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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
Payday is today! Actually, payday was Friday the 1 Payday is today! Actually, payday was Friday the 12th because we completely forgot today is a bank holiday in the US. The feeling of being paid and not needing it is a nice one.⁠
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Here's what our paycheck needs to get us through for bills until March 14th. For a full look at our budget over the next month, head over to my budget with me on YouTube: https://youtu.be/rb8uyi1-rNc⁠
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#monthlyincome #monthlybudget #monthlybudget #zerobasedbudget #payday #budgetwithme #budgeting #budgettips #budgetcalendar #frugalliving #savingmoney #paycheck #makingcentsmatter #debtfreejourney #debtfreeprogress
This weekend was focused on a pantry shop and meal This weekend was focused on a pantry shop and meal plan creation! This meal plan to get us to our February payday. We also picked fast meals, because it's a busy two weeks between doctor's appointments,. Academic Decathalon, dance, and drama. I'm unsure we'll be able to shop on payday, hence the extras.⁠
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Total spent: $112.39 for items to get us through this and lunches.⁠
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Keep in mind, just over $112 for 12 meals isn't sustainable for our family, just in times when we need to stretch the last bits of our monthly income. I really wish $112 was enough to feed two teenaged boys in our household.⁠
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The point being... do what works for you, and your situation based on your location. Don't try to fit yourself into someone else's situation!⁠
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#mealplan #mealplanning #frugalliving #frugalmom #makingcentsmatter #savingmoney #monthlyincome #budgeting #budgetmom #groceryshop
January's real numbers:⁠ .⁠ House: $511.13⁠ January's real numbers:⁠
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House: $511.13⁠
Citi: $720⁠
D NelNet: $100⁠
K NelNet: $100⁠
K Chase: $150⁠
Explorer: $343⁠
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Extra Payment to Citi: $500⁠
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Noteworthy... our car payment had a late fee assessed because the mail was SLOWED down over Christmas. Three headaches later, and we potentially have online banking finally set up with them. It is still a headache. And we are never taking another car loan out with this bank!⁠
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How was January?⁠
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#makingcentsmatter #debt #debtfreejouney #debtfreeprogress #debtfreecommunity #realbudget #savingmoney #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance #personalfinancetips #financialfreedom
Sometimes in order to see progress, you need to ta Sometimes in order to see progress, you need to take a step back.
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I'll be honest, I didn't think that we got this far in 2020. With everything going on - and more importantly, everything NOT going on - we didn't keep up with this every month. We just threw what we could at our goal. I'm simply amazed at how far we came.
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Things are still hectic, and I'm simply mentally exhausted between remote learning, extended remote learning, offset quarantining children... it goes on and on.
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But I also cannot wait to see what strides we will make in 2021.
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#makingcentsmatter #debtfreejouney #debtfreeprogress #savingmoney #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance
This is what school looks like when it's a hybrid This is what school looks like when it's a hybrid model, and your house does not have unlimited space. I was standing in our kitchen when I took this picture, the kids behind me making lunch.
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Our district is carefully monitoring our local infection rates, and we are currently in a hybrid form. That means they divided the district into two groups; half are in school on Monday and Tuesday, the other half on Thursday and Friday. They are offering an all remote option, but Verizon for some reason supplies our house with speeds so slow that it would shock a tortoise. Remote was a no-go.
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This set-up has taken some trial and error to get to where we currently are. Because no matter how prepared you are and how much you've planned, once you're in the weeds, actually doing it, there is no telling how your best-laid plans will work.
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Our home is a 1800sqft one-story, open living area, 4 bedroom, 1 bathroom, ranch-style house in a very rural area. It has no home offices. No guest bedrooms. Yes, that is a desk in the corner of our dining room. 🤣
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Each kid gets their own color bin for their school work. This includes school-issued Chromebooks and other standard items they need to get work done - headphones, pencils, and so on. When we are done for the day, we clean up everything, place them neatly in these bins, and place them in cubbies (on my current left) at night while the Chromebooks charge.
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I do NOT bother to clean up at lunchtime. It would take us more time to clean up and reset everything than it takes us to eat lunch. So we only pack it all up for the day and call it done.
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During the day, I sit between my younger two and field any questions they may have, troubleshoot technical issues we all have, and be the overall bouncer when things get off-topic. My high schooler will occasionally emerge from his bedroom, which opens to the kitchen. So he is close by when he has questions.
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Please remember that with all things in life, you need to work with what's available to you. And there is no shame in that. Don't ever feel like you're not doing good enough because it's not picture perfect. Work with what you have available to you, and you'll do amazing things.
School is in session, the garden is slowing, and I School is in session, the garden is slowing, and I’ve finally realized I haven’t shared our payoff numbers for July or August. Yeah……
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Please keep in mind, we are paid monthly on the 15th, but we don’t go by a “monthly” budget. So I have to go back and look at these numbers based off their due dates in the calendar. Because our pay falls in the middle of the month, I can’t tell you what portion of our income went to debt. It’s going to vary paycheck to paycheck anyways because our priorities vary with each check. Nothing is ever the same month to month, and pay to pay.
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That said, inJuly we paid off $2,694.43.
In August we paid off $1,673.40.
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The difference here is that our priorities shifted between the two months.
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During August, we were doing more prep for whatever school would look like this year, and we had some savings goals make their way to the top of the list as well.
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Of those goals, in August we made progress!
EF Reimbursement: $146 / $1,200
Checking Buffer Reimbursement: $227 / $500
Vet Sinking Fund: $40 / $200
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Remember this is a journey, not a race. There is no point wearing yourself ragged and still making no progress. Make progress where you can, and celebrate it. Even if it’s $5.
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It’s progress, and that’s what matters!
While I wait for the canner to finish the last rou While I wait for the canner to finish the last round... I rearranged our recipe binder. It's only taken me 8 or so years. 🤣😶😭
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I miss the days when zucchini was my problem. Now it's tomatoes. I can only find so many ways to use up spaghetti sauce! So the next 50lbs or so will be chili base and unseasoned sauce.
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On top of this school is starting with a hybrid in building & online system. And I'm seriously slacking on some things I need to do. I'm not good at juggling multiple things and the balls are falling. But I keep reminding myself... be patient. This too shall pass. This is only a phase. So I pick and choose what's the most important, focus on that and go from there.
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So if you feel overwhelmed with your current phase, remember, this too shall pass. It's okay to rearrange priorities. It's okay to take a breather.
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This too shall pass.
If you didn't start finding interesting ways to ge If you didn't start finding interesting ways to get rid of the squash, can you say you even planted any?
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Good news, I'm almost caught up! Bad news, the garden has more.
Super busy here... but I wanted to share that wins Super busy here... but I wanted to share that wins can come in super small packages. I thought I'd spend $380 to clean the band instruments in this house. I ended up spending $234. So the remaining $146 can go to reimbursing what I pulled from our EF.
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No matter the win, celebrate it!
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What are some wins you have had lately?
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