Budget Update - Month 1 Lessons Learned

Hello Y'all,

So April ended and we added up the  receipts from the groceries and incidentals (remember, we had budgeted $300 for groceries and $400 for incidentals) and we were pretty much spot on with our budgeting. We spent $298 on food and actually closer to $450 for incidentals, but there were a few unexpected things that came up in there, so a $50 surplus wasn't actually too bad. It was the first month doing this and our goal was to practice and just begin setting up good habits around our spending.

Things we observed;

• it was easier to remember to keep the grocery receipts than the incidentals
• you have to remember to actually keep cash on you when you go out, so that you don't end up using your debit card
• don't take too much cash with you, so you are able to stick to your budget
• you definitely become more conscious of your spending and start to question every purchase
• you need to write down all the money you take from each box and change you put back in with the receipts

We want to do this the same way for two more months to be able to average it out and see what our spending trends look like. We also thought that for this month, it would be a good idea to think about and write down the things we know will be coming from the incidentals, like a hair cut or getting the oil changed in the car...that kind of stuff. Then you can deduct those things and see what you are really left with for "other" stuff. It can help set you up to balance your spending for the month.

So, now we're off to the races for May and we'll update you again in the beginning of June!

Thanks for watching!

-E & D

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