{"id":139856,"date":"2025-01-17T10:18:02","date_gmt":"2025-01-17T15:18:02","guid":{"rendered":"https:\/\/canadianbudgetbinder.com\/?p=139856"},"modified":"2025-03-07T06:11:06","modified_gmt":"2025-03-07T06:11:06","slug":"cbb-december-2024-budget-update","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2025\/01\/17\/cbb-december-2024-budget-update\/","title":{"rendered":"CBB December 2024 Budget Update"},"content":{"rendered":"\n

<\/path><\/svg><\/span><\/span>Estimated reading time: <\/span>16<\/span> minutes<\/span><\/p>\n\n\n\n

Get a comprehensive recap of our December 2024 budget update. Find out how we fared in our spending goals and get useful tips for budgeting in the new year.<\/p>\n\n\n\n

I’ll show you what a good budget is for a month if you give me a bit of your time.<\/p>\n\n\n\n

Before we begin, the Free 2025 51-page Budget Binde<\/a><\/strong>r is ready for download!<\/p>\n\n\n\n

Why I Share Our Monthly Budget<\/h2>\n\n\n\n

For anyone new to CBB, this briefly explains our monthly budget update.<\/p>\n\n\n\n

First off, if you’re a person who wants to learn how to create a monthly budget, you’ve come to the right space.<\/p>\n\n\n\n

Budgeting puts you in charge of your money, meaning you are the boss. <\/p>\n\n\n\n

That’s a big role to fill if you want to keep your company afloat.<\/p>\n\n\n\n

I look forward to putting this post together as it lets us see where <\/strong>we spend our money.<\/p>\n\n\n\n

A budget also acts as a diary for your expenses<\/strong> so you can look back to see success and failure.<\/p>\n\n\n\n

Our budget update also lets readers know that we are not perfect and must make changes like everyone else.<\/p>\n\n\n\n

We use the tools (Free budget Binder<\/a><\/strong>), and I hope you have downloaded your free copy.<\/p>\n\n\n\n

Alright, let\u2019s get into this.<\/p>\n\n\n\n

December 2024 Household Budget Percentages<\/h2>\n\n\n
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\"December
December 2024 Household Percentages<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n

Savings of 25.74% include<\/strong> investments and savings based on our net income<\/strong>.<\/p>\n\n\n\n

Our life ratio is 61.84% <\/strong>and contains everything from groceries, entertainment, miscellaneous items, health\/beauty, clothing, etc., all variable expenses.<\/p>\n\n\n\n

Transportation <\/strong>is 6.23%<\/strong>, which covers our vehicle’s gas, insurance, and maintenance, and it holds no debt.<\/p>\n\n\n\n

Our house and vehicle are paid<\/a> <\/strong>for, and we have zero other debt; however, we still pay property taxes and maintenance fees.<\/p>\n\n\n\n

The projected expenses<\/a><\/strong> of 11.82% <\/strong>can change based on what we encounter monthly, such as a new item we need to save for.<\/p>\n\n\n\n

Jr. CBB\u2019s 52-Week Savings Challenge<\/h2>\n\n\n
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\"2024
2024 Final Figure 52 Week Savings Challenge<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n

Note: <\/strong>The 52-Week Savings Challenge printable is free and always available for subscribers. <\/p>\n\n\n\n

Our son created a Moolah Jar label<\/strong> for his money savings jar, which I thought was funny.<\/p>\n\n\n\n

As of December 2024<\/strong>, his yearly total is $310 in savings<\/strong>.<\/p>\n\n\n\n

We are super proud of our son for earning and saving money in his Moolah jar for 2024. <\/p>\n\n\n\n

Now, he wants to know what he should do with his savings. <\/p>\n\n\n\n

If this was your son, what advice would you give him? <\/p>\n\n\n\n

We would let him spend half; the other half has to go into his savings account. <\/p>\n\n\n\n

You may want to consider the balance ratio when you are older and have responsibilities. <\/p>\n\n\n\n

For example, you may only allow yourself 10% to spend, 40% to pay off a credit card debt, and save the rest. <\/p>\n\n\n\n

The point of this small savings project was to get into the habit of setting money aside.<\/p>\n\n\n\n

One of the most challenging realities for some people is that every dollar counts. <\/p>\n\n\n\n

You win if you spend $5 twice weekly on Starbucks but cut back to one and set $5 aside in your savings jar. <\/p>\n\n\n\n

Make that extra coffee at home if needed, even if it digs into your savings to buy a jar of coffee and the fixings.<\/p>\n\n\n\n

You’ll still be ahead.<\/p>\n\n\n\n

Consider the small stuff in your budget, variable expenses, and ways to reduce them.<\/p>\n\n\n\n

Update 52-Week Saving Challenge Participant.<\/h3>\n\n\n\n

Below is the report from a CBB fan participating in the year-long savings challenge.<\/p>\n\n\n\n

I’d like to congratulate her for successfully sharing her monthly breakdown with CBB for the past year. <\/p>\n\n\n\n

Not once did I have to chase her down, and she knew what needed to be done for the assignment. <\/p>\n\n\n\n

For her commitment and hard work in saving money in 2024, I’ll send her a gift card to spend as she pleases.<\/p>\n\n\n\n

TFSASaver Final Savings December 2024 Breakdown <\/h3>\n\n\n\n

Hello!  It’s me, TFSASaver, with my final month of savings.   <\/p>\n\n\n\n

My savings over the year pleasantly surprised me as I saved much more money than expected.   <\/p>\n\n\n\n

Attached are my completed sheets.  <\/p>\n\n\n\n

 Breakdown for December:<\/strong><\/p>\n\n\n\n