We are officially one week into April and I have continued the financial planning from last month. With the help of a financially smart fellow blogger (thanks Amy!), I have set up an online budget and I LOVE it! I have officially set a budget for each category of spending for the first time in my life and boy was it eye opening!! By the time I set a budget for everything I thought I'd need and a budget for 7% of my income going to savings, I had $3 per month left. :) Unfortunately, I found out that I forgot to budget for car repairs, sports supplies for the kids, household goods and one other category which I can't remember at this time. After figuring in the new budgeted items, it was obvious that I am over budget. Time to make some necessary adjustments!
#1- grocery budget next month will be cut by $100.
#2- clothing budget will be cut from $80 to $40 will a rollover feature from month to month
I really didn't budget for entertainment and only budgeted $20 for dining out monthly so I can't cut from here.
This month will be spent closely watching spending in all areas of the budget and determining new dollar amounts for next month!
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