Better late than never, right? My April budget represents a big change from the first quarter of spending. I realized my spending was a little more than I could afford, and my savings was not nearly enough to be able to pay for my final semester this fall & get me set for any potential moves post-graduation.
March Budget Review
Total Income: $2,116.92
Total Expenses: $1,176.77
The most important thing to note here is that because the way that March fell, I had 3 paydays. Worked out really well for me financially, because I ended up with one additional large paycheck. This is actually a little bit of an annoyance for my budgeting, because my bank balance a little higher than it usually is, and I’m at a weird in-between stage. But really, not complaining that I ended up at a financial high. Even without that extra cost, I ended up doing really well on my budget in March!
Overs & Unders
See the explanation of Overs & Unders here
In March, I was Under Budget on spending for: Beauty, Entertainment, Gas/Auto, Gifts, Groceries, Health & Fitness, Medical, Misc, School and Travel. A lot of these have been changed for the April Budget.
I was Over Budget on spending for: Clothing, Dining Out, and Home Goods. Clothing was high because I purchased two pairs of sunglasses from GlassesUSA (post on that soon!), but in order to make up for that, I blocked off a lot of the smaller categories. Dining Out, I went hard last month. $91 in dining out, like twice a week every week. Way too much! Home Goods is the last category I was over on, and it was because I bought the most stunning Vintage, green, velvet chair. I wasn’t really planning on buying any furniture until move-out got closer, but this was such a great find I couldn’t say no!
Big Changes for April
I needed to make some big budget changes going into April since my saving pattern for the first quarter of 2019 was not going to result in me hitting my financial goals for my savings, tuition and move out expenses. In order to aggressively hit those goals, I cut down my budget for my additional expenses and bumped up my savings. I have two things I’m saving for: Tuition Cost and Moving Costs.
The most important amount to me is the tuition cost, which I won’t know until June. I want to have $1,000 in my account by July 1 to cover my initial down payment for the school’s payment plan. That means I need to add a minimum of $300 a month into my tuition savings account.
Moving costs are a real pain because I don’t know when or where I’m going. I know it won’t be any earlier than January of 2020, and it’ll hopefully be to Washington DC or New York. I want to have around $3000 in my savings account by January, and would cover first & last month’s rent, super basic furniture, and paying my movers (AKA parents) in pizza. In order to hit that, I need to add $300 to my moving savings account every month.
April Budget Goals
$500 in Tuition Savings This is a really big goal. But I overpaid on my rent last month, so I don’t owe any this month, and can add that extra $300 to my savings!
Cut Down on Dining Out With my rampant dining out expenses last month, I really have to keep that down. My goal is to stay under $50 in dining out expenses for April.
Pay Down my TJMaxx Card I have been using this card on and off this year, even after paying it off back in December. I don’t like to use it, but I’ve been really careful about spending on things I need, like work clothes, new jeans, and shoes. I have just about $200 on there, which I think I’ll be able to get paid off this month.
On a non-finance related note, I am officially be halfway through my second to last semester of college! Absolutely wild to me to think that I’m finally getting to the end. I’m actually really excited to start paying on my loans too, which is weird I know. It’s been such a long process learning everything about my loans and personal finance and just everything, I am so so ready to take it to the next step! It’s been a long time coming, and I cannot wait to tackle my big financial goals.
What are your financial goals for March? Are you going to review your budget for the end of the quarter? Let me know!