I’m not exactly sure how I want to show my budget on here yet, so this will be a work in progress as we go along, but I wanted to get my January budget created and published so that I feel the pressure to follow it. I want to put in a pretty graphic, but my blogging skills are pretty limited, so bear with me if this gets messy.
I am going to put the number here as percentages of our total income. The budgetary numbers are based almost solely on my own income as my fiance is currently only working casually and is waiting to hear about school before committing to getting another job. I also am not budgeting on any overtime, since that comes and goes, and I don’t want to rely on that to make ends meet. This may make things much better in the end, but it is making things a little tight if we stick with only one income.
I’m also not totally firm on my categories for my budget yet, so this will also be an experiment to see how things play out in the next few months and then I may revisit the categories or rearrange them. Right now I have made 11 categories.
1. Mortgage & Property Tax: 56%
2. Utilities & Home Insurance: 4%
3. Savings & RRSP Contributions: 12%
4. Life Insurance, Medical & Family Expenses: 6%
5. Cable, Cell Phones & Internet: 6%
6. Car Insurance, Maintenance & Gas: 5%
7. Food (& Liquor – including eating out): 4%
8. Household Goods & Toiletries: 2%
9. Fitness & Sports: 2%
10. Clothing & Personal Care: 2%
11. Misc. Others: 1%
So there we go. My first budget. Wish me luck in sticking to it, I will definitely need it.
Have you done a budget for January? Can you see any glaring errors in mine?