December 2022 – Budget ReCap – A good end to a good year

December 2022

A good end to a good year.  

Income: $20,950 

Expenses: $19,900

Gap: $1050

Unfortunately, our gap is likely not really any savings because a large part of the increased income this month is due to a bonus.  Yet, the bonus did not have any taxes withheld, and those taxes will likely amount to $1000+

We had a good month on the income front, but we continue to lack some discipline on the spending front.  

  • Groceries/Household – $1525 – Costs are up and groceries fluctuate on events like cooking at home, etc.;  Still think with a little effort, we could probably get this number down
  • Restaurants – $520 – We had this under control until we blew it out on new year’s eve.  
  • Clothing – $76 -this is where we should be more often, but we spent substantially on clothes in the prior few months. 
  • Medical – $35  – thankful for good insurance and having already met deductible
  • Auto Matenience – $592 – this was an oil change and new battery along with a windshield replacement, the windshield replacement would be insured but the deductible would have only been left a few dollars – so I just paid for it.  
  • Miscellaneous/Entertainment – $380/$377 – New bedding, drill, baseballs, bike helmet for kids, new hunting license, food for Christmas get-together, moves, birthday gifts/food subscriptions, you name it. 
    • Seems like alot, but I’m not really sure how we could have avoided most of this. 
  • Kids Activities – $461 – Soccer Registration for one kid, baseball event for another,  monthly dance and baseball costs; 
  • Mortgage/School holding steady
  • Taxes – $2855 – we do not escrow our taxes so we have to pay them directly; This is helpful as it eliminates the need for the bank to hold an additional amount in the escrow account that neither earns interest nor does anything other than protect the bank; The downside is that we actually have to pay them!
  • Giving – $2700 – we gave a bit more than a usual month to end the year; 
  • College Savings and Cash accounts held steady at $225 and $220, respectively; 
  • Big ticket items – we bought an extra fridge and a new mattress but we only spent about $1500 for both! – Not bad