It has been a while since I did a money/budget update. I have spent the past hour or so getting things in order for March and figuring out what went wrong in February. We did great until about mid-February. Then I stopped tracking my expenses, and we bought some things we were not expecting (like a lid-locking trashcan). In the end, we will make it out of February just fine… we just won’t be able to save as much as I had wanted.
I update the sidebars, and even though it looks like we are not quite as ahead with the maternity leave savings, I actually upped our goal. I had started with a goal of just having the bare minimum to get us through two pay periods without my pay. After doing taxes, I realize that the return we should get will be more than enough to up our goal to a full 2 pay periods without my pay. In fact as soon as we get the tax return in our account, we will meet and exceed that goal!
We need to sit down and have a chat about what we want to save for next. We are planning on looking at houses, so we will need to save for moving expenses (we already have a down payment ready). I also would like to increase how much we are putting towards debt, and I think the next really major purchase (aside from the house) would be a new vehicle for me. My 2002 car is still going strong, but we will need to replace it at some point in the future.
You can see that our car loan is almost under $10,000! After our March payment, it will be! I am so excited! I would love for that to be gone before we buy another car, but that would be over a year for that to happen. I definitely want to get rid of one of our debts before we take on another car loan. I would love to be able to pay for a vehicle outright, but I don’t think that is going to happen quite yet. We will keep saving away, though.
I am still anticipating some money from my short term disability and need to get that filed ASAP. And even though we are saving for two whole pay periods with no pay, I do think in reality I will receive some pay in July and none in August. I also have some photography sessions that will bring in some extra income, so I think we will be ok!
One budget buster is definitely gas prices. They are almost to $4/gallon in our neck of the woods. I have upped our budget for next month by $10 a week for gas. That means almost $50 a month more will be going towards gas. No good!
Another budget buster is our daughter’s food. My milk supply has dwindled greatly, so we are supplementing with formula. She currently gets bottles with half breast milk/ half formula. The formula is expensive, and so far it seems as though we go through one container in about a week and a half to two weeks. That means we will be spending almost $50-$60 on formula a month. Luckily I have some $5.00 rebate checks from the brand we buy, so that helps a ton!
On a good budget note, I went to a huge consignment sale yesterday and came away with some great buys for Miss C. I got all of this for under $35 (and I paid in cash from Miss C’s envelope).
How is your budget turning out for February, and how is it looking for March? If we maintain our self-discipline and keep going strong, then we should be good!