I have decided to post my weekly spending for the previous week on Fridays so you know how my cash has been flowing for the week. Please note that I get paid on the last day of the month so my cash flow net effect will usually be negative until the last day of the month.
This does not mean that I am adding to my debt, it just means that the money coming in is less than the money going out because bills are due starting on the first but I don’t get paid until the last day.
So again to clarify (since I get so many questions), this shows the cash FLOW for the month. On Day 2 of every month I will have a negative FLOW because I have paid rent etc so money has LEFT my checking account. I have not had any money come in on Day 2 of the current month since I got paid on day 27 or 30 or 31 of the previous month so that income is counted for LAST month.
Income for the month to date: $78.05
Expenses for the month to date: $1529.68
Net effect: -$1451.63
Since the last posting I received $73 in advertising on the blog. This is an excellent start to the month with some positive cash flow so that makes me very happy. I paid rent and all associated fees like water, insurance and pet rent so that major cost is taken care of for the month. I also received $5.05 from my investment in Lending Club this week. I am going to withdraw money on Thursdays so I know how much I made in a week and still be able to count it as part of the weekly financial update.
I spent $52.32 on shopping this week of which $13.82 was household items and $38.50 was food. The household items consisted of kitty litter and wet and dry cat food. I redeemed $2 in coupons on the cat food, giving me a net gain on coupons of $2 for this month since I have not bought a newspaper as yet.
The most expensive item on my food budget this month was a bag of scallops which came in at $8.24. I need to increase my protein intake and since I am not a big fan of red meat I have decided to eat more seafood.
Scallops are easy to cook and go well with everything I prepare so I thought this was a good addition to my food budget this month. I spent $15.98 to buy some candles online but they were worth the splurge since I love those candles so much and you know how scented items are like crack to me. I am not sure if I will be paying for them out of the splurge fund or not…it depends on how much I end up spending this month on personal and household items.
I paid my personal loan which is currently at 0% interest and ‘paid’ $550 in Irregular expenses, which went into an ING sub account to pay for my classes this month. I also ‘paid’ $20 into the emergency fund for the month, even though I reached my goal of $1000 last month. I also fired off a payment for my cell phone for the month and only have the electric bill and internet left under utilities.
I know that it looks like I spent a lot this first week when compared to other months but remember that $500 of this ‘spending’ was actually a transfer to an ING sub account that pays for my classes every five weeks. I budget the money monthly because that is easier to track but actually pay the class every 5 weeks.
I will see you guys and gals later as I continue my journey to save money and become debt free!!!!
I have a number of recipes which specify you brown the scallops as first step. I seem to be unable to achieve this. Every time I cook scallops they will not brown, but end up being poached
Quick question: What do you use to keep track of the break down on spending/saving.
I asked because of the details of the records that you keep.
I am currently using Google Documents to enter my receipts daily in a spreadsheet and then use Mint.com to track my spending goals. I enter receipts in Google documents so that I have an accurate count of what I spend and what comes in because Mint takes a few days to record those transactions sometimes.
You’re saving loads – i wouldn’t worry at all 🙂
Like your comment above about using Google docs… guess that’s much handier then excel as you have access to your details when you’re on the move – so you don’t forget to add anything.
I really enjoy this idea of tracking your budget and posting it. It makes your spending habits tangible, in a way. Have you ever thought of using an online bank for your banking? savingmoneysmarts.com outlines some of the great benefits of using an online savings account to help you save and gives a list of some online banks you might want to check out. There’s also an essay about saving money while you’re in college, and great tips on grocery shopping – as I get the impression you enjoy cooking/eating.
Good luck!
Yes I do use online banking….I talk about ING all the time.