June 2016 Budget Review

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I swear, I just wrote one of these.

June has gone by so fast.

There have been a few hick-ups this month, but we were able to cover them as they came.

I traveled to Ohio to spend time with family, settle my late Aunt and Uncles estate, get everything finalized to transport our cats to Hawaii and see some friends. Mr. Wanderlust was not able to come so he had some expenses back home as well.

For more information on the layout of this post and to view previous months Budget Reviews here you are: May, April.

Age of Money: 44 Days

Age of Money is it is the average age of your last ten cash transactions within the budgeting software, YNAB (You Need A Budget), that we use.

That is exciting! That means we are more than one month ahead! Now that we are comfortably within a month of expenses I am happy. Budgeting has been less stressful, and we have been able to roll with the punches of life with some more simplicity.

Buffer: 37 Days

The Buffer is an old YNAB term used to show if you are living on last months income. If you have, for example, a 30 day buffer, you have 30 days worth of expenses in your accounts. To get the Buffer with YNAB you have to install the YNAB Toolkit Extension. 

A little more progress here from last month. Since I do not fully understand Age of Money, I prefer this calculation. The ideal would be, once we have a 6 month emergency fund in place to have this number sitting at 180+ days. Slow and steady wins the race!

Income

For the month of June we use May’s paychecks. We live off last months income.

Income for May: $5,867.80

A little higher, which is great!

Expenses

Debt: $715.84
Food: $683.38
Housing: $2,367.27 (This includes rent. We live in a HCoL area)
Pets: $252.69 (I owed my parents for caring for my pets and we bought necessities for the house)
Transportation: $86.70
Cell Phone: $126.00
Entertainment: $52.21 (Includes our personal money)
Travel: $1,303.96 (travel related expenses, vet visits, etc)
Work Related: $64.05
ID Renewal: $22.50
Gifts: $64.05 (Birthday pedi with the bestie)

Total: $5,738.65

Traveling is expensive. We have been putting money aside for my trip for a few months now. I am very luck that I was able to get lunch with a couple really great friends, treat my best friend to a pedicure for her birthday, I took my parents out to dinner as a thank you. I was really shocked at our grocery bill, but it is less than it normally is, so I can’t complain.

The only really big complaint I have is a vet bill that is lumped into the travel category.

In Texas we were charged one vet visit fee if we took both our cats. We also weren’t charged for health certificates. This vet charged $50 per pet, $55 pet health certificate (I needed 3, one for me, one for Hawaii and one for the airline, per cat) and of course charged for the flea treatment at $25 per cat. The last bit I don’t have an issue with. The health certificates really rubbed me the wrong way. I was anticipating about a $100 vet visit. This vet visit was on par with what it cost for our orange tabby to be neutered. I don’t even want to know what they would charge for that service. Lesson learned, get quotes on the phone from vets. I guess I got lucky with who we were seeing in Texas.

Expenses do not account for sinking funds or savings. It is only categories in which an expense was deducted.

Net Income: $129.15

Hot Spit! We came out positive!

I mean, I knew we broke even because we didn’t float the credit card, overdraw accounts, or any of that. We saved up money for this trip and the expenses that we knew would be coming. In the end, we did have to borrow from some excess cash we had for July to cover the rest of the expenses for June (mostly pet related). But, thankfully we had that ability.

Debt Repayment

We pay based on the avalanche method, meaning highest interest loans to lowest. The Parent Plus Loans we pay for Mr. Wanderlusts parents sit at 9% interest. Our Perkins Loans sit at 5% interest. This number, currently, doesn’t include our car payment which is in our Expenses as a debt. It also doesn’t include the lovely fees that are assessed by one of our loan provides. Thank you ECSI, I just love paying a transaction fee each time I pay my bill.

Total towards Debt: $499.88

Interest Paid: $208.33

Total Paid 2016: $3,766.62

Not being aggressive on loans as I had to return home to pick up our cats and to attend a memorial service for two of our family members that we lost last year. Family trumps debt repayment at the moment. By August we should be back to kicking debts butt.

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