We recently took a hard look at our finances, and it wasn’t pretty. We have a lot of debt. We will be looking for ways to further reduce our budget this month along with ways to increase income.
For August’s budget, we are working on my husband’s salary of $1,888.69 and the money I earned in July, $769.22, giving us a total of $2657.91. Here is the plan:
August 2011 Budget
Laundry 40 (we have to use a coin operated washer; we air dry our clothes)
Groceries, Toiletries & Diapers 340
ComEd 70 (our second floor apartment gets HOT because we have a flat black roof above us, so we will definitely be running the air quite a bit)
AT & T 30
Son’s summer school 210
Gas/Transportation 200 (this is very tight–$100 for gas and $100 for DH’s commuting on public transportation); I hope we can stay at or under this amount)
Student Loan 192
Life insurance 77
Husband’s spending money 10
My spending money 10
Credit card payment 260
I am hoping some how, perhaps by mainly eating from the freezer and not driving too much, that I can save a little of the money budgeted this month to be applied to extra debt repayment.
This month I brought in $769.22 through writing/advertising/virtual assistant work. I have been hoping to make $500 a month; I figured the beginning of the year I would make less than that but by the end of the year I would be making more monthly. So far, I brought in an average of $433.00 a month. Each month it is going up, so I am encouraged, but we still have a ways to go to earn enough for our expenses.