November 10, 2013

2014 Budget and Savings Goals

2013 has been a spendy year for us and it's time we get back on track with saving.  I've tried to come up with a budget for 2014 to better account for car expenses and vacations.  We love to travel and don't really have any other hobbies that cost much money so we try to take 1 nice family vacation each year, usually during winter to get away from the snow. My goal for 2014 is to save enough money to take another cruise for Spring Break 2015 which will be a pricey vacation since it will be at a peak time.  Plus Mr. Ripples and I will be celebrating our 10 year anniversary October 2014, so I want to have money to go away for the weekend.

We get paid twice a month, here's how the budget is looking.  I've only listed our monthly expenses; any additional income not accounted for below will be split between 3 savings funds: emergency fund, vacation fund, car repair/down payment fund.  My goal for each of these savings funds is to add $4000 in savings for each one in 2014, total of $12,000 saved.  That's gonna be a stretch.

1st pay each month:

  • $100 each for Mr. Ripples and I (personal spending money)
  • $220 Groceries
  • $100 Gas
  • $120 IRA
  • $230 Electric (Usually come in under budget of this)
  • $8 Netflix
  • $110 Condo Fee
  • $55 Water
  • $250 "Extra Money" for gifts, school fees or anything additional that comes up
  • $55 Cable
  • $150 Cell Phones
  • $205 Car Payment #1
  • $187 Car Payment #2
2nd pay each month:
  • $100 each for Mr. Ripples and I spending money
  • $220 Groceries
  • $100 Gas
  • $685 Preschool/Day Care
  • $505 Mortgage
Rental Income:
  • $312 Mortgage
  • $110 Condo Fee
  • $55 Water Bill
  • $100 Home Repair Fund
  • $60 Bumper Bowling League
  • $75 Repaying my savings from money withdrawn for down payment
  • $75 Repaying Mr. Ripples savings for money withdrawn for down payment
  • $38 Vacation Fund


  1. Looks good. Other than the $38 into the vacation fund, I don't see lone items for the EF, car fund or vacation. Am I missing that? I wish we only spent $200 a month on gas.

    1. I didn't list all the savings separately. After all the items listed above we should still have a few hundred dollars a month to put in savings. I plan to split all that money and any additional income between the 3 savings goals.

      I added the $38 vacation money to the rental income just to use up the full $825. Plus when we purchased the property I decided I wanted to use the extra momey for fun stuff and I wanted to keep that money seperate so it didn't just disappear into our regular budget.

  2. I honestly wouldn't know what to do with 200 dollars a month for "my spending money". It's sad I know. My husband gets 100 dollars a month, and then extra if I have it, he always has a list of "Stuff" he wants. If I had 200 dollars a month as "my money to spend", I would have to think long and hard on what to get. Sad....Sad.....Sad....for me.

    1. My husband uses all his spending money. But he eats out a lot more than I do. I only use about $120. The rest of mine ends up in savings or going towards clothes, makeup or an occassional spa day. Plus this money pays for any eating out or things we take the girls to do like going to a movie.

  3. This are very well-planned goals. Goal setting or having a resolution is really a must because it helps us determine our priorities, especially when it comes to financial purposes. $4000 in emergency funds is a huge money. At least car repairs/down payment will be the least of your problems, and that’s quite a relief. Anyway, 10th year anniversary. That’s a great milestone. You and your husband really deserve something special on your day. It’s still in October, so there are lots of time to prepare.

    Kayla @

    1. Thanks for commenting! I'm already looking for our anniversary trip. I love planning for a trip, its part of the fun. And now that our January vacation is over with, I need something to look forward to for motivation! But thanks to a 3 pay check month, lots of holiday pay in January and not spending all of our budgeted money on our last trip, we've made some great progress on these goals already!