Family Income Report 2017 – {January to April}

Budget Breakdown 2017 [January to April]

Here Ye, Here Ye! You have just stumbled across Frugal Gene’s family income report for January to April 2017.

*New* – Check Out The Month of May.

You Need a Budget:

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The Ultimate Budget Breakdown of 2017. The Frugal Gene family of 3 attempts to live on less than $2000 a month in Seattle, WA.

My husband and I have kept a concise monthly budget breakdown of all expenses for a few years now. But only since this year did we move our old budget into Google Sheets. So now, the user interface is easier to use and fill compare to Excel. Prior to this we were only doing it in Excel, out of laziness. Currently, our Google Sheets budget is just a simple breakdown of how we track our living expenses, how much money comes in, and how much money flows out.

Premise:

We are a household of 3 grown adult (& 1 dog). Our budgeted balance is less than $2000 per month for everything from floss to fluorescent light bulbs.

*This budget does not include the our mortgages, property taxes, water/sewage/trash fees or any homeowner’s insurance. Reoccurring payments such as mortgage and property tax are repetitive in nature so to simplify we automatically round up and deduct $6,000 from our monthly income to cover our main residence and rental property.
*Insurance & Internet are fully covered by my husband’s employer.
*$4,000 in retirement savings are automatically added to our reserves every month.
*This budget is 99% accurate. We rarely pay cash.
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Our homemade budget in Google Sheets using their simple template. It’s free and hey, it works!

Monthly Budget Glossary:

*$500 limit for food & dining out.

*$50 limit for transportation. We are living car-free, baby.

*$110 limit in personal care. This includes clothes, shoes, insoles, rubber bands, band-aids, shampoos & conditioners.

*$25 limit in entertainment. Mp3s, Netflix, video games…

*$300 limit in home maintenance/home repairs. Since we will eventually need to replace the roof or plumbing, this is more of a mandatory rainy day fund.

*$100 limit in miscellaneous expenses because things always come up.

*$75 limit in pets. Oh you know: dog food, dog toys, vet visits.

*$50 limit in vacation. We both work full-time so vacations are infrequent.

*$88 in cell phones. We are currently slaves to AT&T’s monopoly 🙁

*$N/A for Internet (reimbursed by Jared’s overlords wonderful employer.)

*$100 limit for gas. No, not for a car! We have a gas hook up to the house.

*$40 limit for electricity.


Income (January 2017)

Retirement: +$4,000
Salary: +$6,626 (post-tax)
AirBnB: +$3,750
Misc. Income: +$4,782
Total: $19,158

Expenses (January 2017)

Real Estate: -$6,000
Food: -$201 (gift card covered some)
Transportation: -$40
Personal care: -$54
Entertainment: -$124
Home Maintenance: -$11
Misc. expenses: -$2574 (rental property repair)
Pets: -$39
Vacation: -$521
Cell Phone (At&T): -$88
Internet: n/a
Gas (stove): -$57
Electricity: -$58
Total: -$9,599

Net Saving: $19,158 – $9,599 = $9599 (That’s hilarious, we literally split half/half.)


Income (February 2017)

Retirement: +$4,000
Salary: +$6,626 (post-tax)
AirBnB: +$4,826
Misc. Income: +$247
Total : $15,698

Expenses (February 2017)

Real Estate: -$6,000
Food: -$215 (gift card covered some)
Transportation: -$0
Personal care: -$47
Entertainment: -$0
Home Maintenance: -$47
Misc. expenses: -$92 (rental property repair)
Pets: -$34
Vacation: -$0
Cell Phone (At&T): -$87
Internet: n/a
Gas (stove): -$57
Electricity: -$58
Total: -$6,637

Net Saving: $15,698 – $6,637 = $9,061


Income (March 2017)

Retirement: +$4,000
Salary: +$5,426 (post-tax)
AirBnB: +$4,540
Misc. Income: +$3,668
Total : $17,636

Expenses (March 2017)

Real Estate: -$6,000
Food: -$500
Transportation: -$0
Personal care: -$39
Entertainment: -$66
Home Maintenance: -$25
Misc. expenses: -$40
Pets: -$35
Vacation: -$0
Cell Phone (At&T): -$174
Internet: n/a
Gas (stove): -$111
Electricity: -$73
Total: -$7,063

Net Saving: $17,636 – $7063 = $10,573


Income (April 2017)

Retirement: +$4,000
Salary: +$5,426 (post-tax)
AirBnB: +$5,528
Misc. Income: +$1,411
Total : $16,365

Expenses (April 2017)

Real Estate: -$6,000
Food: -$396
Transportation: -$0
Personal care: -$72
Entertainment: -$126
Home Maintenance: -$7
Misc. expenses: -$14
Pets: -$53
Vacation: -$0
Cell Phone (At&T): -$0
Internet: n/a
Gas (stove): -$90
Electricity: -$0
Total: -$6,907

Net Saving: $16,364 – $6,907 = $9,457

 

Final Words:

The first thing to remember is trying to be mindful of your bottom line. With this in mind, remember to cutback on all unnecessary expenses. For example: abstain from cars/gasoline and ride public transportation instead. Also, go the extra mile to find rebates and clip coupons before validating your purchases. In addition to that, if you “churn” (like us) then you can reap the credit card rewards afterwards. I can go on and on.

Budgeting can be a difficult principle for many people but it is an invaluable tool to building wealth.

*New* – Check Out The Month of May.

Does your family have a budget? What do you think is a thrifty number for a family of 3?

 

 

 

2 Replies to “Family Income Report 2017 – {January to April}

  1. I really need to put together an expense report and see what’s up. Maybe I don’t do it b/c I’m afraid of knowing what I’m spending? Hmmm… I don’t feel any constraint though, and am just hitting my monthly investment/spending target.

    I’m still looking for your property acquisition post! I bought my first property on my 26th birthday, and impressed you guys have 2 at 25 yo!

    Sam
    Financial Samurai recently posted…How To Create Next Level Wealth: When A Million Just Won’t Cut ItMy Profile

    1. Hi Sam!!! Thank you so much for your kind words!! Totally makes my day 😀

      What you describe seem pretty healthy though. Not everyone needs an expense report and I think you know your money’s ins and outs better than you think!

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