Oh hello, February! We’re only four days into the month, but I can already tell it’s going to be great. Maybe that’s just my excitement for next week’s trip to New York City talking… but it probably also has something to do with this month’s budget. I’m still so inspired by last month’s numbers. I won’t be able to match them this month, but it feels good to see that my goal of living on less and saving more is finally, really, truly happening. (Thank you, shopping ban!)
Aside from spending 6 days in NYC, I’ll be hanging out at home a lot this month… and there are a few finance-related tasks I want to tackle, while I’m here. First, since it’s almost tax time, I want to get everything I need prepped and ready, so I can file as soon as I get my T4 slip from work. I also want to consolidate a couple accounts, as well as invest some of my Emergency Fund. And budget-wise, I plan to live off 52% of my income and save the other 48%. Here’s the breakdown.
Life Expenses – Goal: 52%
As I said at the beginning of last month, 52% seems to be the average amount of my regular income I need to live off of these days. My numbers are the same as usual, except that I decreased my grocery budget slightly because I’m going away for a week, and added a Gifts category for Baby Sis’ 21st birthday. *On a side note, I don’t think I can call Baby Sis and Baby Bro “babies” anymore. They are 19 and 21, after all. I’ll just say my brother and sister, from now on. :)
Travel – Goal: 0%
It feels weird to put 0% here, however, I won’t be using any of February’s income to pay for my trip to NYC next week. I booked/paid for my flight a couple months ago, and set aside a good chunk of my freelance income from last month to cover food/fun/transportation. The only sad part is that I’ll likely wipe out my Travel account… but in NYC! I think this is going to be my best trip there yet. If it were in my budget, I’d stay for a whole year.
Planned Spending – Goal: 11%
Unless I pick up some freelance work this month (which I’m not expecting to), I’m only going to put 11% of my income into my Shopping Ban + Wedding accounts. I’ll start putting money in my Travel account again, next month.
Long-Term Savings – Goal: 37%
After last month’s results, I am feeling extremely motivated to save for the “big” goals (namely retirement, but also a potential down payment or whatever I decide to use that money for) and increase my net worth. My target at the beginning of the year was to put 26% of my income into these two accounts (13% in each) every month, but I’d like to boost that to at least 32%. Some months will be easier than others; this’ll be one of the easy ones.
Goals for this month:
- Consolidate my two RRSPs into one
- Invest more of my Emergency Fund (I’ll write a post about both of these goals)
- Get all my tax stuff ready, so I can file as soon as I get my T4
- Read 2 books
- Workout 15x
What do you have planned for this month?