A Military Family’s One Income Budget – July 2016

I can’t believe this is our LAST budget dealing with the British Pound!!!

We have promised ourselves we would continue to budget during our PCS (military move). Three years ago, when we moved to England we got off track and stopped budgeting for 3 months. Our goal is to do much better this time around.

July is a bit of a CRAZY budget month. We have final bills from utility companies as well as some of our PCS expenses beginning to pile up. Some PCS expenses we are cash flowing and some are being paid with our PCS budget.

Are you ready to see our DEBT FREE/Mid-PCS budget? So were we! But first check out this cutie! 🙂

Budget Baby 4 months

Military Family Budget Meeting

My husband and I have a budget meeting before the beginning of each month to hash out our budget. Even if he is deployed, half way across the world. We still have our budget meetings via a phone call or some type of technology. After four years of budget meetings, we can cover everything financially related and be in 100% agreement in about 10 minutes.

Trust me. It was NOT always this painless.

The Purpose of Sharing our Budget:

We share our budget with the hope to encourage and inspire our readers who are on their journeys to financial freedom. We share our budget with the hope that it opens up a financial conversation, to create an opportunity to learn from each other.

Background

If you are new to Budget Loving Military Wife, you may be wondering a little bit about our situation. We have been seriously focused on our finances, getting out of debt, and budgeting for four and half years!

My husband serves in the U.S. military and we have been stationed in England since 2013. We began our marriage with two good incomes, which was extremely helpful to pay off our consumer debt. However, our England move made us a single-income household. We have a four month old baby boy and we are now getting ready to move to Hawaii!

In June of this year we paid off our final debt, our mortgage (stateside home that is currently a rental property) and screamed WE ARE DEBT FREE!!!

Our financial focus while living in England has been to pay down our mortgage as quickly as possible and to take advantage of our once in a lifetime opportunity to travel Europe. We have successfully done BOTH! 🙂

july Budget

 

One Income Budget

Income

Husband’s Income – $6436.27

This is total take home pay for June. We budget and live on last month’s income. Our income is in US Dollars, but most of our expenses are in British Pounds. For simplicity sake, we budget everything in US Dollars (using current exchange rates).

Current Exchange Rate: 1 British Pound = 1.40 US Dollar 

***Last month with two currencies!!! YAY!!!
****As many of you know the British Pound crashed at the end of June. However, we had already bought our British Pounds and need to clear out our British bank account. 🙁 So this month we are using a higher exchange rate than the actual rate (actual rate: 1 British Pound = ~$1.32).

Living Expenses 

Rent – $0

We moved out of our British home mid-June and paid for our temporary lodging ($1284.80) in full with June’s budget. We will also be staying a couple weeks with family in route to Hawaii. So no rent this month. YAY!

Electricity/Gas- $343.00

OH MY!!! Supposedly we used more electricity than estimated and had the above bill upon move out of our British home. 🙁 Oh well, at least we had extra wiggle room in our budget this month.

Water- $53.26

We had a quarterly bill due in June for March-May service. This is our bill for about a month of service.

Grocery- $172

This may seem low, but this is only for a portion of the month so it’s actually quite high. We did not include grocery expenses while we are visiting family. We do plan on helping pay for groceries, but budgeted it in a different category.

Car Repair/Replacement- $0

We are currently renting a car so we don’t have to worry about car repair/maintenance. We had $1722.29 left in this fund and we applied it towards our PCS budget towards buying new to us cars in our next location.

Gasoline- $75

We are only in England for part of the month and we are living much closer to my husband’s work. So this category is much less than our typical $200.

Renter’s & Car Insurance- $50

We are covering our belongings in transit and we are required to cover insurance on the rental car.

Dental Insurance- $11.68

This covers my dental insurance. My husband’s is 100% covered by his employer.

Baby- $0

Majority of our baby expenses come out of our grocery fund (diapers) and miscellaneous fund (unexpected fees or medicine, etc.).

