Estimated reading time: 10 minutes
Welcome to the July 2023 Budget Update edition for the CBB family.
Today, you’ll find out how we spent $9325.49 over budget in July.
I look forward to putting this post together as it lets us see where our money was spent.
It also lets my readers know that we are NOT perfect and must make changes like everyone else.
We use the tools (Free budget Binder), and I hope you have downloaded your free copy.
Alright, let’s get into this.
July 2023 Monthly Budget Update CBB
These budget updates are massive for us since we try hard to save.
Regarding renovations and the increase in expenses, it’s nice to know that we’re improving our home, but that comes at a cost.
I hope you enjoy the July 2023 budget update, and please share your comments at the end.
July 2023 Year-to-Date Percentages
Budget from Month To Month July 2023
The massive drop in our net income looks awful, but it’s because, in June, I received my income tax return money.
We had a 33% expense increase due to expected renovations and other category overages.
July 2023 Household Percentages
Our savings of 28.51% includes investments and savings based on our net income.
The housing category is through the roof at 103.14% due to expected renovations.
Equally important is saving money for our projected expenses due throughout the year.
All categories took 100% of our income, showing we accounted for all the revenue in July 2023.
Our Life Ratio category is more than the projected 25% or less at 38.77% and is something we will review if it becomes a problem.
Life contains everything from groceries, entertainment, miscellaneous, health/beauty, clothing, etc.
Both housing and transportation stay below the monthly percentage points.
We have zero debt, which helps fund other budget categories to maximize investments and savings.
Soon, I will be writing a detailed blog post about why we will track our grocery discounts.
Update: Tracking Our Grocery Discounts For One Year + Free Printable
I will tally it at the end of the year to see how much we saved buying reduced food products.
For July 2023, we saved $62.08 by purchasing food that was reduced in price.
Also, we received free food from the Flashfood app using rewards points that I don’t calculate into our grocery expenses.
So far, in 2023, purchasing discounted food has saved us $721.15.
July Grocery Savings Jar
Below are two tables: Our July 2023 Budget and our Actual Budget.
Our July 2023 monthly budget represents two adults and an 8-year-old boy.
Budget Colour Key: It is a projected expense when highlighted in blue.
Since May 2014, we’ve been mortgage-free, redirecting our money into investments and home improvement projects.
Spending less than we earn and budgeting has been the easiest way to pay off our debt and save money.
This type of budget is a zero-based budget where all the money has a home.
July 2023 Monthly Budgeted Amount
July 2023 Monthly Actual Amount
Below are some of our variable expenses from July, apart from investments.
In July, we spent $9325.49 over our budgeted $6840.26, so let’s look at where the extra cash went.
We have two projected expenses that were added in July.
Our typical household bills, including gas, hydro, water, and insurance, all seem steady.
We follow the time-of-use timeline to keep our electricity and water bill at a reasonable expense.
During the summer, we keep the windows open all night and then, during the evening, turn the A/C on if needed.
Sometimes I turn the A/C on mid-day as it’s too hot in the house.
In July, I paid the remainder of the bill for the epoxy flooring, which was nearly $3000 and a big chunk of the actual amount.
I’ve also begun transforming the garage into a costly workshop, but it will be worth it.
I purchased shelving for the garage from Amazon, two ceiling fans, plywood, lighting, insulation, ailings, retractable electrical cords, type X drywall, and all the accessories needed for electrical, mudding, painting, etc.
Instead of renting a drywall lift, I decided to buy one I will get good use from and sell once I’m done.
I figured it would retain its value, and I didn’t have to rush it back to Home Depot on their time.
We also paid $220 for a garbage bin so I could toss out the old insulation filled with mice poo and drywall.
For blog subscribers, I will have all of the photos and links to the products I used so you can see what it looks like in my upcoming newsletter.
I also plan on writing a blog post about the transformation and costs.
It will indicate costs well for anyone who wants to do a double-garage transformation.
We will have our new driveway, windows, sunroom, and garage door installed in August.
It will be a busy few weeks, but we look forward to the outcome and to sharing it on the blog.
