Budget review – July

Every month I review my monthly budget that I setup the month prior. Today I’m reviewing my budget of July. I will check if there is a difference between the budgeted and actual amount. And if there are changes for the upcoming months.

I follow these steps every month to review my budget:

  1. I start by reviewing my personal expenses
  2. I review my sinking funds & money jars
  3. I review my debt(s)
  4. I check my emergency fund
1. I start by reviewing my personal expenses

My budget for my personal expenses was €1.003,73. My actual expenses were €991,66.

Personal ExpensesBudgeted AmountDateActual Amount
Mobile€19,-25-jun€19,-
Movies Membership€2125-jun€21,-
Consumer Membership€7,5026-jun€7,50
Health Insurance€129,7129-jun€129,71
Rent€789,9829-jun€789,98
Gym Membership€21,-6-jul€10,48
Netflix€13,9913-jul€13,99
Personal expenses in July

There is a difference of €12,07 between my budgeted and actual personal expenses. The reason for the difference is my gym membership and banking fee.

My gym membership was €21,- per month at the beginning of the year. The gyms have been closed because of the Corona pandemic. Now that it has opened up again I need to pay again. Because it hasn’t been opened the whole month just a small amount needs to be paid €10,48.

The banking fee is €1,55 per month. But the date is later than normal and will be added to the budget for August.

2. I review my sinking funds & money jars

In July I filled my sinking funds in the Moneyou Go app and did not make use of it.

Sinking fundsTotal Amount (€)Progress (%)
Birthdays€259,07
Christmas€112,5050
Vacation€1.019,0070,2
Phone€235,1023,5
Sinterklaas€40,0981,8
Mother’s/Father’s Day€103,71
Sinking funds in July

In July I put my variable expenses in my money jars in the Moneyou Go app.

I used my Play money jar to buy some things at Ikea to start reorganizing and decluttering the kitchen. I also used my Personal Care money jar to buy in bulk some items for the next 6 months.

Money JarsMonthly PaymentDateTotal Amount
Groceries€300,-24-jun€321,97
Eating Out€100,-25-jun€100,-
Play€100,-25-jun€301,10
Personal Care€12,5025-jun€51,36
Money jars in July
3. I review my debt(s)

I started back on Babystep 2 after putting it on hold at the beginning of the year. The interest on my student loan is 0% for the upcoming three years. So I didn’t need to pay any extra interest for this periode.

The minimal amount of €59,71 is paid automatically every month. After the amount is reduced I pay an extra €900,- so I can become debt free as quickly as possible. Right now my debt free date is November 2020. So four months!

MonthPaymentTotal DebtProgress (%)
jun-’20€959,71€4.446,3460,58
jul-’20€959,71€3.489,6369,09
aug-’20€959,71€2.526,9277,6
sep-’20€959,71€1.567,2186,1
oct-’20€959,71€607,5094,61
nov-’20€607,50100
My debt payment progression
4. I check my emergency fund

When I put Babystep 2 on hold it was to make a start with Babystep 3, building an emergency fund for six months of expenses.

There wasn’t any emergency to warrant making use of it. So my emergency fund is still fully funded to cover six months of expenses if needed.

How did you do on your budget go this month?

Read my previous post about setting up my budget for July here.

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