Our Family’s Financial Update: June 2013
Woohoo! It’s time for another Financial Update. Take a peek at how things go at our house, and be encouraged that no matter what your financial circumstances are, you can always improve them. 🙂
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Spending
After an expensive May, the month of June was a time to slow down and try to spend as little as possible.
We were able to keep several budget categories on track for the month. While our power bill was slightly higher because of our use of the air conditioner and our internet bill increased by $10 a month, our total utilities (including cell phones, water, electricity, trash service, home phone and internet) were still only $338 for the month.
Our total spending on toiletries and household items was $34 ($50/month budget), and we spent $49.50 eating out ($50/month budget) for individual dates with our kids and a date for just my husband and myself.
Two areas where we spent more than planned were groceries and gas. Transporting three family members to jobs with conflicting schedules increased our gas expenditures from around $300 a month to $450 in June. We did have our teens pay for part of the gas out of their paychecks. This not only teaches them responsibility, it also helps a little with the family budget.
Along with the increased transportation costs, we also overspent in the grocery category. I was only slightly over my $125 a week grocery budget at $528.60, but we spent an additional $120 for a bulk meat purchase for the freezer.
We also splurged on a trip to an amusement park where we were offered free tickets. We spent $50 on food because the park did not allow outside food to be brought in, but the day would have cost us over $300 without the free tickets.
Saving
Our goal for June was to start replenishing the emergency fund. By limiting our spending we were able to save $250, but that money went into our car repair fund in our second checking account (read more about our Freedom Account here), so our e-fund is still at $100.
July Goals
We will try to keep expenses low again this month and save as much as possible. We still need to save for a second vehicle, but we want to pump up our emergency fund first. (Read my 3 Reasons You Need An Emergency Fund and How to Get One Fast post.)
Were you able to meet any financial goals in June? Leave a comment so we can encourage each other! 🙂
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Hi, I read your blog and I am amazed at all that you are able to accomplish. I am a single mom living paycheck to paycheck and struggling. I make the same as you guys and after reading your blog I’m stumped and mad at myself for not being able to do the same things as you with the money you guys make. How can I get started and stay on track? Any advice would be greatly appreciated!!!! Thank you and God Bless!!! Misty
Hi Misty! First of all, do not be mad at yourself. Being a single mom means that you have additional expenses and issues, so you may not be able to do what we can do. I would suggest taking a look at my Ways to Save Money & Manage It Better page. There are specific tips on budgeting and organizing your money in the second section. Feel free to ask any other questions you have. 🙂
Wish my husband would stay on board. He gets off budget with fast food for the kids and drinks & chips at the convenience stores. As I’m typing this comment I realize I need to adjust some of our other expenses to accomodate his spending.
Hi Elizabeth! I do think it will be helpful for you both to decide on appropriate amount to budget for those kinds of expenditures. If he doesn’t stick with it, then you can talk to him about it, but he probably just needs the freedom to spend some money on those items from time to time. Just make sure it is a reasonable percentage of your overall budget. 🙂
Thank you for sharing you family’s finances. I find it very inspiring. My husband and I make more now than we ever have, but we still have no savings and live check to check. We are committed to getting our finances in order. I really appreciate how open you are. I know we can do this.
You are very welcome Brandy! My hope in sharing our struggles and triumphs is to encourage others that they are not alone, that no matter how much or how little they make, they can gain control of their money. We make a lot of mistakes, but we just never give up. 🙂
I enjoy your blog, it’ the closest thing I have found to my own situation; although we live on about $10,000 a year less than you. I am a stay at home mom who home schools my remaining 3 children (out of 5), ages 16, and twins who are 9. Every year when we have our taxes done we are shocked and amazed, ‘we lived on that?’. Hubby is a parts manager at a major car store and makes around $18,000 a year. He supplements with odd car repair jobs. They always come at the right time and we never go without. This covers our home school curriculum cost, which I also sell the old to pay for the new. I could go on and on, but just wanted to share that we always feel blessed, our adult children are self sufficient – one in he military and headed to South Korea at the end of the month, and (tongue in cheek) if the big zombie attack happens . . . we are PREPared! LOL
Blessings, Beth Ann
That is amazing that you can live off that Beth! God is always faithful. Good to know that you are ready for the zombie apocalypse too. 😉
Yeeah, June was a rough month for us…every possible expense we could have pop up…did.
Hoping to change things this month.
Hang in there Jewel! Hopefully this month will be better. 🙂