If I remember correctly, I was going to update you on our January budget before doing this post, but we didn’t really start our January budget until the middle of January so it seems strange to me to update you on that. So, we will do end of the month budget reviews starting with our February budget. I’m also not going to list all our debts until those payments are due. We are working on our smallest and are only projected to pay off about $350 of it before the first loan payment is due in November. We are in need of a newer car an are focusing on getting money put away there, so that when my car engine decides to fully go out we have something set aside for a new car. (I have an valve seal leak. My dad and a couple mechanic friends have found a stop gap measure to fix it temporarily. We are hoping our car will last through our first station in Texas, which would be through early 2016, but we aren’t holding our breath. We will be thrilled if it makes it through to this summer).
So. February, let’s do this thing!
Cell Phone- $110
Groceries $300 ***
Personal Care/Clothing- $10
Credit Card Payment- $35 ***
Restaurants- $80 ***
Car Replacement- $0***
Car Repairs- $15***
Gifts- $50 ***
Tags/License- $20 ***
AAA Membership- $15***
Emergency fund- $0***
Oh Crap- $0***
Summer Storage- $0***
Graduation Party- $0***
Simpson Building Deposit- $0***
Sublease Fee- $0***
Final Semester Stuff
Pedagogy Tests- $0***
License Fees- $0***
PSP Dues- $70
So now let’s talk about this. I’m going to link back to this post every month for the specific details on some of these just because every month would get old talking about the same points over and over again. So I put *** next to everything I wanted to discuss.
So first up is Groceries! For this month I am doing a no buy month/frugal February. For me my goal is to spend 50% of our normal grocery budget, so around the $150 mark. We have a lot of frozen leftovers to eat so it shouldn’t be too bad!
Next, is our credit card payment. Technically, our card is paid off. I tossed this amount in as it was the minimum balance. I don’t know if we will get an interest balance or not, so I’m just covering our bum as a just in case. If we don’t use this I’ll move it over to our March budget which we are going to be filling in with our February paychecks. (Everything we have budgeted is in our bank accounts. We are not forecasting. We don’t do that following the YNAB method). Or I will move it to graduation stuff (more on that down a bit)
Restaurants- Valentines Day is this month and we haven’t done anything romantic or sweet with each other outside of our home since we got married in November, so we decided to budget some money towards a good dinner out and a movie. I just put it under this category to put it somewhere. We don’t usually budget for eating out.
Birchbox is my little thing each month. $10 bucks and it is always the last thing budgeted for each Husband lets me and likes that I enjoy it. I’m canceling it before moving to Texas, more than likely.
Savings as a whole- We put 20% of all our paychecks, each month, into our new car fund. So that will go up throughout the month each time we get paid. We will have a total of 4 paychecks for February. I get paid twice a month, every month, husband is paid every other week, as of right now. Other than that, we budget the other savings amounts every month and they just compound on each other. I’m not sure how to show this right this moment. Our emergency fund is fully funded, as a baby emergency fund per the Dave Ramsey program ($1,000). The Oh Crap fund is for stuff that I forgot to budget that pops up throughout the year. We have $100 in that fund, but again, we aren’t adding to it so I don’t have anything budgeted each month for that category-at this time.
Summer expenses- Travel, I have to put my own money towards and right now I don’t have that extra. I don’t expect to until May or so, once school is out. My husband will graduate from military training over the summer and we are projecting the cost for me to come see him at around $1500. This is for a plane ticket, rental car and hotel for the three to four day stay. Graduation party is also something that we have to fund on our own. It is a treat to have a graduation party. We have paid for our rental space already, but we need to get catering sorted out, and that I need to get a start on. I also need to get out/make our graduation invitations…so need to get a start on that. Simpson deposit is the last part of our deposit for the rental space for our graduation. We have it fully funded, but the payment isn’t due until April, so we are waiting. When we give them that deposit we also have to give them numbers on head count and such. Sublease fee- over the summer I am subleasing an apartment to cut down on expenses. For us our rent would go up to $750 or something like that for a summer lease. The apartment I am renting, with two other girls, will be $240 a month (around there) with, on average, $60 bucks for utilities. Better than paying full rent at our place, even though I have to put stuff into storage. Summer storage is going to cost us about $300 and we plan on using a part of our tax return for this.
Final semester stuff is exactly what it sounds like. We have to take our pedagogy test before we graduate to get our license for teaching and then we have to apply and pay for our license through our state as well. We are going to try and keep my husbands license up to date because he does enjoy teaching, but doesn’t like the current educational climate. I then have my last semester of dues for my academic fraternity as well. I do need to budget for our cap and gown stuff, but haven’t gotten around to that yet. Waiting on the email telling me to pick it up first. I know, bad planning, just don’t know what it costs. So kind of hard to budget for it at the moment.
Debts- we are paying $50 a month towards our smallest student loan (only debts we have). Not much, but the first payment isn’t until November so we are enjoying the opportunity to be proactive.
Well…that was a mouth full. Yeah, linking this every month, unless there is an update! I can’t imagine typing this each and every month!