A personal Spending Plan aka Budget Update #1 May - *New Topic* & Getting stuck in the numbers

Okay Money Glee'ers, feel we've invited a new word there however let's own it! It's time to mix things up here & delve into somewhat of an experiment for you to see play out. This is an actual budget (or spending plan as we call it) from a contributor here & we'll continue to keep you posted.

Sounds great you say however what exactly is new?

What we'll be bringing to you on a monthly basis are some numbers from this budget and some commentary on how it was set & looking at spending plan hacks to reduce the amount of cash being used. This is exciting times & without further adieu strap in & take a look at how this person fared comparing April to May:

April's spending plan

Books - Planned $60                    

Actual - $83

Entertainment - Planned $500    

Actual - $519

Food Groceries - Planned $120  

Actual - $113

Gym - Planned $52                      

Actual - $52

Mobile - Planned $45                  

Actual - $56

Miscellaneous - Planned $300    

Actual - $275

Rent - Planned $800                  

Actual - $1675

Restaurants - Planned $300      

Actual - $392

Transportation - Planned $300  

Actual - $267

Visually you can check this out below. Was created using Goodbudget (not an affiliate link :) ) 

 

May's spending plan

Now if we compare this to May's (admittedly taken on 28th May, although there will be not a lot of spending in the next few days), let's see what's changed:

Books - Planned $60                    

Actual - $28 ($55 less compared to April) Big win!

Entertainment - Planned $490 

Actual - $390 ($129 less compared to April) Big Win!

Food Groceries - Planned $130 

Actual - $176 ($63 more compared to April) Due to moving out of home however can be improved

Gym - Planned $52                      

Actual - $52 (Same as April) $26 a fortnight plan, likely to stay the same

Mobile - Planned $39                

Actual - $39 ($17 less compared to April) Small win due to a reduction in phone plan with increased data! :)

Miscellaneous - Planned $290  

Actual - $656 ($381 more compared to April) Massive loss although included in this is an annual home loan fee of $395

Rent - Planned $750                   

Actual - $700 ($975 less compared to April) massive win although last month was due to moving out of home

Restaurants - Planned $290     

Actual - $338 ($54 less compared to April) While still above, a reduction is good right? :)

Transportation - Planned $300  

Actual - $233 ($34 less compared to April) small win!

Still some red here however closer to the goal amounts

Still some red here however closer to the goal amounts

Now readers I know this may not (see what we did there haha) be the prettiest way to present it however what are your thoughts on the format?

Going forward there will be 1 months worth of figures posted & the figures may change i.e. the plan is to gradually reduce entertainment expenditure $10 each month until we reach around $400. Overall while tracking every expense certainly is not for everyone there are ways to automate this.

Now that we've put that transparent view on a spending plan out there for you, it's time to sit back and smell the flowers :)

Do you use a spending plan? & do you call it the dirty word *Budget*? :)

What are your thoughts on the numbers and format of this post, like them or loathe them?

Let us know of anything that can help you with your personal finances or personal life.

Remember to live your Money Glee! :)