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January 29, 2021 · Leave a Comment

February Budget Categories

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Budget· Budget Tips· Debt Free· Debt Free Tips· Saving· Ways We Save

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With February right around the corner, it’s time to start looking at your February budget and financial goals. Don’t forget about these eight budget categories in your February budget.

February Budget Categories

Looking to set up your budget for a different month?

  • March Budget Categories
  • April Budget Categories
  • May Budget Categories

Spring Sports

February is the time our region’s AYSO starts creating the teams for the spring.  I take the opportunity to go through the equipment from the fall and see what we need to get for the upcoming season.  Sometimes I’m lucky and only need a few extra socks, and other times I’m completely swamped and need to buy new cleats for all three.

Sinking Fund Accounts

Sinking funds are a vital part of any budget that is used for known upcoming expenses, like replacing your tires or saving for a family vacation. You can head to this post to read more about what sinking funds are and how to save for them.

Remember to keep up with the sinking fund accounts that you need to save for all year, and don’t forget to start any sinking accounts for expenses coming up.  Even if it’s just $20 per month now, a small amount over time will add up and keep you from having larger expenses later on.

Sinking funds that I’ll be contributing to slowly over February is our back-to-school fund.  I like finding clearance clothes at the beginning of March and start finding long sleeves for the following school year.

Need some more ideas for savings categories?  Check out my post about our 52-week savings, and get the free printable while you’re there!

Taxes

It’s time to start filing! Whether you wind up owing money at tax time or just want to hire an accountant to do your taxes for you, make sure you are saving money for this now!

How To Complete A Budget Review

Valentine’s Day

From going out to dinner, staying in for a nice meal, and even classroom exchanges at school, you’re going to want to leave some room for it in your budget.

Higher Utility Bills

February is the coldest month here in the northeast. At our two previous houses, our main source of heat was natural gas. Our bill was exceptionally higher in the winter than it was in the summer, by a few hundred dollars. Keep in mind that while you can join budgeting programs to spread the usage out over the entire year, the cost can change not only from your usage but also unit pricing at that time. Be sure to plan and save ahead.

Clearance Items

February is the start of winter clearance in our region.  Like I mentioned earlier, I like to start shopping for clearance clothes now to use for the next school year.

I also assess the kids’ winter coats and buy the next size up at the end of February.  While they may be limited on their preferred colors, it’s much more budget-friendly to get coats at a discount than pay full price.  I try not to spend more than $30 total for coats for all three kids, saving myself well over $150.

Summer Vacations

As my kids are getting older, I am constantly surprised how our summer fills in with all their activities before the summer is even a thought. Marching Band Camp at our district is scheduled for August, but we get the dates in late December.

If you plan to take a vacation as a family, start planning whether you’ll be staying local doing smaller weekend staycations, or going big and opting for a longer vacation further away, you need a budget estimate before you can finalize any plans.

Budget Reminders:

How is savings for Christmas coming?  What about your other sinking funds?  Is there anything coming up this summer that you should start saving for now?

Are there any budget categories you include in your February budget that I didn’t add to this list?  Let me know in the comments below and I’ll be sure to add them!

