End of July Wrap-Up and August Goal: Budget Itemization

I’ve updated my July net worth – woohoo, +7% to $41,600. Most of this was my end of year bonus. I also took down the estimated value of my car from $9,000 to $7,000. It’s probably still a little high, especially in these anti-SUV times, so I’ll keep recognizing the depreciation over the next few months. Spending-wise, I blew it a bit with my friend’s visit at the end of the month. Otherwise, I think I would have come in at my budget. As it is I’m quite a bit over.

As for August goals – there’s just one – Budget Itemization! Seven sexy syllables that I’m going to be immersed in for the next few hours and committed to for the rest of the month. I’m trying out a bit of a budget rehaul:

1) I have committed to trying the “envelope” style budgeting for one category: eating and drinking out at restaurants. This is the one category where I always overspend and I think actually seeing the money disappear will help out a lot with reigning in spending.
2) I’m also going to work on a WEEKLY budget for restaurants - $50 a week (that includes everything from food to drinks to coffees out.
3) Next, I’m going to get really detailed about my current budget categories. Instead of “entertainment,” I’m going to start itemizing movies vs. books, etc. That way in the next few months I’ll have even more new information about how to save smart.

All in all, I have a pretty positive attitude about my financial outlook for the rest of the year. I’m getting better at least! Also, the Guy and I were thisclose to scoring free tickets to Lollapalooza in Chicago this weekend. We didn’t win them, which may have been a financial blessing considering all of the gas and expenses we’d have incurred to go. Still… it would have been fun.