Every month is an adventure, each one with different expenses. So we design our budget to roll with the punches. One tool we use is the Buffer fund (I will elaborate on it in a future blog post because it is vital to keep us from feeling too deprived). Luckily, we don’t foresee August to have any crazy expense so, without further adieu, here is the August Budget:
Student Loan Payment: $386
Mortgage: $241 (Nope, this isn’t a typo, just a really great deal. I will cover this in a future blog post)
Buffer Fund: $200
Gas and Fuel: $120
Car insurance: $100
Health Insurance: $80
Gas and electric: $75
Homeowner’s Association Payment: $71
Dog and Cat Care: $65
Multi Vitamin and Herbs: $40
Fitness Center: $22
Cell phone: $14
Total Spending $1,804
Since BOTH of our incomes are unstable and frankly, weird, we don’t know exactly how much our take home pay will be each month. Pierre should take home $3,080 per month, but if you are familiar with start-up culture, you know that pay can be inconsistent. I have a three-week freelance contract and a rebranding project coming — August will be a busy month! — which means I should make around $4,500. But, of course, this depends on if clients pay their invoices on time, which can be a challenge in itself.
Overall Goals for the August Budget
- Save 75% of our monthly income
- Make a $10,000 payment towards Pierre’s student loans!!! This will bring the interest payments down significantly, and redirect most of this payment to the principle.
- Stick to the budget! – This is always a goal. I project August will a hard month to stick to the budget because we will be busier than usual. Late night caffeine runs add up!