February Budget Categories

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makingcentsmatter

makingcentsmatter
Our January 15th paycheck is officially in the boo Our January 15th paycheck is officially in the books. Since we're paid monthly, and we tend to leave wiggle room in our budget for things that come up (like atom projects for a 6th-grade science class), our budget tends to look messy by the end. And that's totally okay!⁠
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Even though we went over in some categories, we were under in others, and under in our overall budget! This $75 remaining stays in our checking account for the time being. We've got some dental procedures coming up in this family, and I'm not sure what the actual OOP costs will be.⁠
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To see how we did, you can check out by January Paycheck Review here: https://youtu.be/GtGRIYTX_8c⁠
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#makingcentsmatter #monthlyincome #monthlybudget #zerobasedbudget #paycheckreview #budgetreview #budgetwithme #budgeting #budgettips #budgetworkbook #frugalliving #savingmoney #debtfreejourney #debtfreeprogress
Payday is today! Actually, payday was Friday the 1 Payday is today! Actually, payday was Friday the 12th because we completely forgot today is a bank holiday in the US. The feeling of being paid and not needing it is a nice one.⁠
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Here's what our paycheck needs to get us through for bills until March 14th. For a full look at our budget over the next month, head over to my budget with me on YouTube: https://youtu.be/rb8uyi1-rNc⁠
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#monthlyincome #monthlybudget #monthlybudget #zerobasedbudget #payday #budgetwithme #budgeting #budgettips #budgetcalendar #frugalliving #savingmoney #paycheck #makingcentsmatter #debtfreejourney #debtfreeprogress
This weekend was focused on a pantry shop and meal This weekend was focused on a pantry shop and meal plan creation! This meal plan to get us to our February payday. We also picked fast meals, because it's a busy two weeks between doctor's appointments,. Academic Decathalon, dance, and drama. I'm unsure we'll be able to shop on payday, hence the extras.⁠
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Total spent: $112.39 for items to get us through this and lunches.⁠
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Keep in mind, just over $112 for 12 meals isn't sustainable for our family, just in times when we need to stretch the last bits of our monthly income. I really wish $112 was enough to feed two teenaged boys in our household.⁠
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The point being... do what works for you, and your situation based on your location. Don't try to fit yourself into someone else's situation!⁠
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#mealplan #mealplanning #frugalliving #frugalmom #makingcentsmatter #savingmoney #monthlyincome #budgeting #budgetmom #groceryshop
January's real numbers:⁠ .⁠ House: $511.13⁠ January's real numbers:⁠
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House: $511.13⁠
Citi: $720⁠
D NelNet: $100⁠
K NelNet: $100⁠
K Chase: $150⁠
Explorer: $343⁠
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Extra Payment to Citi: $500⁠
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Noteworthy... our car payment had a late fee assessed because the mail was SLOWED down over Christmas. Three headaches later, and we potentially have online banking finally set up with them. It is still a headache. And we are never taking another car loan out with this bank!⁠
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How was January?⁠
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#makingcentsmatter #debt #debtfreejouney #debtfreeprogress #debtfreecommunity #realbudget #savingmoney #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance #personalfinancetips #financialfreedom
Sometimes in order to see progress, you need to ta Sometimes in order to see progress, you need to take a step back.
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I'll be honest, I didn't think that we got this far in 2020. With everything going on - and more importantly, everything NOT going on - we didn't keep up with this every month. We just threw what we could at our goal. I'm simply amazed at how far we came.
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Things are still hectic, and I'm simply mentally exhausted between remote learning, extended remote learning, offset quarantining children... it goes on and on.
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But I also cannot wait to see what strides we will make in 2021.
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#makingcentsmatter #debtfreejouney #debtfreeprogress #savingmoney #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance
This is what school looks like when it's a hybrid This is what school looks like when it's a hybrid model, and your house does not have unlimited space. I was standing in our kitchen when I took this picture, the kids behind me making lunch.
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Our district is carefully monitoring our local infection rates, and we are currently in a hybrid form. That means they divided the district into two groups; half are in school on Monday and Tuesday, the other half on Thursday and Friday. They are offering an all remote option, but Verizon for some reason supplies our house with speeds so slow that it would shock a tortoise. Remote was a no-go.
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This set-up has taken some trial and error to get to where we currently are. Because no matter how prepared you are and how much you've planned, once you're in the weeds, actually doing it, there is no telling how your best-laid plans will work.
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Our home is a 1800sqft one-story, open living area, 4 bedroom, 1 bathroom, ranch-style house in a very rural area. It has no home offices. No guest bedrooms. Yes, that is a desk in the corner of our dining room. 🤣
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Each kid gets their own color bin for their school work. This includes school-issued Chromebooks and other standard items they need to get work done - headphones, pencils, and so on. When we are done for the day, we clean up everything, place them neatly in these bins, and place them in cubbies (on my current left) at night while the Chromebooks charge.
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I do NOT bother to clean up at lunchtime. It would take us more time to clean up and reset everything than it takes us to eat lunch. So we only pack it all up for the day and call it done.
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During the day, I sit between my younger two and field any questions they may have, troubleshoot technical issues we all have, and be the overall bouncer when things get off-topic. My high schooler will occasionally emerge from his bedroom, which opens to the kitchen. So he is close by when he has questions.
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Please remember that with all things in life, you need to work with what's available to you. And there is no shame in that. Don't ever feel like you're not doing good enough because it's not picture perfect. Work with what you have available to you, and you'll do amazing things.
School is in session, the garden is slowing, and I School is in session, the garden is slowing, and I’ve finally realized I haven’t shared our payoff numbers for July or August. Yeah……
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Please keep in mind, we are paid monthly on the 15th, but we don’t go by a “monthly” budget. So I have to go back and look at these numbers based off their due dates in the calendar. Because our pay falls in the middle of the month, I can’t tell you what portion of our income went to debt. It’s going to vary paycheck to paycheck anyways because our priorities vary with each check. Nothing is ever the same month to month, and pay to pay.
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That said, inJuly we paid off $2,694.43.
In August we paid off $1,673.40.
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The difference here is that our priorities shifted between the two months.
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During August, we were doing more prep for whatever school would look like this year, and we had some savings goals make their way to the top of the list as well.
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Of those goals, in August we made progress!
EF Reimbursement: $146 / $1,200
Checking Buffer Reimbursement: $227 / $500
Vet Sinking Fund: $40 / $200
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Remember this is a journey, not a race. There is no point wearing yourself ragged and still making no progress. Make progress where you can, and celebrate it. Even if it’s $5.
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It’s progress, and that’s what matters!
While I wait for the canner to finish the last rou While I wait for the canner to finish the last round... I rearranged our recipe binder. It's only taken me 8 or so years. 🤣😶😭
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I miss the days when zucchini was my problem. Now it's tomatoes. I can only find so many ways to use up spaghetti sauce! So the next 50lbs or so will be chili base and unseasoned sauce.
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On top of this school is starting with a hybrid in building & online system. And I'm seriously slacking on some things I need to do. I'm not good at juggling multiple things and the balls are falling. But I keep reminding myself... be patient. This too shall pass. This is only a phase. So I pick and choose what's the most important, focus on that and go from there.
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So if you feel overwhelmed with your current phase, remember, this too shall pass. It's okay to rearrange priorities. It's okay to take a breather.
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This too shall pass.
If you didn't start finding interesting ways to ge If you didn't start finding interesting ways to get rid of the squash, can you say you even planted any?
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Good news, I'm almost caught up! Bad news, the garden has more.
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