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Current Budget Breakdown

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Friday, January 27, 2012

Current Budget Breakdown

I have been tracking our finances meticulously for about 6 months now and have developed a fairly good budget for ourselves.  I was inspired to look at the big picture of our finances by this post the other day: Where's the Money, Honey? by Gail Vaz Oxlade (love!).  I decided to make myself a pie chart so I could see our budget breakdown.



As I was making the chart I realized that it is a little skewed in our case.  Because our income varies from paycheck to paycheck, I only budget for the lowest amount that our income ever dips to.  Any money that comes in above this amount goes straight to paying down our mortgage/ beefing up our emergency fund.  This makes our savings look quite piddly in comparison to the other categories.  Also, I don't account for the baby bonus we receive from the government each month that goes straight into savings for our son.

I was happy to see a nice small spending category.  Sometimes it feels like this would be the highest category because it is split between so many different sub-categories in our budget (gifts, clothing, pets, baby etc.). 

We are still working on slashing our food and utilities budget.  I'll keep you posted on how we do in that area over the next while.  We are hoping to make some changes that will make a good sized dent in those categories and free up some funds for the savings category!!

518801_Track every $ you spend - 234x60

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