Back in May, I shared an update on my 2021 Financial Progress. This post was a recap of the year so far and a comparison to the original money goals I set for myself in January (you can read more on those in this post). Since my update, I've had a few changes in my spending + overall budget. I like to review things periodically so I thought I'd also update you on my summer spending + how things have been going!
SUMMER SPENDING + MONEY UPDATES
+ I've been working a lot more hours these past few months which has led to more income. While I've splurged a little bit more here and there, I've challenged myself to save anything extra for specific or future financial goals. I'm still in the process of figuring out exactly what those are-- potentially a future home one day, travel, etc.
+ One small step in that direction for me was to start defining a few sinking funds. Because I've always just left any savings or unspent money in the same account, putting money into a sinking fund seemed like an unnecessary step. I've recently started to view them as a means for me to make the most out of my dollars.
If I know I want/need X dollars for X purpose, I'll then know how much I have left for everything else. After opening a high-yield savings account this year, I decided to move some of my non-emergency funds to the account for these sinking funds. Some of them (like Christmas spending or taxes) I have an idea of how much I want/need to have, others like a future home fund I don't.
+ My spending has mostly stayed the same with the exception of food and gas. Between working more, higher prices and just being out and about, I've been spending way more on gas. My food category has also teetered back and forth-- some months I've been about the same, some I have been way up. Part of this I attribute to not being home as much and eating out more for convenience. Both of these I think of as additional costs for working more hours (and therefore earning more) so I'm fine with a little bit of an increase. I've also been trying to eat healthier which has increased my grocery cost + some of my eating out spending (healthier options always cost more).
+ This one's a doozie but hopefully a helpful reminder. Last month I totally checked out and forgot to pay one of my credit card bills. It was the first time I've EVER missed a payment on any of my cards. Honestly I was more upset by that than anything else, lol. By some miracle, I thankfully didn't end up getting charged a late fee! It was a store card that I rarely use + only owed $50 on. I paid it off with my extra $1 of interest + bought myself a lesson. Here's a PSA to schedule on auto-pay or just don't forget!
That's the spiel today! What do you spend the most money on during the Summer?
