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End of the Month Routine…

May 2, 2011

So, now that May is here and April is gone, it is time to review what transpired in April and make any changes to budget accounts and bank accounts that need to be made. The only problem is that we’re only a few days into May, so there may be a few transactions that still need to post. I’ll make a few adjustments today and watch closely over the next few days to see what transactions post and how it affects any of the budgets.

Here is what I’ve done today:

  1. Updated Mint so that all of the current transactions are downloaded.
  2. Made sure each transaction is appropriately accounted for in the correct category. This only took a second since I do it about every third day.
  3. Checked final numbers in each budget category. We were really close on gasoline, over in home phone and tithing, but did really great in miscellaneous. All of the other categories were right on.
  4. I’m adjusting home phone and tithing to better reflect reality. I received a small raise last month, so our tithing went up, and I’ve never had the home phone budget correct. So those were both adjusted by a few dollars. They should be right on next month.
  5. As I looked at my income and spending for the last few months, I realized that I’d been forgetting a couple hundred dollars of income. I’m really not sure why I was forgetting about that. I like money, and I usually account for every little dollar. So I created a new category for that money, that goes straight into savings. We’ll use it during months where we have extra travel or something, but that is very rare. Hopefully all of it can go into short-term and long-term savings each month.
  6. I also noticed that we received a $30 credit from the city. I’m not sure why. Rather than just put that money back into the city utilities budget, I’m going to call the city and determine why that money came to us. Then I’ll assign it to the appropriate place. Probably savings, I guess.
  7. Overall, we were a few hundred dollars in the black when it comes to April’s budget/spending, which is great. Assuming that no pending transactions change that (which I don’t foresee) I’ll transfer that money from our checking into our savings accounts. That money will go toward our summer sprinkler system and vacation to Lake Tahoe.
  8. I’m also thinking about opening a small budget category for money I’d like to invest just for fun. I’d like to use Ameri-Trade or something like that and do a little online investing/trading. I don’t know anything about online investing, and my serious investing is in my retirement account, so this is just for fun. Unless I lose it. That won’t be fun…
Hope this little end-of-the-month round-up is helpful. I’ll try to do the same thing each month. It helps me to summarize our month and see where we can improve or see successes. 
2 Comments leave one →
  1. Eric Marble permalink
    May 3, 2011 7:54 am

    I tried to sign up for Mint but bank at the local Credit Union and it didn’t show up as supporting my bank. Is there a way to get around that?

    • May 3, 2011 9:04 am

      Eric…I tried the same thing with our local credit union, to no avail. They’re just not on the list. That is one reason I’m using another bank for my checking account and just using the credit union for savings, which is my account that changes the least (has the least amount of transactions). The other thing you can do is manually add transactions into Mint while having your bank’s site open in another tab where you can get the data.

      Honestly, I don’t even track my long-term savings account in Mint because I don’t want to manually track anything (even though I should). I only track my accounts att he larger, state-wide bank on Mint, and I have move most of my active accounts there for that reason.

      Usually, if you call your bank, it at least gets it on their radar.

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