Wednesday, August 10, 2011

Budget August 12-25

We do our budget every 2 weeks.  Nick gets paid on a bi-weekly basis, I get paid on the 15th and 30th of every month.  Since Nick makes way more than I do it just makes sense to budget when we gets paid.

Here's the breakdown.

MONEY COMING IN:  $4159.02

Nick's pay cheque $2158.14 - It will likely be more than this, he just got a small raise, but I'm not sure how much it will be after tax
UPDATE:  Nick's pay cheque is actually $2473.80, so hurray for more money towards overdraft!  His raise isn't showing up yet though, the increase is because he's reached the max contribution for CPP and EI for the year.
My pay cheque $1075.00 - rough estimate, I don't have a pay stub yet
UPDATE: My cheque is actually $1117.67, I'm loving that I actually underestimated our pay this budget!
Government Child Tax Benefit $267.55
Universal Child Care Benefit $300.00 thank-you Government of Canada!

MONEY GOING OUT:  $3603.87

Debt repayment
Personal Line of Credit $305
BMO Line of Credit $500
TD Line of Credit $100
Personal tax installment $33.96
Mosaik Mastercard $100
PC Mastercard $50 (this is repaying the gift card for our realtor)
PC Mastercard (2) $50
American Express $50
Hyundai loan $517.60

Total: $1706.56

Town utilities (water, sewer, garbage) $136.79
Enmax (electricity, gas) $295.92

Total: $432.71

Life insurance $87.30
Car/home insurance $211.83

Total: $299.13

Life (Discretionary categories)
Groceries $300
Entertainment $40
Misc. $100
Gifts $100 - not budgeting anything for clothing this time, going to buy Brighton's birthday gift and an ice cream cake for my sister
Slush spending $60 ($20 for me, $40 for Nick)

Total: $600.00

I am totally open to questions/criticism.  This is far from perfect, but I'm just trying to come up with something that works for us.


  1. It doesn't seem like there is much to cut out. You're doing great with $300/month in groceries feeding 5 people! Are you snowballing anything each month to pay down the debt?


    My grandma sent me her site. I've looked at a few things and well just can't find the time to sit down with steve and work it out. I did a budget on excel with my own shit. I think you have it set out just fine. I also have a friend who looks at their bank and manages their money on a daily basis. i think I look at everything once a month if I'm lucky. LOL I've gotten kinda lazy lately.

  3. Jill - this is a budget for 2 weeks - no way could I feed us all on $300 a month! Realistically $150/week is too tight, but we're going to try to make it work until the over draft is paid off. Right now we're working on the overdraft, then we'll start snow balling our credit cards.

    Mrs. M - I love Gail! She has fantastic and practical advice. We use Excel to budget as well - I find it easier because I just make a left hand column with money in, a right hand column with money coming out, and list them in date order. I like it because it helps me stay on top of when things are coming in and out of the account and when they're due. I look at our accounts daily - we had issues a year ago with our credit card being stolen and fraudulent activity so I try to stay on top of it just in case.

  4. OHHHH.. Gotcha! I was thinking, man I'm doing something wrong! We do about $450/month that doesn't include diapers though.