January 2015 Budget

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?


4 thoughts on “January 2015 Budget

  1. I think it really hard to critique budgets that are in percentages, because if your basic needs for everyone cost roughly the same, rent might be 20% for someone with a large income and 50% for a smaller income. It’s all relative. 🙂 I understand the reasoning for it, but it’s more difficult to get to see where the money is going.


    • Yeah, I can understand that… And maybe I’ll feel more comfortable putting actual numbers down in the future, but for now, as I become accustomed to the online world and sharing my info, I’m going to stick with percentages. Thanks for coming by to have a look though. I appreciate the feedback.


  2. Oh, wow, I see what you mean about your housing percentage! On the other hand, as long as you can pay this much and still meet your other goals (including savings) then you’re in good shape. And presumably your fiance’s income will rebound at some point and lower the percentage.


    • Well, I’m not so sure about my success this month, but it’s still early, so I might be able to tighten things up for the rest of the month, we’ll see… I may have to adjust some things next month. And yes, things should balance out a bit more once my fiancé gets more income coming in. Thanks for stopping by and commenting!


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