - Doctor appointment co-pay: $15
  • - Prescription: $15
  • - Cold medicine: $20
  • - Souvenirs from birthday celebration: $50
  • - Money to sister for computer: $60
  • - New hair dryer: $50
Just those alone added up to $246.

Gas: I went over on gas by $68.91. We had quite a number of major projects that came in this month. Of course I was given the responsibility of overseeing them and this required me to work at the client's office instead of from home. I met all my deadlines and have two left that I am going to get done this upcoming week. After that I picked up some cost analysis projects that I can work from home.

Rent & Utilities:
I was over budget by $26.19. In December I winded up changing my cell phone bill's due date from the beginning of the month to the middle of the month. I winded up paying a month and half on my January bill.

Groceries: I went over in this category by $63.67. My team had been working so hard this past month so I decided to buy them all lunch and bring it to our end of the month meeting this past Wednesday. Fortunately I get reimbursed for all that. I turned in the needed information in on Friday and should get a direct deposit sometime next week. So in reality I came under budget by $8.33.

Car Note & Insurance:
Over by $3.53. I miscalculated my exact monthly payment. I am still debating on if I should increase my deductible and receive the $10 decrease in my monthly paypment.

Daughter's School:
Under budget by $105.20. No school the first week of January so no tuition due. Again, something I totally did not take into account when I did my January budget.

CC Debt: I winded up paying about two to six times the minimum payments on my credit cards.


My net worth decreased by $675 dollars. The two culprits were my 401K due to the stock market craziness and I adjusted my car's retail value by $785. Aside from those two, everything is looking pretty good. I currently have a goal of reaching a net worth of $1 by January of 2009. That means somehow eliminating $28,702 in 12 11 months.

Not sure if I can really do it but I will definitely have fun trying to. If I am able to meet my goal by January 1, 2009 I plan on giving myself a very very nice reward.

Hope you guys are there for the ride.


SingleGuyMoney said...

That is a big overage in your miscellaneous category. Have you thought breaking that down a little bit more? (ex. adding more categories to your budget)

Dimples said...

@ Single Guy

I could add more categories but I don't think that would fix the problem. I just need to stick to my budget. I also need to account for certain things that may come up like doctor appointments and car registrations. I knew those things were going to take place yet I didn't account for them in my budget. I shouldn't blindly put a number down and expect that to take care of everything. I am definitely going to take this approach with my February budget.

SavingDiva said...

Dimples, maybe you should set-up a Misc savings account. Contribute a little bit to it every month. Also, if you come in under budget in the misc category, toss the money in there. Even if you get hit with a lot of unexpected expenses, it won't totally bust your budget.

I tried to do that with car mainteance. However, the $100 that I had set aside for car maintenance wasn't enough to make a dent in the $1400 car repair bill I got last week.