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.
Looking to set up your budget for a different month?
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!
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!
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.
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.
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.
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!