Monthly Budget Meetings: How we do it?

The last weekend of every month Mr. Wanderlust and I get together and have our budget meeting. It doesn’t tend to take too long, maybe 30 minutes at most. Our budget doesn’t change to much from month to month.

So what do we do at this monthly meeting? We simply go over the budget, what was leftover from last month, what are we doing with that extra, did we go over, if so why, how things are looking for the new month, and what spending money we have, if any.

For instance, we started with a clean slate foe 2015. This meant we had to start our budget all over again, as if we had never had one before. It took us nearly the whole month of January to figure out all of our once a year expenses, and I’m sure we missed a few. Those will get added as they come up, and may require dipping into our emergency fund. Ideally, we don’t want that to happen. For January we also realized we had no idea how much to budget for fuel. Gas prices have plummeted. We barely put a dent in our gas fund so far this month, but I’m afraid to reduce it for February. I would rather have the extra leftover each month and roll it over to another month or towards debt.

Our biggest concern is we do not make enough to cover our expenses each month right now. I don’t want to touch what we have in savings, but am well aware that we have to. I’m trying to minimize that as much as possible, but there is very little I can do about that right this moment. There are only so many hours in a day.

For those that aren’t aware, and I’m not 100% sure I have touched on it, so I will here. Mr. Wanderlust and I are full time college students. Both of us are studying to be teachers, which means that we are currently in student teaching. This is a full time, unpaid internship. We work at our respective schools for a minimum of 40 hours a week. Sometimes it is a little more depending on after school meetings, tutoring, etc. I work 16 hours a week, and Mr. Wanderlust works about the same a week as well. I write my own schedule and work from home, so for me that is a pretty set schedule. For Mr. Wanderlust, it isn’t. He works at a fast food chain so he is at the whim of the scheduling manager. We also have a class once a week on campus that meets for an hour and fifteen minutes. In student teaching we are responsible for our classwork, lesson planning and teaching full time, putting together our portfolio for interviews and completing what is called the edTPA which is a 75 page paper with two videos the explain our planning phase, teaching phase, and reflection phase of planning one 3-5 day unit. It’s a very busy semester, and requires a decent amount of focus placed on it. I wish we could work a little more, but it just isn’t happening right now. We make about enough to pay for our rent each month. Which I’m okay with, given the circumstances. I’m also trying to be as frugal as possible to have as much rollover each month as possible.

Our monthly expenses are around the $1,500 mark. We are going to get more in depth with this when I post of our End of January Budget Meeting. Going to get personal with the numbers.

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