After I received my paycheck I setup my budget. This is the first month I’ll be using a budget planner I’ve created.
The steps I take to setup my budget
1. I list my expenses
I start by reviewing my expenses in February and check if there are any changes for March.
| Expenses | Budgeted |
|---|---|
| Banking fee | €1,70 |
| Mobile | €19,- |
| Health insurance | €129,71 |
| Rent | €790 |
| Netflix | €13,99 |
Then I list my sinking funds & jars
Sinking funds
In March I will not be using my sinking funds. So I will only add to my accounts.
| Sinking funds | Budgeted | Total amount |
|---|---|---|
| Birthdays | €50,- | €283,90 |
| Christmas | €18,75 | €75,- |
| Vacation | €120,83 | €1.985,64 |
| Phone | €50,- | €635,10 |
| Sinterklaas | €4,17 | €16,68 |
| Mother’s/Father’s Day | €6,67 | €100,05 |
Jars
I filled my jars for March.
| Jars | Budgeted | Total amount |
|---|---|---|
| Groceries | €300,- | €313,84 |
| Eating out | €100,- | €114,89 |
| Play | €100,- | €169,52 |
| Personal Care | €12,50 | €22,94 |
3. Check my savings goals
Every month I put at least €900,- aside to save for my goal of buying a home. This month I will add my savings account fo covering the costs a buyer needs to be able to cover to buy a house in the Netherlands.
Costs for buying a home
My goals is to cover the costs that will not be covered by a mortgage. This amount is necessary for being able to buy any home in my budget range.
My goal is €5417,-
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