February 2013 Budget & Goals

February 2013 Budget & Goals

Today is the first day I have felt really, really excited about how soon I’ll be debt-free. By April 1st, I’ll only have $4,000 of debt and, depending on my tax return, could be down to $2,000 or less! Ahhhhhhhhhhh! Ok, ok, time to calm down and talk about some other numbers.

Because $4,000 is my total debt goal for April 1st, I’ve taken the $1,650 I will need to pay to make that happen, divided it by two (for February and March), and that’s why I’ll be putting $825 towards debt repayment this month. Sounds simple enough, right?

As for my savings, this month I’m doing things a little differently: I’m going to put everything I can into my Future Apartment account. This is something I want to take very seriously, for the next month or two, and I’ll explain more about why (other than the obvious) later this month.

My goals for this month are going to look a little different than usual, as well. First, I’m going to attempt another No Spend February; this means no shopping, other than for food, toiletries, etc. But that doesn’t mean I’m erasing my Entertainment budget. I want to explore Toronto a bit more, this month. And then I’m going to continue reading like crazy.

Goals for this month:

  • Attempt a No Spend February (Essentials only!)
  • Explore Toronto (Walk around, eat a couple meals out, finally go to ROM, etc.)
  • Track my weekly spending
  • Workout at home 3x per week (Because this is a priority for me, this month!)
  • Read 3 books

What do you have planned for this month?

  • Hi Cait!

    Well, I worked a fair bit of overtime in January (I usually do) but this month I banked it for extra vacation (ie. no extra money) and looking at my budget I’m finding it a bit tight without that extra OT money I’ve gotten used to! I’m also going to attempt an essentials only “Frugal February” … a continuation of what I have been doing since the New Year. I’ve decided to “use up” all the STUFF I have before buying more! This means clothes, even socks/underwear and work-out gear, as well as food, journals, shoes, you name it! I can guarantee I don’t NEED anything and I won’t for awhile, so I’m trying to stay out of the stores and avoid shopping for anything other than groceries. Sorry for rambling!

    Your budget looks great and congrats on being down to $4000 left to pay! I will be using my tax return to beef up my emergency fund (I’m also temporarily taking some money out of there to contribute to my RRSP to beef that up and also beef up my tax return at the same time… win-win and I hope to return the money to savings in less than a month as I intend to be one of the first to e-file!).

    Have a good weekend!

    • Frugal February – now why didn’t I think of that? ;)

      And you didn’t ramble at all. I love that you shared all of the things you’re trying to use up, before buying new stuff. I hope some readers take a look at your comment!

      I also hope to be one of the first people to e-file. I can’t wait to get it all over and done with!

    • I recommend the Nike Training Club app too – there are enough workouts that you won’t have to do the same one twice for the month! The workouts are challenging and you can modify each move.

      Very excited for you that you’re almost, almost, almost debt-free!

  • That’s exciting that you’re so close to your debt-free goal – it’s always motivating to read about others who are so close to seeing the light at the end of the tunnel. Good luck with your February goals!

  • I think it’s awesome that you want to explore more of Toronto in February. I think so many people get caught up in the idea of traveling and seeing the world that they forget the great things to do and see in their own cities they live in.

    • Well, it doesn’t help that it’s really cold outside, haha. I walked around quite a bit in September/October but have been holed up ever since. Time to hit the streets again!

  • Started reading your blog a few months ago but accident. I love it. I love the fact that your so honest about money. I don’t have a blog, but I love talking about money and I am trying to get on track and get ride of my debt.
    This month, I’m going to try and pay off more debt, tackle my social work courses (second degree) and enjoy time with wife and son.

    And exercise. This is huge for me.

  • My plans for this month involve refining our retirement budget and investment strategy. With investment dividend income, CPP / OAS income, plus our company pension income, our monthly living expenses appear to be covered, with some savings left over to throw into our emergency account. That leaves the major bulk of our RSP and non-registered investments free to continue (hopefully) growing in value. Of course we do plan some additional spending (trips, purchases, etc.) this summer (when it’s a tad warmer) !!!

    One observation on your Feb. budget (yes, I do look it over – lol) – $115 for public transportation? Usually you budget $26. I know, I know – I’m being nosey !!! :-)

    • It’s wonderful that you are able to leave your RSP untouched for now! I don’t think I’ve ever asked but is your wife retired also? Summer traveling sure sounds nice, right about now…

      I budgeted $115 for public transportation last month, as well! And came in just under. :)

      • Yes, my wife took early retirement a number of years ago when her ailing mom (who will be 93 this month) sold her house and came to live with us. Fortunately we are not of the “sandwich generation” as our grownup kids have not had to also move back in with us (since each of them now has a successful management career, earning more $$$ each year than I ever did – lol).

  • Congratulations on being so close to becoming debt-free. Just curious: is any of your debt in student loans? I know you graduated somewhat recently and am wondering if you had to go into debt for that?

    • It’s not. I did borrow $4,500 for school in June 2011 but I paid that off before any of my other debts. Most of what is leftover is my car loan.

      • Thanks for your reply! I love your blog, by the way. It’s my favorite personal finance blog, and I read quite a few every day.

  • Goals for February – Only two big ones
    1) Fill out scholarship applications in the hope that someone else will pay for my masters (not that I can’t afford it, but if someone else will pay, why not.)
    2) Follow up on becoming a Respite Foster Parent : )

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