Alright, here's where things netted out for the month:
Salaries - $15,517
Rental income - $3,800
Total income = $19,317
Total Budget for May = $19,098.
Total Actual Spend for May = $16,770
We came in under a bit, but that money will be rolled over to our tax expenses for June. All $5,600 of it.
Areas where we were over:
- Car - my car was due for a full service, which was $500.
- Charity - we went over our standard donations by another $100, to cover additional donations to the boys school.
- Dining out - over by almost $200. This is unusual for us, but is primarily from my trip to the beach. I treated for multiple meals.
- Gas - over by $70, due to lots of traveling for soccer games.
- Gifts - over by $160 - Mother's Day & me getting a few things for M's birthday & Father's Day (both in June)
- Groceries - over by $400!!! Wow. Would not have guessed that, had I not reviewed our budget. We've had a few low months in a row, so this was a stock up month. We were out of lots of things. I also made 15 batches of pesto (in the freezer), & the pine nuts, olive oil & parmesan cheese definitely added to the budget. That said, we won't be buying any pesto for A LONG time. ;-)
- Alcohol - over by $160. My favorite wine is in stock at Costco, & they only carry it from Memorial Day to Labor Day. It's very cheap ($8/bottle), so I bought a case.
- Travel - over by $570. This was our deposit for our Hawaii trip in November.
Okay, and for areas that we were under:
- Boys categories (clothes, misc, lessons, etc) - under by about $300. That will all be used up when the soccer deposits are due.
- Child care - under by $460. This is due to reimbursements from my dependent care account.
- Cleaning - under by $360. We canceled a service, and I used cash that M won from his last trip to Las Vegas cover this, & reduce expenses.
- House - under by $100
- Utilities - under by $400. I feel like I must have missed a payment on something. I'll need to go investigate.
- Taxes - under by $2000. Again, this will all be spent (plus more) in June.
And, for the final tally, our net worth is up just slightly as of June 1st. We went from a net worth on May 1st of $1,403,200 to a net worth on 6/1 of $1,411,033. So, a slight gain of $7,800. Gains came from paying down our liabilities (two mortgages) + standard retirement contributions.
How about you? Do you regularly track your expenses? How did you do against your budget in May?