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)

Rent 1000

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

Comcast 66

Son’s summer school 210

Misc. 75

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

Tithes Private

TOTAL $2580.00

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.

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