July 2014 Budget and Monthly Challenge

july 2014

 

The year is half way over, that’s so crazy! It seems that once you start working full time it seems that the days, weeks and months fly by!

For the upcoming month, I wanted to do something different with my budget and the way I spend my money. Having different categories for where money goes is a great way to see if you are overspending in certain areas and gives you insight into how you need to change your behavior to achieve different goals.

The basic things I spend money on are food, restaurants/coffee and clothing. This month I want to limit that as much as I can. The premise of my plan is that I have a certain amount of money and I can spend that money how ever I wish. But once that money is done- that is it.

My goal is to only spend half my income, and put the other half to my debt.

To achieve this I’ve calculated half my income, subtracted rent, internet and metropass from it and what is left over, Ican spend however I wish. This amount is $250. This is to include groceries as well. Gym and laundry are counted for separately, since I forgot to include them in the original plan.

This $250 got split into $110 and $140 from each paycheck (May 31 and June 15). This money is transferred from my main account into a separate one and that’s the only card I use.

Since it is easier to track debit (because when the money runs out, it’s game over) I am also not using my credit card all month. The only thing that comes off from it automatically is my gym.

Hopefully, this goes well for me and I’ll be able to pay down more to my debt this month. I also want to do some type of challenge every month.

 

What money challenges have you put yourself through? Was it worth it? What does your July spending forcast look like?

-R.

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