I can’t believe it’s time for another budget report. The summer is flying by! This is our first month with a taste of variable income. I mentioned earlier this month that my husband’s income is switching from a draw system to strictly commission. We’re optimistic about the change and the way it can help us in our huge goal to pay off all of our student loans in the next year and a half.
During June, we put $2,312 toward our student loans! This went toward the 0% APR balance transfer that we’re using to save money on interest. On Income Based Repayment with our current income and family size, we don’t have any payments actually due, so we can focus all our attention on the balance transfer without having to worry about any minimum payments on the remaining untransferred loans.
Our total net income for June was $5,992. Since we live on last month’s income, this is income that we haven’t touched yet. We will budget and spend it in July.
Attorney Income– $4,487 The first paycheck this month was normal (what the draw used to be) and the second check was totally commission (based on the money Mr. SixFiguresUnder collected during the first two weeks of the month). Next month, both checks will be commission. I wrote about our switch to variable income recently for those who want more details. This time it’s about 50% more than we made with the draw, but it will vary from month-to-month.
Blog Income– $1,316 This is the income I actually received this month, which means I earned it a month or two ago (payments always lag a month or two). I have already subtracted my blogging expenses, but taxes are not taken out yet.
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Etsy Income– $189 With my blog and baby taking more time, Etsy has taken the back burner, which is fine for now.
Tithing– $635 This is our normal 10% tithe on our income. We pay tithing at the first of the month on the total income we had the previous month. You can read more about why we pay tithing even though we’re in debt.
Other Giving– $20 Other charitable donations this month.
Mortgage/Rent– $0 We don’t pay any rent living in my in-laws unfinished basement. This not only frees up money in the budget to put toward debt, but it provides a constant reminder of our goal to get this debt paid off as fast as possible.
Internet– $70 We are still loving our unlimited internet! It’s wonderful not having to budget my bandwidth anymore! My in-laws take care of all the other utilities, so this is the only utility we pay and we pay it with a smile.
Republic Wireless Cell Phones– $22 We both have smartphones through Republic Wireless (you can read my review here). With tax, each phone with unlimited talk, text and WiFi data is around $11. It’s lovely!
Health Insurance– $148 Our insurance went down slightly because our subsidy went up when our family size increased in April. I’m sure we’ll end up paying more because we expect to make more money than we did last year. It will all get straightened out at tax time.
Car Insurance– $97 We have auto insurance through USAA for our two older vehicles (both 1997) with a $250 deductible.
Renters Insurance– $14 We also have our renters insurance through USAA. It doesn’t cost much and it’s really great to have when you need it.
Food– $357 I didn’t plan very well this month, so we went over our normal goal of $300. We took a trip at the end of the month which required an extra grocery trip. I was also out of bread (and too lazy to make any), so I had my husband go out to lunch twice (a very rare occurrence). I did a six month average when I was adding our budget to the BareBudgetGuy’s database today and found that our average is still under $280 per month.
Gas– $411 Gas is almost below $3/gallon here (a few times I actually did pay less than $3). I was happy to see that even with a road trip (about 5 hours away) we stayed well below the $500 that we usually budget for gas.
Fun– $27 We took the kids to a county fair. For the ride tickets, the kids paid for half with money they earned and we paid the other half. I also bought Money Saving Mom’s Make Over Your Mornings video course.
Household– $24 Besides some toothpaste, Zote soap and some spray bottles, I can’t remember exactly what I bought. I went to Target. At least I split and categorized my receipt, even if I didn’t put a note as to what I actually bought! 🙂
Clothing– $38 I got some long-sleeved shirts that were clearanced down to ultra cheap, along with some packages of socks. I put them all away for fall. We also bought flip flops for most people in the family. I found some shirts for me at a thrift store out of town. I don’t have much patience for shopping for myself, but the thrift store was really small, so I didn’t get so overwhelmed. My husband always gets excited when I buy things for myself since he doesn’t feel qualified to do clothes shopping for me.
Medical– $1,200 We put this money aside for when we pay my labor and delivery bill in July. We got a bill, but are waiting on the insurance company’s Explanation of Benefits before we pay it. We’ll be budgeting more money for this bill next month as well.
Baby– $15 I bought some girly cloth diapers on Ebay. You can’t beat five super cute reusable diapers for $15.
Car Repair– $647 We put two new tires on the van and then got new brakes and calipers. Our mechanic always sends coupons in the mail. I used one they sent for Father’s Day and saved $50 on the brakes. We have decided that we’re not putting any more money into the van. The registration and smog/emissions is coming up in August. Hopefully we’ll get something else before that so we can avoid putting $200 more into our van that’s on its last legs.
Car Registration– $94 Mr. SixFiguresUnder had to renew his car registration this month.
Law Practice– $44 This is the monthly subscription for law practice management software that we pay for out of pocket.
College Savings– $100 We contribute $25 per month per kid to 529 accounts. More on our decision to start saving for college in this post.
Off budget Spending– I had a few purchases that didn’t come out of the budget.
I surprised my husband with new Chacos for Father’s day. He had his old ones for nearly a decade and they were at the end of their life. I was very excited that I could get them completely with Amazon gift cards that I earned through MyPoints and Swagbucks. I even had enough leftover to get a new dough hook to my KitchenAid.
I also got clothes for the kids and for me from Schoola. I signed up through someone’s referral link, so I got $15 to start out with, then I had a couple of others sign up, so I had more credit to use.
I mentioned that I added our family budget to BareBudgetGuy’s database of budget profiles. I think it’s a really cool thing he’s doing. It’s fun to look through everyone’s budgets. You can also get Mark’s input on your financial questions. He’s having a $50 giveaway right now that you can enter by baring your budget. Don’t be shy, head over and share your numbers!
How did your finances go in June? Next week we’ll revisit our 6-month goals. I can’t wait to hear about your accomplishments!
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