Mint’s having that issue again where transfers between my own accounts (i.e. money I’m saving) is showing up as an expense on my budget so my budget chart is all messed up this month.
I came in under budget again in December which is great. In October I started using the everything else category for my budget for everything expect totally fixed expenses like rent and insurance. This system is working out fabulously for me. It really encourages me to save in any area that I can find a way to save in and those savings allow me to splurge on more wants regardless of what area they are in.
The real proof that this new system is working is in this Net Income chart. Net Income being what money came in vs. what money went out. Before October I was tapping into savings a bit, October on I’ve got several hundred going into savings each month.
Related posts:
October Budget Wrap Up
August Budget Wrap Up
June Budget Wrap Up
September Budget Wrap Up
July Budget Wrap Up
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{ 7 comments }
Way to go!
Can you explain a bit more about how using the “everything else” category for most of your budget is helping you? I looked at the October Wrap-Up post to see how you did it, but I’m not sure what specifically this does to help?
for example. rather than allocating $100 to groceries, $100 to gas, and $100 to entertainment i’d just have $300 to spend as needed and wanted. if i didn’t drive very much during the month but splurged on some fancy stuff at the grocery store i’d still be on budget.
or say a friend wants to get together to do something. since i use the everything else category for everything, it doesn’t make a difference in my budget if we go out for a meal, go to a movie, or go shopping somewhere.
!!!
So you’d basically just have one “everything else” category, and then record the specifics of what you actually spent in the various sub-categories? That sounds so much easier than setting budget amounts for a million little categories every month and also tracking what you spend it on! Genius!
exactly
Hear that sound? That’s my paradigm shifting.
I think I love you right now!
it’s made such a huge difference for me. check out that net income chart and see how much i’m saving each month and consider that in those nice pretty green months i was still able to buy some nice stuff like a leather jacket and a new bose sounddock.
I really need to sit down and look at Mint soon. It’s such a great product and I need to take advantage of it.
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