What’s in MY budget? Part 3: Monthly

This is part 3 of my “What’s in MY budget?” series, and today we’re looking at the categories in my Monthly group. Monday I outlined the groups themselves, and Wednesday we looked at my Everyday group. Today is the Monthly group.

Before we do, my family uses YNAB for our budget. It is, in my opinion, the best budgeting software in the world (otherwise, why would we use it, right?) If you want to try it out, https://www.chriscookley.com/YNAB will give us both one free month. Pretty good, right? Ok, let’s look at my Monthly categories.

What we put in Monthly are typically those expenses that we only pay once per month, though there’s one in here (Daycare) that we pay every week. If you’re like me, you have a subscription of some sort, or at least a utility bill. It’s that sort of expense that we track in Monthly.

We run our budget on a monthly timeline, so it’s easy to lump these together. If we ran our budget one or two weeks at a time, we might have things grouped differently. Monthly makes up about 29.84% of our total budget, and a large portion of that goes to Daycare.

These are the categories we use in Monthly:

  • Daycare
  • House Keeper
  • Telecom
  • Electricity
  • Water / Sewage
  • Car Insurance
  • Life Insurance
  • Identity Theft Protection
  • Dog Wellness
  • Fitness
  • Data
  • Church

It should be pretty clear what most of these are for, but let’s take a look.

Daycare is for child care expenses. We have two kids that are too young for school, and both my wife and I work, so we need to pay for daycare.

House Keeper is for our house keeper. She comes once every other week to help keep our house clean, and to help myself and my wife keep our sanity. This is such a blessing.

Telecom is one big category for all things multi media. Included is our internet service and media subscriptions like Netflix, Hulu, YouTube Premium, that sort of thing.

Electricity is our electric utility bill.

Water / Sewage is for our water utility bill.

Car Insurance is because we have cars and those need to be insured.

Life Insurance is for the term life insurance policies that we have for both myself and my wife. If you don’t have term life insurance, and you do have people who rely on you to produce an income, you absolutely need to get a policy in place ASAP. I’ll likely do posts in the future about the importance of this.

Identity Theft Protection is a relatively new one for us. I’m hoping we’ll never need to use it, but the ID Theft Protection we pay for includes ID recovery, which (I’ve heard) is a major hassle if your identity is stolen.

Dog Wellness is for our vet plan. This is a tough one for me to swallow, because it’s not cheap. It’s certainly more expensive than just taking the dog to the vet for a routine annual checkup, but it includes other benefits such as an annual dental cleaning, and when you factor that in, we actually come out ahead.

Fitness is for subscriptions to any diet program or workout program we might have going at the time. These come and go, as most subscriptions do.

Data is for the cloud backup that I have automatically backing up the files from my NAS. It’s the easiest way to have a true off site backup of our data, and it absolutely provides peace of mind.

Church is for donations to our church. This should probably be more than it is, and hopefully we can make those changes soon.

You can see how much of a chunk that Daycare category takes up within Monthly.

This is what percentage of our income gets allocated to each of these categories within the Monthly group, and then how they fit within our overall budget.

Category% of Monthly% of Overall
Daycare60.88%18.17%
House Keeper7.60%2.27%
Telecom5.37%1.60%
Electricity5.37%1.60%
Water / Sewage2.98%0.89%
Car Insurance6.37%1.90%
Life Insurance1.99%0.59%
Identity Theft Protection0.52%0.15%
Dog Wellness4.97%1.48%
Fitness2.39%0.71%
Data0.56%0.17%
Church0.99%0.30%

In Monday’s post we’ll be looking at Recurring expenses, which are similar to Monthly, but not as frequent.

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