AUGUST BUDGET REPORT || LIVING ON LESS THAN HALF OUR INCOME
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- เผยแพร่เมื่อ 15 ก.ย. 2024
- This is my budget close out for August of 2024. We are a single-income family of 5 who is working on paying off 6-fiure debt. We are loosely following The Financial Order of Operations to accomplish this. Each month I make a budget to tell our money where to go so we can accomplish all of our financial goals while enjoying life a little. This video closes out our budget for August so you can see how we allocated our income. I hope you enjoy the video!
Disclaimer:
I am NOT a financial advisor, and this is not financial advice. I am just sharing my personal experience with you.
#budgeting #debtfreecommunity #debtpayoff #financialorderofoperations #budgetwithme #finances #financialgoals
That was a fabulous 3 paycheck month. Soooo much money sent to debt. You are going to give your family a wonderful Christmas gift of no more Mohilla.
Oh that will be the best gift in my opinion 😄
Wow Katie!!! You are kicking that debt’s butt!!! Love to see you paying that off AND saving! 😊❤ well done!
Thank you so much, Barb! I’m excited that we were able to do so much in August. I LOVE those 3-paycheck months. 😄
Holy crap! You guys are doing amazing! 🥳🥳
😬😬 thank you!!
I know when we have a magic month we are a little less strict. I totally get it and I still think you did amazing! Think back to say 3 years ago, what would a magic month looked like? You are killing it!! 🎉
Thank you, Ang!! 3 years ago we definitely would have spent Waaaaay more with a magic month and probably would have somehow dug ourselves deeper into debt. Don’t ask me how that works, but the more money we made, the more debt we added 😫😫
Hi Katie! Awesome 3 paycheck month! It’s great that you had extra to cash flow the medical bill! 💜🌻🎉
Thanks, Imani! I’m glad we were able to pay it without stressing over it 🙏🏼
Great job with the massive debt decrease. We love those extra paychecks twice a year! We used to use those for debt payout, then emergency fund build, and then finally all in investments. You’re on the right path to true wealth with the patterns you are forming. Consistency and discipline are paramount. Great job!
Thank you!! I’m excited we were able to put so much to debt, but I’ll be even more excited to put this much to investing someday 😄
It can be so easy to let things slide just a little bit when you know they are sliding with a net to catch you. Even with the overages you were still able to put a big chunk towards debt which is amazing and sometimes seeing those overages can be just the right kick in the pants to get some mojo back. Looks like an overall win from here!
Thank you so much! I agree with you that knowing you have a safety net can sometimes make you a little more lax, at least for us! Hopefully we’ll get back into our groove for September 😬
Well done! Especially since you said you weren't feeling as concerned or focused on debt payoff this past month. It's amazing progress no matter what.
Thank you, Sara! I am definitely not feeling as motivated, but I’m trying to stay disciplined and on task even when I don’t want to 😅
Bet you wondered what happened to me. Well I have been, (and still am), quite busy. Trying to sell two properties and buy another as we do our transition to living full time within walking distance of the grandkids and their parents. We did take a week at the beach, but unfortunately when we were stopped at a red light, the car behind us didn't. So we ended up with a fender bender. Which not causing us to be at fault, did caused thousands of damage to the car. And when when we went to a dealer to get the car assessed, they found the car needed ANOTHER over $3.5K of repairs. So. instead of putting about $8K into a car that after repaired would only be worth $15K , we decided to trade it in, and we purchased a 2021 Toyota Venza with only 10K of miles. After we get all the money from insurance and the trade-in of the damaged car. sthe new one will cost us net about $14K. (BTW a new one would have cost about $15K more, and neither of us felt it was worth 15K to get 3 years newer and only 10K less miles. ) And if you are wondering the plan. After the two properties are sold we will just be paying off that with a lump sum.
Now to you guys. Continued congrats on the debt pay off. Before you know it, you are going to be changing you channels theme to one of how to live on half of your income. I predict that will be in 2026 at the latest.
I’m so sorry you were in an accident!! I’m glad you are ok though! And it sounds like you found a nice deal on that Venza! Hopefully it will last you for a long while ☺️
I’m still so excited for you and your move. Being closer to your grandkids will be so worth it 😄
Absolutely incredible progress despite the over spending! Like, the over spending was not that bad overall. The amount you put to debt is amazing!!! 🙌🏽🙌🏽🙌🏽🙌🏽
Thank you! It definitely could have be worse! Having the extra paycheck really saved us. I’m always so thankful to out anything behind the minimum to debt😄💕
Great Great Great 🎉. Transferred $25 to HYSA $100 to ROTH😊
Yay! Awesome work, Cat! 😃🙌🏼
Great Video
Thanks, Heather!
Hi Katie, great job for the month of august, im excited to see those debt numberssss!
Thanks, Stephanie!! I’m beyond excited to share them 😄😇
Hi katie! I'm here listening while I work. I hope you ate having a great day!❤
Thanks for being here 🥰 happy almost Friday 😄
Hello Katie. Ya for the extra paycheck. Awesome debt payment. Some months we just go over. If I do not stay on top of things I can go over too. I am not upset when I do, but, it means other things I have deemed important do not get funded.
