Alright, let us get down to this nitty gritty. I told you a bit about YNAB and how the program works in our last post. Now let us look at the way that we set up our budget. So, let us just jump in head first.
Start from the top. Ebay, this isn’t a category that I normally have in our budget, but we are selling some old textbooks, so I have some money set aside to cover the postage and envelope expenses. Speaking of which I have a book I need to post tomorrow.
Monthly Bills-Joint. This comes out of our joint account. Rent is a set cost each month at $635 a month. I have the amounts written by each explanation as a reminder to what the monthly amount is. This continues with groceries, fuel, phone, and electricity. We have a laundry category because where we live doesn’t have a washer and dryer in the units, so we have to use a laundry mat. I set aside $10 a month for medical. This is not much, at all, in the course of a year we may be lucky to have enough set aside for a new pair of glasses. We do need to up this, but right now it isn’t all that easy for us. This is the same issue with our clothing/personal care section. It is really only for semi-regular haircuts. Credit Card Payment…which is apparently missing the D in my program (>.<) will be leaving us this month! Our one credit card will be completely paid off! We do not currently budget for restaurants at all. For February we will have money put aside for this category for Valentines day. Birchbox is my little indulgence each year.
Alright, so Savings Account. This is where we put what goes into savings. Shocking right! We put 20% of each paycheck into savings. This is really high, we know. But our current vehicle is a bit on a rough patch. We are intending to run our car until it runs no more…we just don’t know when no more will be. Our tax refund will also be going into this section of our budget. We budget a measly $15 for car repairs each month. We started this out with a $60, and add the $15 to that each month. Not great, but we are doing our best. Car insurance. We have insurance currently, but we are going to need a new policy when we move. We aren’t 100% on the cost of that so we are just putting a small amount away each month to cover most of the premium. Gifts are for Christmas (primarily) and birthdays. We want to up this in 2016, but right now it is what it is. Tags/License. Oh the beauty of car ownership. My license expires over the summer, right before we move halfway across the country. AAA has been a lifesaver the last 6 years, and after I graduate I am responsible for taking over this cost. So I am putting money aside for this. I have used it each year, and it has paid for itself, so I am going to carry on buying it. Emergency fund. We are slotting $1,000 to go here. This is our first step in the Dave Ramsey program. We will have this completed before the end of this month as well. Oh Crap, is going to hold $100. It is the category for yearly expenses that I didn’t think of, or forgot about, or anything that may come up.
I didn’t expand the blurred out spending accounts. They are just our spending accounts for fun. I don’t really care where this money goes (we don’t always get money in these accounts but we try to sometimes). We do ‘track’ it but it is more so we can know what is in the account. We use the mobile app on our phone.
Summer expenses are for our graduation party primarily. I also need to set the money aside to travel to my husbands graduation from basic training. As previously mentioned we have to store our items this summer since I will be subleasing/don’t know the date of our move. We have to pay a four month lease on the storage. I’m still shopping around, we haven’t settled on a place yet.
Final Semester stuff, is also what it sounds like. Stuff for our last semester. We have a license exam to take, and then need to pay for our license on its own. There are two of us in the same major so everything is double. I haven’t budgeted for cap and gown yet. I need to add that. I also have my fraternal dues in there, since I always forget to set that aside.
Lastly, is a loan that we are going to try and put money aside to pay off before its maturation date. Yay, student loans! This one doesn’t collect interest yet, it will begin around November 2015. This is our lowest priced one in our debt snowball.
So, yeah. That is our budget. Kind of long. It took me a while, and looking at other peoples budgets to kind of get an idea of categories for yearly expenses. That is what has always derailed us in the past. So far we are doing really well!
Next week we will look at what debt the husband and I have. Well…what we can account for.