Our $50 monthly budget is insufficient for pet expenses, so we are changing that for August.
We need to tie in other yearly fees, but we’ll know the costs this month after a trip to the vet.
Overall in July, we bought two more toys on Prime Day for the cats, organic cat nip and dry food, which is costly as it helps reduce allergens.
Our cats split three cans of fancy feast daily, and we have three bowls of dry food and water set around the home.
We are stocked up on wet cat food and try to buy it on Amazon when they have a sale, or we buy 5 to save 5% off the price.
I’ve price checked the same cat food at the grocery store, and Amazon is the cheapest.
Snacks are the downfall, perhaps for us, as we buy Greenies and a few other organic brands monthly.
We are trying to feed our cats the best we can to keep them healthy.
Maybe we are feeding them too much, but we will also talk to the vet about this.
Expenses for our son in June mostly went toward buying clothing and back-to-school stuff.
We did buy him new soccer shoes and socks as he needed them because he won’t stop growing.
Since he worked so hard to ride his bike, I allowed ‘me’ to purchase a $20 video game from Shoppers Drug Mart. (that’s how it goes, right?) haha!
I also purchased a case of jumbo freezies for the summer so he could share them with his friends.
We didn’t spend money using the FlashFood App in July but have saved $286 in 2023.
FlashFood Savings To Date July 2023
In July, our health and beauty category was over budget as Mrs. CBB ordered a new shampoo and conditioner.
She has an allergy to limonene, and it’s in tonnes of products, particularly hair.
It causes her follicles to irritate, and if she scratches, it causes a host of problems.
In the mail, she also got a subscription for concealer makeup every three months.
Other items were typical, shampoo, conditioner, deodorant, soap, etc.
Over the last 45 days between our PC World Elite MasterCard, Zehrs, and No Frills, we’ve earned 74,940 PC Optimum points or $75.
That’s not too bad, considering we wouldn’t have come close to earning that in interest in the bank.
PC Optimum Points earned in last 45 days.
TD Credit Card Cash Back Savings
Our TD Visa has a cashback balance of $313.70, which we will continue growing until we want to use it towards our credit card bill or redeem it.
What credit card do you use that offers you the best amount of cashback?
Comment below.
We went over budget in July for groceries by $196.33, which is significant to us.
Price increases are taking their toll on the budget even though we only buy items on sale.
There were many new items we purchased this month from Amazon that weren’t budgeted.
Those items included spices, quinoa, buckwheat, chickpea flour, Alpen cereal, Cheerios, coconut, and pomegranate molasses.
I’ve been working on testing new recipes for the blog, including more Mediterranean flavours.
Starting next year, I will create a blog grocery budget to track my spending.
Over the years, I’ve just budgeted the expenses in but with increased pricing, it’s difficult.
CBB Net Worth Update July 2023
Monthly I will share the difference and percent change in our investment portfolio.
In July 2023, we saw a 0.47% increase in net worth due to increased investments.
That number equated to a $7,305.17 increase in our overall wealth.
The next direction may be transferring money to higher-interest investment accounts with Manulife.
That’s all for our July 2023 Monthly Budget, although I may change things as I go along.
If there’s something you’d like to see in our monthly update, hit reply to this email and let me know.
Thanks for stopping by, and please subscribe if you are new to CBB.
Mr. CBB
Sign me up!
Sign me up!
The post July 2023 Budget Update CBB Family appeared first on Canadian Budget Binder.
Welcome to the July 2023 Budget Update edition for the CBB family.
Today, you’ll find out how we spent $9325.49 over budget in July.
I look forward to putting this post together as it lets us see where our money was spent.
It also lets my readers know that we are NOT perfect and must make changes like everyone else.
We use the tools (Free budget Binder), and I hope you have downloaded your free copy.
Alright, let’s get into this.
July 2023 Monthly Budget Update CBB
Discussion July 2023 Budget
These budget updates are massive for us since we try hard to save.
Regarding renovations and the increase in expenses, it’s nice to know that we’re improving our home, but that comes at a cost.
