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Summary for November and a New Budget

December 9th, 2014 at 09:08 pm

Last month's income decreased by 15% compared to the same month last year (that's because D started his new job last year and he collected income from his previous business for the previous month - about $1500 extra).

But our expenses were 49% lower than last year.

Our savings was 3% lower (because we put last year's extra income into savings).

Knowing D now has an employee savings plan at work and that he'll be getting a raise, we've been working on the 2015 budget. I set the budget based on last year's expenses as well as anticipated expenses (had to increase a few categories including home repair since we hope to restucco at some point and medical - D needs allergy shots).

Since the employee savings plan is before employment taxes, I'm not sure how to calculate our savings rate. I was just going to add that amount to what we're saving. I'm trying to keep my 50-30-20 formula.

Have you re-jigged your budget for 2015?

5 Responses to “Summary for November and a New Budget”

  1. snafu Says:

    I'm trying to establish goals for 2015, just in my head for now! I know we've been slightly under spending targets for the categories we can control but those imposed like KWH or Jigajoule unit costs have escalated. Food costs here are ridiculous and since gas costs less, I don't understand why prices have soared yet again.

    Can you share ideas and actions that lowered your costs 49%? I'm so impressed. I lowered our income by reducing work/contracts as a choice. Our income is fine. We're having a stock market meltdown and our currency is still tanking vs USD but we do this regularly and it's all political. I see it as a grand opportunity to buy quality stock at 'sale' price. Just wish to buy in January, not Dec. when I'll have to pay tax on dividends.

  2. creditcardfree Says:

    I'm definitely going to make changes to the budget in 2015. I haven't got it all figured out quite yet.

  3. Buendia Says:

    I wish I could take more credit for the reduction in spending for this November compared to last... but in reality it was because last November we bought our plane tickets to the UK - this is an every-other-year expense. I might take that out of our budget entirely and track it separately. I do set aside money for it every month, and our credit card rewards go toward that travel. Wondering how other people track travel in their budgets since it's spread out over many months and more than one year...

    November was still lower, though, even without that because I set a careful budget on holiday spending! And I spent less on food, too.

  4. scottish girl Says:

    Yes, I've re-jigged my budget so I can put more towards debt.

  5. Kiki Says:

    I've been working on my 2015 budget as well. I don't count any of the income from the small business-that stays in the bank.

    I recently upped my retirement 401k and 457 savings rates and figured out how to get it to 25% by the end of 2016. 2% will come from a raise in July 2015 but the rest is little adjustments every couple of months.

    The budget is interesting because of the drop in gas prices but no change yet in commodity prices. Trying to cut the budget areas where I can and add a little to grocery category.

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