Week 5 Budget Assessment

When I came up with last week’s budget I was worried that I might not meet it. There were a lot of potential unknown expenses that could have thrown it completely out of whack and that is exactly what happened. I allocated an additional amount of money into the miscellaneous category and a lot more into food in hopes of balancing things out.

But when it came down to it I was completely off. First off I ended up not paying for food last week; my wife took care of that. To balance that aspect out I ended up paying for a lot more of the miscellaneous things that we needed at the new house and unfortunately there is a big difference going from a condo to a house when it comes to what you need on hand.

The miscellaneous category for me holds things that I simply don’t purchase on a regular basis and this past week there was a great deal of those. From renting steam cleaners to extension cords all these small purchases added up significantly.

Another aspect that I thought I had covered off sufficiently was gas but a business trip that I’m still waiting to be reimbursed for drove that number up. Overall I’m quite happy with the results because I came close to the total budget for the week. I was projecting spending about $550 in total and when the dust settled I spent $570.91 which is a difference of $20.91 (or about 3.8%).

Now that the move is taken care of regular budgeting should become easier again. I really need to get this budget tighter and more on the frugal side. I still need to find a means of making more money and to that end I think I’m going to need to start looking for more work or better paying work. This week’s budget will be a test to see if I really can get things back under control.

Thank you again to all of the readers who participated in my contest. I was really hoping that I could have stayed but the experiment was well worth it in my opinion. I’ll write about my experiences and thoughts on it tomorrow.

2 thoughts on “Week 5 Budget Assessment”

  1. I always think that when you’re first starting with a budget, especially like this, it takes a little while to settle into it. You have to tweak it here and there until you get the right mix that’s just flexible enough to account for the slight variations every week/month. I’d say you did pretty well.

  2. Hi Revanche, I agree getting a budget into place is more of a process than anything else. I’ve been trying to tweak the budget based on what was happening that week and keeping some flexibility in it. I’ve been pretty close to meeting my numbers so I’m happy with the progress, now its time to start exceeding them.

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