I hope you enjoy the July 2023 budget update, and please share your comments at the end.
Percentages For July 2023 Budget
July 2023 Year-to-Date Percentages
Budget Month To Month
Budget from Month To Month July 2023
The massive drop in our net income looks awful, but it’s because, in June, I received my income tax return money.
We had a 33% expense increase due to expected renovations and other category overages.
July 2023 Household Budget Percentages
July 2023 Household Percentages
Our savings of 28.51% includes investments and savings based on our net income.
The housing category is through the roof at 103.14% due to expected renovations.
Equally important is saving money for our projected expenses due throughout the year.
All categories took 100% of our income, showing we accounted for all the revenue in July 2023.
Our Life Ratio category is more than the projected 25% or less at 38.77% and is something we will review if it becomes a problem.
Life contains everything from groceries, entertainment, miscellaneous, health/beauty, clothing, etc.
Both housing and transportation stay below the monthly percentage points.
We have zero debt, which helps fund other budget categories to maximize investments and savings.
Grocery Food Savings Jar July Update
Soon, I will be writing a detailed blog post about why we will track our grocery discounts.
Update: Tracking Our Grocery Discounts For One Year + Free Printable
I will tally it at the end of the year to see how much we saved buying reduced food products.
For July 2023, we saved $62.08 by purchasing food that was reduced in price.
Also, we received free food from the Flashfood app using rewards points that I don’t calculate into our grocery expenses.
So far, in 2023, purchasing discounted food has saved us $721.15.
July Grocery Savings Jar
July 2023 Budget and Actual Budget
Below are two tables: Our July 2023 Budget and our Actual Budget.
Our July 2023 monthly budget represents two adults and an 8-year-old boy.
Budget Colour Key: It is a projected expense when highlighted in blue.
Since May 2014, we’ve been mortgage-free, redirecting our money into investments and home improvement projects.
Spending less than we earn and budgeting has been the easiest way to pay off our debt and save money.
This type of budget is a zero-based budget where all the money has a home.
Estimated July 2023 Budget
July 2023 Monthly Budgeted Amount
Actual July 2023 Budget
July 2023 Monthly Actual Amount
Our Canadian Banks
- Chequing– This is the bank account from which we pay our household bills. We use Simplii Financial, TD Canada Trust, and Tangerine Bank. Join Simplii Financial today! Read more about the best Canadian online virtual banks.
- Emergency Savings Account– This money is in a high-interest savings account (HISA)
- Regular Savings Account– This savings account holds our projected expenses.
Breakdown Of Our July 2023 Budget
Below are some of our variable expenses from July, apart from investments.
In July, we spent $9325.49 over our budgeted $6840.26, so let’s look at where the extra cash went.
July 2023 Budget Category Changes
We have two projected expenses that were added in July.
- Ring Doorbell Video Plan $65/yearly.
- Increases to Prime Membership and Spotify.
Household Bills
Our typical household bills, including gas, hydro, water, and insurance, all seem steady.
We follow the time-of-use timeline to keep our electricity and water bill at a reasonable expense.
During the summer, we keep the windows open all night and then, during the evening, turn the A/C on if needed.
Sometimes I turn the A/C on mid-day as it’s too hot in the house.
Home Maintenance/Renovations
In July, I paid the remainder of the bill for the epoxy flooring, which was nearly $3000 and a big chunk of the actual amount.
I’ve also begun transforming the garage into a costly workshop, but it will be worth it.
I purchased shelving for the garage from Amazon, two ceiling fans, plywood, lighting, insulation, ailings, retractable electrical cords, type X drywall, and all the accessories needed for electrical, mudding, painting, etc.
Instead of renting a drywall lift, I decided to buy one I will get good use from and sell once I’m done.
I figured it would retain its value, and I didn’t have to rush it back to Home Depot on their time.
We also paid $220 for a garbage bin so I could toss out the old insulation filled with mice poo and drywall.
For blog subscribers, I will have all of the photos and links to the products I used so you can see what it looks like in my upcoming newsletter.
I also plan on writing a blog post about the transformation and costs.
