July’s Budget Prologue

It’s that time again… It’s time to pay the bills, tally up the receipts, and see how July’s budget results turned out.

I’m using my Google Documents spreadsheet sparingly because I’ve discovered Mint.com is much more efficient at tracking my spending.  My ‘2009 Budget’ spreadsheet is now only used as a reference for past data.  That means, more debit/credit card usage, and minimal cash usage.  I’m still using a notebook to record the inevitable cash transaction, however.

As I’d like this blog to be personal finance-ish I wish I could post up my net worth.  However, I’m afraid someone IRL will find out about it, so I’m very hesitant.  So I’ll leave that out.  (What I will say:  I am whistling to the tune of a six figure net worth, but I am by no means rich.) How about including changes in net worth in this blog?  That should be okay.

Anyway there are a few things I can feel good blogging about.

  • I’m putting away 22% of my paycheck pre-tax into retirement per month (I’m only in my early 20s…Compound interest!  Compound interest!)
  • I’m maxing out my Roth IRA every year
  • Automated transfers of $700 per month of take-home pay per month into my emergency/future fund
  • I don’t have any outstanding debt (school loans or otherwise).. I just a little bit of consumer credit card debt per month, so I pay all bills in full.

My budget categories and ‘self-inflicted spending’ limits:

  • Food and Dining (Groceries and Eating Out combined) – $200
  • Groceries (alone) – $125
  • Clothing – $100
  • Gas – $90
  • Shoes and Accessories – $50
  • Toiletries and Cosmetics $35
  • Home Decor – $25

How did I do?  I’ll post up the July Budget Recap on Friday or Saturday when July is officially over.  Stay tuned!