Budget Update – October, 2016

Budget Update – October, 2016

Last month’s update can be found here.

It’s that time again that we check our monthly budget. At the end of every month, we sit down for an hour or so and go through all of our income and expenses for the previous month. Here is a summary of our October budget:

Income: $7,881.56

This included income from our regular jobs and nothing else. In the past, we have been fortunate with other sources of income from one endeavour or another, however, this month income was made up from our normal jobs. We didn’t even manage to get the 2% cashback (in the order of $30/month) for PayPass payments because ING has finished this promotion, unfortunately. We’re looking for another cashback promotion so if you know of any then let us know.

Expenses: $5,461.31

This is included standard repayments for our home loan, our most expensive month for groceries ($1,377.14!!!), combined petrol for the car and public transport as we are both now commuting long distances to work (we plan to do a review on this soon) and gifts for both our families as we had 3 birthday’s to attend this month. We also visited Toon’s family in Melbourne but the costs for flights were included in previous budgets.

The groceries are a bit of a concern although we suspected we would be over our budget due to having our family visit us for our son’s birthday and cooking up a storm for them. We’ve also been eating healthier these past few months so with that comes higher grocery costs. It’s a shame that to eat healthy in Australia means having to pay more. It’s no wonder that obesity is such a concern for the majority of Australians.

Monthly Savings Rate: 30.71% – not too bad but below where we would like it to be

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Yearly Savings Rate: 36.55%

How did your budget look like last month? We’d love to know so feel free to make a comment below.

 

4 responses to “Budget Update – October, 2016”

  1. Nice job guys! That’s a great savings rate for all the extra things you ended up paying for. Healthy eating does cost more, isn’t that a shame? if bad food is meant to taste better, why doesn’t it cost more?

    Anyway, well done, good luck for the rest of this month 🙂

    Tristan

  2. Thanks Tristan!

    It is really a strange thing that healthy food costs more than junk/bad food. You’d think the government would provide some sort of concessions for companies to make food healthier as ultimately this creates less of a drain on the health system. Oh well, until then we will just have to keep paying a higher price for good food

  3. Jef says:

    Nice solid month here guys! I know it was a few months ago although I’m reading through your previous articles 🙂
    If you find another decent cash-back offer would love to know as I used ING as well

    Cheers and here’s to an awesome couple of months!

    • Hi Jef.

      Thank you for your comment, Yeah I applied for a credit card with Common wealth bank to spend $500 and get $250 cash back. and Also opened the ANZ bank account then make 3 purchases to get $100. The banks has often offered the a few times a year.

      I probably raise an article about this soon.

      Toon

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