
Our monthly budget update does not change much.
It is primarily fixed expenses, like rent, phone bills and car insurance, which remain the same month after month. Even the amount budgeted to our miscellaneous line (more on that here) stays the same most months.
So instead of giving a line-by-line breakdown for our monthly budget update, I do something a little different. Each month, I share five highlights from our budget, along with three goals for the month to come.
Here is the update for February 2019.
Monthly Budget Update: February 2019
In February, we…
- Paid $1,664.00 toward the student loan
Initially, I thought we put $1,640 toward the loan – but when we checked it online, I noticed an extra $24.00 payment.
Turns out I accidentally put the money we used to buy a pizza the other night onto the student loan account. Oops!
This total includes $1,224 in extra payments and the $450 minimum payment.
Student loan balance: $42,935.71.
- Contributed $410.00 to the RRSP
We made extra contributions this month due to the tax deadline. Yes, we still contribute to our RRSP while paying off debt. The economy is just too uncertain for me to feel comfortable not planing for the future. Once we are debt-free, we’ll increase our contributions.
- Saved a whopping $64.75
Money that would usually go to savings went to the RRSP this month. Yes, we also save while paying off debt. We keep a $5K emergency fund (more on why here) and we do make a point to save a bit when we can. There were discussions this month about potentially saving for a vacation in the summer, so that’s fun!
- Jeff started a new job!
Not going to get into details here because it’s not my story to tell, but this is exciting! The new jobs means more job security, which is a big plus. It also means we’ll be on the same pay schedule for the first time in a couple years.
- We got our taxes 99.99 per cent read to be filed
Waiting on one form – RRSP contributions from the first 60 days – and then we’re ready to submit! We’re getting a pretty good refund this year, so I’m looking forward to that. Still working on your taxes? Check out this post for my tips to make the process simple instead of stressful!
March 2019 Goals
Looking ahead, in March we will…
- Adjust our budget
Jeff’s new job means a new pay schedule, which means our budget will need to be tweaked. I think the most challenging part of this will be adjusting our habits to account for the fact that we have all our money coming in at the same time instead of every week.
- File our taxes!
I’m pumped for this! Not just because we’re getting a refund, but because I’m using a new-to-me program that I have been really loving. I can’t be the only person who gets excited about things like this, right?
- Save money
We have been discussing a couple potential ideas for vacation – nothing set in stone yet, but we do want to start stashing some money away. After focusing so much on our RRSP over the last few weeks, it will be nice to go back to saving.
Your turn! How did February turn out for you? What are your goals for March?
Photo by Shopify Partners from Burst
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