budgeting,  mom

2020 Budget Wins and Fails

April 10, 2020 /

Since we are 4 months into the year and I often try to share some of the budgeting tips that have worked for our family (search budget posts on the blog), I thought it would be helpful to share my budget wins and fails so far. It also helps me celebrate my wins or learn from my fails.

January and February

The first two months of the year would count as fails in my book even though I was still able to put money into savings. Of course having been able to save they are not total fails. However, my hope was to start the year with a small credit card bill each month meaning I didn’t charge Amazon or things I didn’t think would fit in the budget at the time. January and February credit card bill were a result of poor planning for Christmas/Nativity. While I was able to pay the bills off, it was much higher than I liked.

  • Lesson learned: plan a sinking fund for gifts throughout the year in order to be prepared at Christmas time. I now put $50 aside every month to have a little fund ready by November/December. It is part of my monthly budget.

I also spent a lot of money on miscelleneous things whether it was clothing for me and the kids, a run to Target or Hobby Lobby.

  • Lesson: plan a realistic budget for those things that are not part of the grocery trip otherwise it is an impossible task. With 4 kids there is always something that is need.

March and April

March and April are wins in my book. I am doing a much better job keeping track of my spending and keeping it under control.

  • I started March (really was after paying the February credit card bill in the middle of that month) with making sure I was not charging anything on Amazon. I actually took off the app off of my phone. If I needed something I used my debit card and I think it was about 20 days or so before I actually ordered something on there.
  • I stuck to my list as far as buying clothes: at the beginning of the year I made a list of items I would like to add to my closet. If I purchased something, I made sure that it was either on sale or that I knew it would be a piece that I would wear very frequently.
  • Budget by Paycheck: if you don’t follow Miko from the Budget Mom on Instagram, do! Or check out her website (The Budget Mom) for so many good ideas and resources on how to make your budget work for you, how to pay off credit card debt and how to save. I have been making sure to transfer money after my bills in savings every paycheck cycle leaving a cushion for unexpected expenses. Remember that having an increase in income or having lowered your bills does not necessarily mean that you should be spending more.
  • Groceries have increased a little these two months because we do not eat meat nor dairy during lent: shrimp and the occasionally salmon are more expensive that what I usually buy. I also have been keeping a fuller pantry which is a little unusual for me (I do buy more of things when they are on sale but I usually don’t buy extra flour or sugar to make sure I have some).
  • With Covid19 and much less traveling and the lower gas prices, I am spending a lot less on gas.
  • Utility bills are always lower for a month or 2 in spring and fall with the milder weather, so those are successes.
  • I have a lot of meat in the freezer for after Orthodox Pascha (Easter) which is in one more week for us. I have bought some when I came accross a great sale (yes to 99c/lb Boston Butt, check out my post for the recipe here) as well as some things that our neighbors gave us from their freezer when they moved.
  • Being home has meant less spending even with buying things such as puzzles and a few fun activities for the kids.

In these times of uncertainty, wins and fails are going to be different for each person and family. Some people’s incomes might not have changed and their lives may look the same as before financially, others might have lost their jobs and are existing on a bare bones budget. Do not compare yourself but learn from others. There are several Instagram accounts I like to follow just for tips and reminders on how to stretch your budget and to remind myself that more things does not mean a better lifestyle. Celebrate your successes whether they are big or small. Writing these kinds of posts remind me that I can do better and encourage me to improve or try something new each month.

A bientôt!

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