It will indicate costs well for anyone who wants to do a double-garage transformation.
We will have our new driveway, windows, sunroom, and garage door installed in August.
It will be a busy few weeks, but we look forward to the outcome and to sharing it on the blog.
Pet Expenses
Our $50 monthly budget is insufficient for pet expenses, so we are changing that for August.
We need to tie in other yearly fees, but we’ll know the costs this month after a trip to the vet.
Overall in July, we bought two more toys on Prime Day for the cats, organic cat nip and dry food, which is costly as it helps reduce allergens.
Our cats split three cans of fancy feast daily, and we have three bowls of dry food and water set around the home.
We are stocked up on wet cat food and try to buy it on Amazon when they have a sale, or we buy 5 to save 5% off the price.
I’ve price checked the same cat food at the grocery store, and Amazon is the cheapest.
Snacks are the downfall, perhaps for us, as we buy Greenies and a few other organic brands monthly.
We are trying to feed our cats the best we can to keep them healthy.
Maybe we are feeding them too much, but we will also talk to the vet about this.
Kid Expenses
Expenses for our son in June mostly went toward buying clothing and back-to-school stuff.
We did buy him new soccer shoes and socks as he needed them because he won’t stop growing.
Since he worked so hard to ride his bike, I allowed ‘me’ to purchase a $20 video game from Shoppers Drug Mart. (that’s how it goes, right?) haha!
I also purchased a case of jumbo freezies for the summer so he could share them with his friends.
FlashFood App
We didn’t spend money using the FlashFood App in July but have saved $286 in 2023.
FlashFood Savings To Date July 2023
Health and Beauty
In July, our health and beauty category was over budget as Mrs. CBB ordered a new shampoo and conditioner.
She has an allergy to limonene, and it’s in tonnes of products, particularly hair.
It causes her follicles to irritate, and if she scratches, it causes a host of problems.
In the mail, she also got a subscription for concealer makeup every three months.
Other items were typical, shampoo, conditioner, deodorant, soap, etc.
PC Optimum Points
Over the last 45 days between our PC World Elite MasterCard, Zehrs, and No Frills, we’ve earned 74,940 PC Optimum points or $75.
That’s not too bad, considering we wouldn’t have come close to earning that in interest in the bank.
PC Optimum Points earned in last 45 days.
TD Visa Cash Back Amount
TD Credit Card Cash Back Savings
Our TD Visa has a cashback balance of $313.70, which we will continue growing until we want to use it towards our credit card bill or redeem it.
What credit card do you use that offers you the best amount of cashback?
Comment below.
Grocery Budget July 2023 Budget
We went over budget in July for groceries by $196.33, which is significant to us.
Price increases are taking their toll on the budget even though we only buy items on sale.
There were many new items we purchased this month from Amazon that weren’t budgeted.
Those items included spices, quinoa, buckwheat, chickpea flour, Alpen cereal, Cheerios, coconut, and pomegranate molasses.
I’ve been working on testing new recipes for the blog, including more Mediterranean flavours.
Starting next year, I will create a blog grocery budget to track my spending.
Over the years, I’ve just budgeted the expenses in but with increased pricing, it’s difficult.
July 2023 CBB Net Worth Update
CBB Net Worth Update July 2023
Monthly I will share the difference and percent change in our investment portfolio.
In July 2023, we saw a 0.47% increase in net worth due to increased investments.
That number equated to a $7,305.17 increase in our overall wealth.
The next direction may be transferring money to higher-interest investment accounts with Manulife.
Until Next Time!
That’s all for our July 2023 Monthly Budget, although I may change things as I go along.
If there’s something you’d like to see in our monthly update, hit reply to this email and let me know.
Thanks for stopping by, and please subscribe if you are new to CBB.
Mr. CBB
- How To Calculate Monthly Grocery Costs
- Create A Budget When You’re Broke
- Cheapest Canadian Grocery Stores To Shop At
- How Much Should My Grocery Budget Be?
- March 2023 Budget Update CBB Family
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The post July 2023 Budget Update CBB Family appeared first on Canadian Budget Binder.