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January 15, 2021 · Leave a Comment

January Budget Categories

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Budget· Budget Tips· Debt Free· Debt Free Tips· Saving· Ways We Save

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A new month, new year, and new a chance to create a new budget that will allow you to reach your financial goals by the end of the year.  As you’re setting new goals for the new year, and creating a budget to fit your goals, don’t forget about these January budget categories as you continue on your journey to financial independence.

January Budget Categories

 

Christmas Savings

I know, I know… This is a post about January budget categories, and Christmas isn’t until December.  BUT, the time to get started on saving for Christmas is now.  Every year, Hubs and I look back through what we spent on everyone we buy gifts for, as well as donations, class, and company gift exchanges, and parties.

I also make sure to add in a little buffer in case any extra spending comes up and come up with a total amount that we should have saved by the time Christmas comes.  This gives us an idea of how much to save each week, so we can meet our goal by the end of the year.

Sinking Fund Accounts

Sinking funds are a vital budgeting strategy that can help you save up for expenses that you know will be happening. I’m not talking about expenses that are your normal monthly bills. Sinking funds are reserved for things like replacing your car tires, or an upcoming family vacation. You can head over to this post to read more about what sinking funds are here, and how to start sinking funds.

Think about some things you want to or need to save up for over the course of the year?  By starting to save for them earlier, you’re helping your budget stretch even further.  In June, our septic tank is scheduled to be pumped again, and in June we are also taking a family camping vacation.  By saving for both of these ahead of time, I won’t be surprised when the bill comes or have to stretch our monthly budgets as we get closer.

I know in May, I would like to have a delivery of soil for our garden. In order for the $200 bill to not be a surprise, I need to start saving up for it sooner than May.

Need some more ideas for savings categories?  Check out my post about our 52-week savings, and get the free printable while you’re there!

Why Your Budget Needs Sinking Funds

Taxes

Tax time is quickly approaching for us in the US.  Whether you wind up owing a large chunk of money at tax time, or you just want to hire an accountant to do your taxes for you, make sure to start setting aside some money now.  If you’re unsure how much you’ll need, look back at how much you spent in the past, and give yourself a slight buffer for any increases in cost.

Family Night

Wintertime, where we live, is cold, and in my opinion, extremely miserable.  When the kids get on the bus, it’s dark out, and when they get home, it’s nearly dark again.  Sending them out to play isn’t high on my list of priorities when it’s frigid and pitch black.  But by scheduling a family night or two throughout the month, we’re able to keep cabin fever at bay and not overspend on our budget for the month.

Higher Utility Bills

At our previous two houses, we had natural gas as our main source of heat.  Our bill was always higher in the winter, by a few hundred dollars, than it was in the summer when the water heater and the stove were the only uses of natural gas.  Even after we were on a budgeting program, the bill would reevaluate in the winter based on our actual usage.

At our current house, our main source of heat is our wood stove, but our electric bill does rise a bit with our circulator running the hot water through our baseboards.

Clearance Items

This time of year is when I like to start stocking up on clearance winter clothes and coats.  While they’re not going to be at the cheapest price I’ll find {March is usually when that happens}, I like to start scouting it out.  In the past, I found jeans for Bookworm and leggings for Lady Bug for under $2 each, which is cheaper than thrift store prices in my area.

Summer Vacations

As my kids get older, I’m always surprised by how quickly our summer starts to fill in with all their activities. Whether you’re planning on staying local and doing small staycations, or going big and opting for a longer vacation in a different location, you should start planning it out and estimating how much it will cost.

 

Looking to set up your budget for a different month?

  • December Budget Categories
  • February Budget Categories
  • March Budget Categories

 

Are there any Categories you include in your January budget you have in your budget that I didn’t include?  Let me know in the comments below and I’ll add them to the list!

