As I’m saying I’m making it on minimum wage, I feel obligated to post the detailed budget periodically. I’ve been very honest about all expenses and haven’t left off any expenses unless I specifically said so. (For example, I travel for work about once a month; I am not counting what I spent traveling for meals, nor am I counting what I will get from work for meals as income. I usually come out ahead.) A couple times when my boyfriend has wanted to go out, I’ve declined him treating me. I’ve said either, no, nothing for me, go by yourself, or, I've paid my share and put it in my budget. It is challenging sometimes to have the disposable income and have to forego a purchase; but then, otherwise it wouldn’t be a challenge, right?
Reminder on income: $6.75 CA minimum wage x 40 hours x 4.33 weeks per month less FICA and SDI = $1073. I’m counting income from recycling and selling books on half.com; I usually sell about one book every three months-it’s not a real moneymaker, but it’s something. I got $8.77 in April, less $1.50 in postage, for $7.27. That’s real money on my budget.
March income $1073 plus $6.73 recycling = $1079.73.
April income $1073 plus $7.27 textbook sold = $1080.27.
Why could I only spend $986.97 in April? It’s because I overspent some categories in March-for a total of $93.30. Income of $1080.27 less $93.30 is $986.97. Why is my balance in April $170.79? It’s because I’m also carrying over unspent money from March.
I’m using the YNAB budget to track. I may not be using it exactly as designed. For example, Say I budget $62 for April for prescriptions and co-pays. Then I have a funky month where I spend $167.32. If I was absolutely true to the budget, I would not adjust the budgeted amount, and to compensate for my “overspending” I would have $105.32 taken away from my May budget. Well, if I have under spent categories in April, I am adjusting those budgeted figures, and increasing the budget for prescriptions. I’m not “taking” money from categories I have to save, like the money I’ll need for my car insurance in July. Where I will move money from a budget line is where I can under spend, such as grocery or gifts or entertainment.
Now, with the YNAB, I have to enter all purchases twice; into my regular Quicken that I’ve used since ‘98, and into my YNAB spreadsheet. In the spirit of full disclosure, I neglected a double entry last month; I spent $10 in charity but only entered it in Quicken. I’m showing that I spent that $10 in April, as I didn’t want to re-do the finals.
Full disclosure two: there is a radio show in town where one can buy “gift certificates” at less than face value for local businesses. For example, for this nice soul food place in town, $17 got me $30 worth. The general merchandise certificates are printed on blue paper, so I call them Blue Money. I do have left over Blue Money for restaurants that I bought in 2005 or Jan/Feb 2006, and I have used some. I haven’t bought more (if I do it will come out of the budget), but my thought was that I already had them so I could use them. I certainly didn’t stock up prior to the challenge. If people think it's unfair to use them, let me know.
I’m starting a combination emergency/big purchase fund. I know it’s starting small, but if I manage to under spend in enough categories, I want to be able to have both emergency money, and a fund I can use to cover big purchases, such as a replacement dryer, or a new freezer.
Boring (Detailed) Update: Minimum Wage Challenge
April 22nd, 2006 at 07:35 pm
April 22nd, 2006 at 07:55 pm 1145735718
April 23rd, 2006 at 05:11 am 1145769069
April 23rd, 2006 at 05:37 am 1145770623
April 23rd, 2006 at 02:56 pm 1145804205
April 23rd, 2006 at 05:42 pm 1145814178