Setup budget August – paycheck to paycheck

After I receive my paycheck I setup my budget for the upcoming month with my personal budget planner.

The steps I take to setup my budget
  1. I list my expenses
  2. Then I list my sinking funds & jars
  3. Check my savings goals
1. I list my expenses


I start by reviewing my expenses in July and check if there are any changes for August.

ExpensesBudgeted
Rent€790,50
Health Insurance€134,77
Banking Fee€1,70
Mobile €18,99
Netflix€13,99
My budgeted expenses for August

2. Then I list my sinking funds & jars


Sinking funds
In August I will not be using my sinking funds. So I will only add to my accounts.
My sinking funds are short term goals (1 year) that I setup at the beginning of the year. I divide the amount I expect to need and set money aside every month.

Sinking fundsBudgetedTotal amount
Birthdays€50,-€824,25
Christmas€18,75€314,-
Vacation€120,83€377,20
Phone€50,-€783,51
Sinterklaas€4,17€65,42
Mother’s/Father’s Day€6,67€104,65
My sinking funds for August

Jars
I filled my jars for August.
My jars are used for my variable expenses that I have every month. I try to not exceed this budget.

JarsBudgetedTotal amount
Groceries€300,-€300,-
Eating out€100,-€114,42
Play€100,-€175,17
Personal Care€12,50€25,-
My jars filled for August

I use the bank, KNAB to keep the accounts seperate and not exceed my budget unknowningly.


3. Check my savings goals


Next to my short term goals (sinking funds) I have some medium and long term savings goals.

  1. My emergency fund is fully funded
  2. The fund to cover the costs for buying a home is fully funded
    These costs are not covered through a mortgage loan when buying a home
  3. Downpayment for buying a rental home is ongoing
Have you setup your budget for August yet?

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