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makingcentsmatter

makingcentsmatter
Only you can determine what your financial goals a Only you can determine what your financial goals are. If that means you're adding money to your savings account, or contributing to your retirement, while you are paying off debt, then so be it!⁠
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Do what looks right for you and your personal finances.⁠
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#budget #budgeting #savingmoney #savings #cashbudget #cash #cashisking #frugalblogger #frugalmom #frugalliving #financialgoals #personalfinancetips #personalfinance #debtfreejourney #debtfreecommunity #debtfreeprogress #makingcentsmatter #financialfreedom #debtfree
The trick to meal planning is to make it predictab The trick to meal planning is to make it predictable. But predictable doesn't mean the same thing week to week. You could have a chicken meal, a soup meal, a pasta meal, a leftovers meal, a family favorite meal, and so on.⁠
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We always try to go with themed days, but some weeks are so hectic the theme is literally "fast". Thankfully that hasn't been the case lately.⁠
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#mealplanning #mealplan #budget #budgeting #monthlyincome #savingmoney #savings #cashbudget #cash #cashisking #frugalblogger #frugalmom #frugalliving #financialgoals #personalfinancetips #personalfinance #debtfreejourney #debtfreecommunity #debtfreeprogress #makingcentsmatter #financialfreedom #debtfree
I can only hear about my extended warranty I never I can only hear about my extended warranty I never purchased so many times. 😣⁠
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#makingcentsmatter #budgets #monthlyincome #debtfreecommunity #realbudget #savingmoney #payingoffdebt #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance #personalfinancetips #financialfreedom
March Debt Paid numbers are in!⁠ .⁠ House: $51 March Debt Paid numbers are in!⁠
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House: $511.13⁠
Citi: $0 – this has a residual $3 in interest charges since payoff, due in April⁠
D NelNet: $100⁠
K NelNet: $100⁠
K Chase: $600⁠
Explorer: $336.27⁠
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Total Paid in 2021: $8,258.84⁠
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Extra Payment: There isn’t one this month since we were $25 away from zeroing out the budget for our February 15th monthly paycheck. That $25, and monies left from our January 15th paycheck, covered our OOP costs for Hubs’ filling. We also have some savings goals coming up that need to be met, making our debt payments a little lower for the time begin.⁠
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#makingcentsmatter #debt #debtfreejourney #debtfreeprogress #debtfreecommunity #realbudget #savingmoney #payingoffdebt #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance #personalfinancetips #financialfreedom⁠
The battle for who can charge what tonight is abou The battle for who can charge what tonight is about to begin. 😬⁠
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My kids run off with my charger, plug it into one outlet 5 feet from where they found it like that particular outlet is the only one in this house, and then proceed to fight over who can charge their device first at night.⁠
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Then they get grumpy when it's their turn and it's not the proper input cable. #itwasmychargerfirst #dontlikeitgofindyourown⁠
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#parentingteens #parentingtweens #momlife #realife #budget #budgeting #savingmoney #cash #frugalblogger #frugalmom #financialgoals #personalfinancetips #personalfinance #debtfreejourney #debtfreecommunity #debtfreeprogress #makingcentsmatter
A needs his wisdom teeth taken out. I've talked a A needs his wisdom teeth taken out. I've talked a bit in our February Budget Check-In about how much of this I think we'll owe, and you can check that out on my YouTube channel if you're interested, but I wanted to say here...⁠
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To the mother with little kids struggling to get your finances in order, it will get better. I wish I could have heard those words years ago.⁠
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Nearly 10 years ago we were facing a $1,400 out-of-pocket portion for A's Phase 1 orthodontic work (I looked it up after I uploaded the video... we had a $1,400 portion).⁠
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It was a lot of money for us at the time. Our kids were 6, 2, and 3 months old. I don't think we even had $500 in savings, and I just left a part-time teaching job because it wasn't paying the part-time daycare bill, so paying our portion in full was just a dream I didn't think was achievable.⁠
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I was even stressing about the monthly $100 payments. We were so strapped. It was our breaking moment to start cutting costs and budgeting more effectively. We've learned a lot in that time period.⁠
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What we've learned is that it does no good to stress about it all the time. Life happens. All you can do is try to plan ahead, and if it's something that's unplanned, readjust. It won't always be easy, especially at first, but it will be worth it.⁠
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Nearly 10 years later, we are still paying off our debts. Student loans suck. But I see this bill as a reminder of how far we have come. Seeing a bill like this doesn't stress me out like it used to, and I know we can easily create a plan that can get it done and out of the way.⁠
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Will it delay our debt-free date more? Yes. But it's not worth stressing over. Life happens, readjust, and continue on down the path. It's called a journey for a reason.⁠
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#wisdomteeth #personalfiannce #personalfinancetips #financialgoals #budgeting #budgets #savingsgoals #savings #cashbudget #zerobasedbudget #debtfreejourney #debtfreeprogress #adulting #lifehappens #realife #realbudget #makingcentsmatter
It's almost payday! Here's how our variable budget It's almost payday! Here's how our variable budgeting categories are working out for the pay month.⁠
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Food is looking good this far into our paycheck, probably because miscellaneous - which includes eating out - took a hit with unexpected purchases. Pet is low for this time of the month, and Household is spot on.⁠
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Fuel looks like it'll be lower than last month (yay for weeks of snow days & delayed school starts), and Therapy had one more appointment than initially planned.⁠
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Garden, Dental, Medical & Propane are not included in these estimates so far because those expenses are coming from sinking funds. Once we're done with the month and review the budget, I'll move over the total amount spent from those sinking funds.⁠
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How's your paycheck budget coming along?⁠
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#realbudget #monthlyincome #monthlybudget #budget #budgetupdate #budgeting #savingmoney #variablecategories #savingmoney #savings #debtfreecommunity #debtfreejourney #cash #financialgoals #personalfinancetips #personalfinance #frugalliving #frugalblogger #budgetblogger #makingcentsmatter
Automating your finances makes saving money and bu Automating your finances makes saving money and budgeting more convenient, and therefore easier on you. Out of sight, out of mind, right?⁠
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What's one thing you can automate this week to make your finances easier?⁠
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Me? I'm going to set up our sinking fund transfers to automate every payday (the 15th of every month). Our bank set up a feature on their app where we can schedule savings transfers now, and I'm going to take advantage of it!⁠
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#personalfinance #personalfinancetips #budgeting #budgettips #personalfinancemadeeasy #savingmoney #savings #sinkingfunds #cash #frugalblogger #frugalmom #frugalliving #debtfreejourney #debtfreecommunity #debtfreeprogess #financialfreedom #makingcentsmatter
Oh my word... our miscellaneous category has gone Oh my word... our miscellaneous category has gone a smidgen overboard this month!⁠
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I foresee a goal for March's paycheck to at out less than twice. That's where this category went awry. $99.16 of it went to eating out. 😑 Some of it was avoidable, but not all of it. Having to drive to multiple appointments in one day during snow squalls and rearranging our whole day was one of those unavoidable instances.⁠
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Tracking our expenses - much like a budget review - is vital to sticking to your budget!⁠
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#makingcentsmatter #debt #debtfreejourney #debtfreeprogress #debtfreecommunity #realbudget #budgetcategories #monthlyincome #savingmoney #savings #frugalliving #frugalblogging #budgeting #zerobasedbudget #financialgoals #personalfinance #personalfinancetips #financialfreedom #expensetracking #budgetfail
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