Total Living Expenses: $704.94  (11.0% of Total Budget)

 

“Luxury” Expenses

Phones- $112.00

We called to cancel our phones mid-June because our plan was just to use our cheap “pay as you go” phone. However, apparently in England they have up to 30 days to cancel your phone after your request. So, we are still paying for our phones. 🙁

Internet- $0

We paid our final internet bill in June. Get this, they charged us a ~$30 fee to shut off our services. How silly!

Miscellaneous– $56.00

We had $60 left over from June’s budget. We are rolling it over to have a total $116 for July. This fund picks up random $5-$20 expenses that we did not foresee or helps cover categories we go slightly over budget.

Blow Money- $40/$60

This covers all of our individual purchases. Clothes, Haircuts, Make up, Lunch with Friends, Snacks/Coffee, etc. We “allow” a maximum of $75 each per month, however we try to keep this expense as low as possible.

Restaurant- $144

We had $20 left over from last month which we will roll over to July’s budget for a total of $164. We are budgeting a lot more in this account because there are a few restaurants we want to eat at one more time before we leave England. We also know between moving and living in temporary lodging there is just less opportunities to cook so we eat out more.

Vacation Fund- $0

We are done vacationing while living in Europe. :( Our visit to family is budgeted with our PCS budget.

Computer- $347

Our only computer crashed last month. We were able to purchase a relatively cheap computer to get us by for the next few months.

Gifts- $99.29

We purchased our nieces and nephews small gifts to give them when we see them in a few weeks! 🙂

Entertainment- $58

This covers my husband’s going away “party” with his co-workers.

Visiting Family- $750

We are estimating $250/week to be spent while visiting family. We will help cover costs with groceries and “welcome home” parties. There are a few American restaurants we can’t wait to visit. We also have a couple of entertainment activities scheduled (going to the zoo and bowling with our nieces and nephews).

Clothing- $150

While packing our clothes my husband and I realized how desperate our clothes looked. We have allotted a small clothing budget to pick up a few items. However, once we get settled in Hawaii we will do some MAJOR wardrobe replacement!

Wedding- $40

My husband will be in the wedding party for his brother’s wedding this fall. While we are visiting them in a few weeks they plan to buy shirts for the groomsmen.

Total “Luxury” Expenses = $1856.29   (28.8% of Total Budget)

Work & Education Expenses

Husband’s Work- $0

Husband’s College- $0

My husband is taking a break from college courses until we are settled in Hawaii.

Total Work & Education Expenses: $0   (0%)

Investments – $722.46

We have selected to invest in Roth investments because our taxable income is currently very low. We would rather pay taxes now, rather than paying taxes when we are retired millionaires. ? We invest approximately 10% of our gross income.

Total Retirement Investments: $722.46   (11.2%)

Savings

PCS Fund- $3152.58  

After July we will have saved $10,832.58 in our PCS (military move) fund. Our goal was to save $9000. This is not including the deposit refunds and profits from selling our car. By the end of July we should have slightly MORE saved than our estimated “fully funded” PCS budget. YAY!!! 🙂

Total Savings: $3152.58 (49.0% of Total Budget)

 

Debt Payments- $0

WE ARE DEBT FREE!!!!

 

***Please remember I am only sharing our budget to learn from each other. It is no attempt to make anyone feel sorry for us or to brag in anyway. I would love to hear your tips or what you would do differently if you were in our shoes. I am all about making our budget better and more efficient. :)

What do You Think?

How was your June Budget Meeting?
Trying anything new with your budget this month?
What would you change about our budget?







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3 thoughts to “A Military Family’s One Income Budget – July 2016”

  1. You guys are awesome – paying off your mortgage was an amazing achievement on it’s own – but to think you’ve not neglected your savings, saved for your move, traveled Europe and welcomed a cutie addition to your family is nothing short of inspirational. Wishing you all the best for your move x

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