My May wrap up will be easy. We pretty much didn't spend in any category except the house on our priority list. I also shared last month that we decided to get some of the bigger home improvement jobs done and would do so with savings. So now, I have a very modified plan for 2019.
Here was our annual plan.
College
|
$21,000
| |
Show Choir Trips
|
$1,970
| |
Graduation Party
|
$900
| |
Move in Weekend Trip
|
$175
| |
Parents Weekend Trip
|
$175
| |
Choir Concerts Trips
|
$350
| |
Home Improvement
|
$5,430
| |
Total
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$30,000
|
May was a good month for DH-it should be as he practically lived at the store. I thought we were going to have to tap deeper into savings than we did. I need to do a better job of tracking all the small home improvement purchases, but the sum below is for the floors, the appliances, the new front door, and the new kitchen faucet. There have been other purchases that cumulatively add up such as plaster, paint, caulk, and other things that can nickel and dime a budget.
($2,600) Borrowed from Savings
$ 0 Cash Deposit
$2910 Show Choir Trip #1,#2, #3 + Nashville (we are over in this category by $940)
$ 100 College Deposit
$8,600 Home Improvement
$9,010 Net Result
This is an average monthly savings/goal spending rate of $2,322. Added with my third paycheck in March, and we are just a touch behind plan, even with tapping into savings. If we keep at this rate of net result, we would hit our $30,000 goal, including repaying the savings account. DH is heading into his slower period that historically seems to hit in June, once people have kids home for the summer and are spending more on summer camps and vacations. He hasn't put in for any of his corporate bonus yet for the quarter and those always are an unknown until he gets a new chart. Anything this summer above his paycheck will help replenish the savings account. However, we are not done with dipping into the negative. How much will depending on how much we can manage regular bills and expenses, DH's net take home, and how much more we invest in the house until January. If you track, how are your plans for 2019 going? Are you ahead, on track, or have catching up to do?
There is always catching up here, it seems like money just flies out, but I think a lot of it is me just paying off as much as I can of the house.
ReplyDeleteYou are doing really well and remember with each extra payment, you are closer to having the whole thing done.
DeleteYour home improvement costs were quite a bit more than you planned for.
ReplyDeleteBut did you get everything done you budgeted for in that? If so, don't worry about what was spent. Home improvement NEVER comes in under budget from my experience. Just enjoy the results.
We actually had made a decision back in April that we were intentionally going to tap into savings rather than just use what we could save in 2019 towards. So,no, we have not yet done everything we budgeted for originally, but added things that were not part of the plan (the appliances mostly).
DeleteI received my last paycheck on Friday (I think, our payroll dates are a bit mysterious), so we are as funded as we can be until I go back to work in September. It feels a little scary, but I know we are prepared. We also have a bunch of home repairs queued up, taking advantage of me being home & able to coordinate with contractors, etc. We haven't done much of anything since we moved in (we were too broke after buying), so are hoping to get the house into a good state by the end of the year. Nothing major, but new doors, trim, etc. It all adds up!
ReplyDeleteThe trips back and forth to the Home stores are killers. Home Depot is as big a money suck as Target.
DeleteI kind of agree with Sluggy. I have never had any home repair/addition/upgrade come in under budget
ReplyDeleteI'm in good company. The appliances were $1,000 more than I had estimated because of the special size order on the fridge. The floors were 3X more than I had in my head. The door however, came in $3,00 less than first quote (which we were not going with) and $1,000 less than 2nd and what I had on paper. Net result, $2,000 over this portion (though the appliances were not on the original plan. but as Sluggy said-now I can enjoy the results.
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