Budget – July 2020

july budget 2020

Moving to Connecticut from Utah expensive for July Budget​

I will be moving from Salt Lake City, UT to West Hartford, CT in July. The move is not financially smart, but it’s not always about the money. With my work permanently remote, I should take the opportunity to be closer to the only relatives I have in the US.
For the first weeks, I will be staying at my cousin’s place, which means I will not have any additional housing expenses for July and most likely in August. Starting in August, I am renting out my current house in Utah. The little cash flow from rental income in Utah should offset the increased housing expenses.
I am only taking what I can fit in my car with me, which means I will be spending a lot of money replacing the items I need to get started again. I won’t need to buy all the things at once so I can spread that over a few months
With all that in mind, let’s plan the July Budget.

Projected Income

My income for July shouldn’t change much. Side jobs are still slow due to the COVID-19, and my full-time job so far looks secure. I have been selling all my household items before the move, which should bring some extra income. It will be pretty small because most of it will count toward June Income.

SourceAmount($)
Full-Time & Side Jobs $6,500
401K / HSA Contributions $2820
Other Income $1300
Total $10,620

Projected Expenses

With the move, there are going to be lots of irregular expenses. Also, I still need to pay the state taxes, which is due in July. I even haven’t spent all the medical bills that I was planning on paying in June.
Transportation expenses are going to be a lot higher this month as well. Auto insurance renewal is up this month. I need to take the volt for 50K miles scheduled maintenance, and also I will be using a lot of gas driving from Utah to Connecticut. 

I am also adding new expense category for rental management company. There are quite a bit of things that need to be fixed up before the home is ready for renting out. It’s probably expensive but for sake to keep things simple I am given all the pre rental maintenance responsibility to property management company. 


I am not looking forward to July expenses.

CategoryAmount($)
Housing $1,509
Utilities $182
Food/Supplies $450
Personal Grooming/Medical $260
Transportation $1,815
Miscellaneous $2,800
Rental Management $1,300
Total $8,346

Projected Savings

Amount($)
Total Income $10,620
Total Expenses $8,346
Savings $2,274
Savings Rate 21.41%

There are lots of one time expenses in the July budget, which is why the savings rate is significantly lower than my usual savings rate. Hopefully, the actual expenses are a lot lower than what I have projected. 

 

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