Thursday, March 1, 2012

Our Financial Status #25 - February 2012

February was the beginning of great things for us financially.  A lot of steps were taken in February to really knock down our debt permanently - for the long haul, people!  That honestly makes me want to dance and shout!  If you've never known this type of celebration, you cannot possibly know how liberating it is to have successes in paying off debts.  If you never had to - good for you for being responsible in the first place.  In you haven't gotten there yet - don't worry - keep plugging away and it will come and you'll get to celebrate like us (and I want to know about it when you do!).  If you haven't started, let me tell you - it will all be worth it!

Okay - so here we got getting down to the nitty gritty.  I'll admit - the numbers aren't all pretty, but it is what it is.

INCOME:
We're actually $4916 over usual this month due to income tax refunds. Yippee!

UNDER BUDGET:
Auto Service/Parts: No spending this month, but we're rolling over $123 from previous months.  As long as we can just buy oil a few times in the upcoming months, this overage should roll out of the budget in about 5 months. 
Electricity/Water: $8 under budget. Ahhh...love to have breathing room in this area while the weather is mild. Hopefully we'll build up some "underage" to roll into upcoming months which will only get warmer.
Doctor: No spending this month but still rolling money over from previous visits.  Should clear up in about 3 months. 
Hair: No spending this month.  I will have an appointment in March though.


ON BUDGET:
Auto Insurance: No surprises here.
Television: As usual.
Term Life Insurance: Done
Mobile Phone: Nothing new here.
Alarm Monitoring/Pest Control: Regular charges here.
Mortgage/HOA/Timeshare: On course.

OVER BUDGET:
Gasoline: $181 over budget. This will probably only get worse as gas prices rise.  We'll have to reevaluate our budget soon I'm sure. 
Eating Out: $164 over budget. Seriously...we are AWFUL in this category.  I know we can do better, but we usually just don't make the effort to. Definitely our downfall and something I want to work on.
Groceries: $162 over budget. And this would be forgivable if we didn't eat out so much.  How do we spend so much on food?!
Pharmacy: $15 over budget for the month. Chip is starting to need his reflux medicine again so we might have to readjust this budget if that doesn't change.
Childcare: $12 over budget.  We went out with some friends on a "double date" last week and got a sitter. It was the first date we've been on since our anniversary in October. It was nice. 
Toiletries: $3 over budget for the month, but I have a huge "underage" that is rolling over from previous months, so this is fine.
Clothing: $130 over budget for the month.  There were a lot of great sales for my kids' clothes this month and I took them up on it.  Abigail is stocked for the summer and already has some great things for next winter as well.  Patrick might need a few more things for the summer, but I don't really know yet because I don't know what items from last summer will still fit him yet. This should work itself out in about 4-5 months when the amounts roll over.

ADDITIONAL COMMENTS:
  • We haven't done anything with the tax refund yet.  We were going to apply it to his Army debt just to knock it out of the way, but were advised against that by his Staff Sergeant.  Obviously the military is notorious for applying such payments to the wrong place and continuing to take it out of your check until they get it all straightened out. We're taking his word for it and sending it all to my detested Chase card. That will show up in next month's numbers.
  • I have officially eliminated our $20/month budget for "baby supplies" because we are diaper and pull up free now!  We have a small stash that we are using up at night but they will last a while and we'll be fully confident in Abigail's potty abilities by that time, so hooray!  That's money that can now go somewhere else now!
  • We spent $133 on Family Time and Kids' Activities this month.  Some of it was a Daddy-Patrick "Dude Day" to see Star Wars in 3-D. Some of it was signing Abigail up for t-ball, some of it was our date night, and one was a movie rental at Redbox.  Seriously...not bad spending for all of that!
  • Spent $70 for gifts this month (some beautiful flowers from Chip on Valentine's Day and a birthday present for a neighboring tot). 
  • Paid $250 over budgeted amount on Credit Cards. 
  • Will be using the overage we've had in our savings account to buy Patrick some new furniture this upcoming month (he's seriously outgrown his old set). 
  • Hopefully will be closing on our mortgage refinance this upcoming month.
  • Chip might be gone for 2 of the 4 weeks of next month (we'll know after this weekend) but will be getting paid for it.  We'll see some of that month in the form of income and some will be taken out of his check to pay down that Army debt. All in all, it will be good. 
Debt Paid off Since January 2012: -$482.84 (after clothing purchases, some gasoline, and filing taxes online, we lost ground this month - boo!)
Debt Paid off Since October 14, 2009: $23,257.19
Change in Networth from January 2012: $3291.76
Change in Networth from October 14, 2009: $48,594.93

2 comments:

  1. I always like to read your budget update posts. They're very motivating. And yay for being diaper-free!

    ReplyDelete

 

Mrs. Nespy's World | Creative Commons Attribution- Noncommercial License | Dandy Dandilion Designed by Simply Fabulous Blogger Templates