Thanks, Dee! I know it happens to everyone. I’m glad I’m in good company 🥰 I just can’t make it a habit 😅
Katie ! Hope your doing ok k l know how hard it is to pay off a huge amount of debt and it’s a grind ! Please don’t be disappointed in your self or family 🎉 you continue to make huge strides ! ❤glenda 😊😊
Thank you so much, Glenda! It really is a grind! I know it will all be worth it in the end, but sometimes it does get tiring.
I totally get what you are saying about subconsciously being less meticulous because you know in the back of your mind you had more income. Same thing with me. It was a 3 paycheque month as well and I went over on a lot of my categories as well. Overall great progress on your debt payoff. Fab video.
I’m glad I’m not the only one! I feel like that’s a trend with me 😫
Thank you though! I’m glad we had the extra money and were able to make a lot of progress ☺️
Hey Katie, you did great!! 😊😊
Thank you, Tracey!
What an amazing month!!! Its so hard to stay focused on paying down debt, saving, and investing, but yall are doing it 🎉 and inspiring us along the way ❤
Thank you!! I think sometimes I try to do too much 😅 but it’s all so important, and we ARE doing it 🙌🏼 we’re doing some things better than others, but that’s life, right?
Hi Katie what a fantastic month that you have had.
Hey, hey! Thank you so much! I wish every month could be a 3-paycheck month 😂😂
Listening from from.❤❤❤
Thank you, Shannon!! 🥰🥰
Good morning ❤ awesome job for the month of August. Thank you breaking it all down and showing us to not give up when our budget gets messed up. Have a wonderful week
Thank you so much, Eva! Have an amazing week 💙
Fantastic progress! Congratulations on another great month, it’s so nice to see you doing so well.
Thank you so much, Laura! I appreciate that. Have an awesome week! 🥰
Wow Katie! That is some massive progress! Congrats! I'm so proud of you!!
Thank you, Allison!! 😄💕
You guys are killing it. The only suggestion I would make and only based on my own personal experience is to over budget for Marc, but don't let him know about it... Not be deceptive, but let him think it's $300, but you really budged $500 or $450. That kind of thing. Todd (my hubby). like Marc, shows over spending trends from month to month. Like, for instance, this morning when I checked our checking account, a charge for his gaming company popped up and he decided last night to buy an extra character in his game. Thankfully I have a separate gaming budget that covers it, but honestly, I budget about $400 a month for all of my hubby's various vices. Some months he spends nothing extra. GREAT we have roll over other months he breaks the bank! LOL Better to have it than to not.
Great video!
That’s such a good tip!! I may start doing that. I did start a sinking fund for him (that he doesn’t know about yet) because I know that he’ll want the new PlayStation when it comes out, but he probably won’t save for it 😏 however, having a little extra each month to cover any overage would be great. He tends to forget that things he does in games do cost money and doesn’t think about that when he spends his money at the beginning of the month(usually). Anyway, you are so right that our husbands have a lot in common 😂😂
Sometimes its easier to spent virtually no extra/ discretionary money than it is a limited amount.
YES!! This does seem to be the case with us sometimes!
Hi Katie... Happy Tuesday! Great job cutting all that debt!🧡🧡
Thank you so much!! 😄 it was certainly a good debt payoff month.
Great job!
Thank you, Sherri! 🥰💚
Awesome progress!!!
Thank you, Cat! 😄
Nice update!
Thank you for watching!
Hi Katie… it’s funny how subconsciously we can do something knowing we have extra money then we don’t track and we don’t particularly keep an eye on things…. this happens to me too…. It’s almost like our brain saying you need a little break😂😂😂
Haha I’m glad I’m in good company 😉
Awesome job, just curious though, what's sinking fund? I noticed you have nothing budgeted for vacations or larger splurge kind of expenses, maybe that's part of it who knows. Just a bit from my own experience and take it for what it's worth, but the little ones are only little for a short amount of time. We were saving and paying down debt super hard like you guy and after a few years decided to step it back some and do two trips a year with the kids. Best decision we made. When we ran the numbers we discovered that if we skipped snowballing in one of the car payments once it was payed off and put it all towards family fun it only moved our debt payoff by like 7 months. 7 month later for over 20 family vacations with our children was more than worth it to us.
Katie, its even better for you. Just cut down the investments a little. Really, you will want that kid time more than the money you wont be able to spend
Yes, we do budget for bigger things like that through our sinking funds. I do that on a separate sheet, so you don’t see it here. I don’t have a sinking fund specifically for vacation, but I do have a family sinking fund, and I would most likely use that for vacation. We did go on a trip last year! We are considering it for this year, but we’re running out of time if we want to make it happen. Next year for sure though!
Out of curiosity, does your husband work in healthcare or tech? The take home pay is outstanding
You nailed it! He’s an anesthetist (PA for anesthesia)