Finance Friday: Six Month Check In

Good morning! With July on the horizon, I thought it might be fun to share a six month check in. This check-in is based on our budget, track and spend spreadsheet, which you can download for free and use yourself!

Our sheet has several major categories for spend tracking. We deduct as we spend from each category’s assigned value. The biggest category is just called “Stuff.” From here we deduct, say, spending at the comic book store; gifts; hotel stays; pretty much all the stuff of everyday life. We gave this category $5k for the year, and we’re not yet at the halfway point. Woohoo!

Home/Oil

This category includes any spending on home repairs/home needs. We allocated only $2k, since we’re not renovating anything, and we’ve spent most of it already. The purchase of new dressers for our bedroom last winter is the culprit. I got them on super clearance and they’re nice hardwood bureaus, but still, money’s money. We may well go over our budgeted amount, depending on oil prices in the fall. We’ll see.

Cats

One category we’ve overspent dramatically in is pet-based. This is a sad story, though; we’d budgeted enough for food and cat insurance (yeah, I know) and some vet appointments, but had no way of anticipating how the spring would go. We’d tried to add a third cat to our clan. This went horribly, and put one of our cats in the vet’s office for several hundred dollars’ worth of services; the organization we’d worked with didn’t even offer to refund the fee we’d paid for the new cat. Then our injured cat suddenly died a month later, and we had him cremated and returned to us. His passing then led to a very thorough checkup for cat #1. The overage here is pretty much meaningless to me, given that it was born of so much sorrow.

Other Annual Categories

We’ve barely used our clothing allowance–we’ve spent about $500 this year and probably won’t spend too much more. We keep a running tally of work expenses for deductions next spring, so we don’t worry too much about that area. We’re just about at our usual charitable giving threshold because of the fee paid to adopt the cat that didn’t work, so we’ll likely end up over the top in that area too.

Monthly Categories

Dining Out and Groceries are our major monthly categories. They get a designated amount and we spend that amount down. And down. and into the next month. We’re bad at these categories.

Together, dining out and groceries get about $800. I’m thinking that if I’m honest, I need to budget more here, at least for the summer. Mr. Tenacious and I are both home during the summer, and occasionally we have days where we need to get out of the house as the proverbial walls close in. We have more outings with friends, too. We have no willpower to say, “nope, we’ve hit our threshold” on those days–in the dining category, we just deduct the overage from the next month, and the next month, and so on until we probably won’t have any dining dollars for December. Mr. Tenacious also isn’t as keen on saving so much for saving’s sake as I am, and I don’t like to argue about it at this point. So, um, this area may need some attention.

So there you have it–the Tenacious household’s six month accountability check-in. The good news is that these categories are built for post-saving spending–we automatically deposit into our savings account and 401k, and the extra money I get from work for a program I run during the summer offset the impact of suddenly paying off the mister’s student loans. The only loan we have remaining (besides mortgage) is my car, and at a 3.5% interest rate, I don’t worry too much about it.

So let’s hear your six month check in! How are you doing at mid-year? Are you saving and spending where you hoped to be? What’s gotten in your way?

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