Counting My Pennies

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Overdid it this month

November 26, 2007 By Megan Smith

So November isn’t quite over yet, and already, I’ve blown through my monthly budget. My method of budgeting is pretty loose. I earn X dollars. Every month, I put Y dollars into long term savings (and make retirement account contributions). Everything left (let’s call it Z dollars) goes into a short term savings account to be spent throughout the month, though the plan is always to have money left over so I’m increasing my savings even more.

November? I spent Z dollars. And then I spent more than Z dollars. Not by a lot, only about $50 or so, and technically, part of that was shipping some bar exam review materials to a friend who who bought the books off of me, and when she pays me, the check will be more than $50. But still. The spending was a little out of control this month. Of course, because I always try to have money left over at the end of the month, the extra money just comes from the money I didn’t spend last month, so I didn’t go into debt or have to delve into any of my long term savings accounts.

Regardless, it was definitely a wake-up call. Normally, I manage to stay well within my budget. While I put money into short term savings so I can spend over my monthly budget on occasion, that is designed for special expenses, like plane tickets, for example.

So what am I doing to fix this problem? First off, I printed out a categorized list of all my expenses for the month. A quick glance told me that a chunk of my spending came from gift purchases, both Christmas and birthday gifts. Ok, so that was unusual spending. But what else was there? I spent more than normal on groceries, and while a bit of that was purposeful stocking up, some of it was frivolous treats. So that’s something to watch for December. I also spent a chunk of money on dining out. While I do budget for meals out with friends, I also noticed a number of meals that I picked up on the run. That’s not something my budget or my waistline needs. Of course, it wasn’t a large amount of money, but all those little things do add up. And last, but not least, I did some Black Friday shopping. Again, not much (I spent under $100), but it all adds up.

So the goal for December is to spend less than I normally spend, to truly watch what I’m buying and try to make smart choices. After all, my new savings plan starts in January. I need to get ready!

Filed Under: budget, spending

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