The January 2016 Budget

One of my 2016 goals was to spend less/save more. To facilitate this, I’ve gotten back into budgeting and have been diligently tracking our spending/saving. I actually really enjoy living on a budget for the most part – it makes almost everything we do into a challenge – but I’m also not great at delayed gratification so saving and waiting for things is frustrating too. Still, I feel like tracking things is already paying off – we made an extra mortgage payment this month and still fell within our budget!

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Where the money went…

43% of our spending went to fixed expense – like our mortgage, cell phones and insurance. This is a little higher than my budget but includes that extra mortgage payment.

23% of our spending went to variable expenses – like groceries, utilities and vet bills.

29% of our spending went into savings – this includes our “allowance” and our TSFA contributions

and finally, there is 5% that wasn’t specifically budgeted for anything. This money is designed to cover unexpected expenses but since we didn’t need it this month, it goes into savings! Woo-hoo!

February is already going to be a more expensive month – Patches has to go to the vet again, the cats ran out of pet food and our vehicle registration needs renewing – but we’re also planning on some cheap adventures (please let it snow!) to offset the more expensive members of our family (pets!).

Do you track your spending? How’d it go in the first month of 2016?

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