Month 2 of Your Money or Your Life Program

Posted by 22 June, 2008

Post #2 of our adventure through the Your Money or Your Life Program. Technically, we are not involved in the online study group or a group around us, but we are getting started with what we are able to do right now. That being said, I’m happy that we are taking action because it would be easy for us to say we are too busy and not do anything until after we move.

Categories
Groceries $408.73
Gas $351.22
Gifts $536.60
Car Payment $290.00
Eating Out $152.12
Clothing $173.75
Pool $41.10
Student Loans $825.96
IRA $507.00
Cable/ Internet $102.91
Beauty $103.14
Auto $160.10
Dogs $375.93
Houston House $126.57
Utilities $219.30
House $130.52
Mortgage $1,087.18
Charities $25.00
Car/House Insurance $312.47
Life/ Disability Insurance $135.73
Entertainment $970.00
CPA $350.00
Starbucks $40.70
REI $79.49
Pharmacy $119.59
Cake Business $186.11
Total $7,811.22

If you look at our first month, we spent $6600. This month we spent a whopping $7800. While this may seem like a huge jump in money spent, it’s actually most likely very similar to last month. Last month I did not include IRA contributions. This past month I received extra money from business travel and my wife received a raise. Those extra dollars either went to savings (not represented here), or to pay off a student loan which would be reflected in our monthly expenditures. There was one major charge that was a yearly splurge – football season tickets for University of Texas at Austin. We hope to cut down on our expenditures, but it doesn’t seem like that’s been the case so far. Hopefully we’ll find a house and be able to move fairly soon because that would significantly and positively affect our budget. There are items that are not included on here that I am not sure how to quantify, i.e. we put quite a bit of money every month into an ING account and that money pays for things like the UT season tickets, property taxes, and vacations. I plan to only include them as an expense when they are actually paid. In the next post regarding the Your Money or Your Life Program, I hope to further refine our categories, decrease spending 🙂 , and place our months of following our finances onto a chart to chart our progress. Stay tuned!


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