My second proper budget check in (having been blogging for 14 months. Small victories). And a lovely short month to focus on, after January which seemed to last 3100 days instead of 31. However, it did contain the February half term holiday; and an even-more-enormous-than-usual heating bill after I did the meter readings and it turned out we used a whole heap more than anticipated in 2020. This was also the month that we had to pull the house deposit together. But here we are: a check in of spending and saving for this month.
I carried on the habit of tallying up the budget weekly, which I found really helpful. What I also noticed was that I do well throughout the month then have a sudden splurgy freakout in the last week and get takeaways etc and generally let loose. I had never really understood that I did this, and it’s so helpful to identify habits like this and be able to work on them.
So, how did we do?
- I spent £6,164, or 133% of my monthly budget. This clearly sucks. There were three issues this month: £700 on winter tyres (I didn’t need them last year, but with temperatures of -9 and weeks of snow and slush, this year I really did). We also went on holiday for the February break, which cost £978, sharing a holiday home with another family just a 90 minute drive away. This felt expensive but it was totally worth it to spend time with others, somewhere with a heated pool and a hot tub. Money well spent having not spent a night away from home since June. Finally, we had a monster heating bill of £1,000 which will be the same every quarter this year. Blimey. We got all the old jumpers, socks and blankets out the day I got that bill, so fingers crossed that we won’t have another such bill next year.
- There were some smaller over-spends against the monthly budget but these should work their way through. I spent £100 on a birthday gift for a colleague where others will pay me back; and another £100 on a series of exercise classes prescribed by the doctor, where my health insurance should cover the cost. Starting that exercise class is hopefully a step on the road to a healthier me, but oh my gosh it’s total hell.
- But there were also lots of areas where I was well under the budget, and I spent 104% of the grocery budget which is the closest I have come to sticking to this one and which I am proud of! So, some gains in spite of the overall overspend.
|Item||Monthly Budget||Spent Feb||% of monthly budget|
|Childcare costs||£ 1,100.00||£ 730.00||66|
|Car (insurance, tax, petrol)||£ 125.00||£ 731.82||584|
|Charity||£ 66.67||£ 25.83||39|
|Eating out||£ 120.00||£ 92.71||77|
|Entertainment – subscription||£ 50.00||£ 37.24||74|
|Entertainment||£ 100.00||£ 16.02||16|
|Kids – extra curricular||£ 250.00||£ –||0|
|Family||£ 50.00||£ –||0|
|Groceries||£ 400.00||£ 417.87||104|
|Holidays||£ 300.00||£ 978.41||326|
|Insurance||£ 200.00||£ –||0|
|Personal care||£ 30.00||£ 73.45||245|
|Shopping – general||£ 25.00||£ 134.12||536|
|Shopping – gifts incl birthdays||£ 58.33||£ 86.00||147|
|Shopping – clothes||£ 29.17||£ –||0|
|Rent and Bills||£ 1,500.00||£ 1,500.00||100|
|Transport||£ 41.67||£ 101.16||243|
|Utilities||£ 200.00||£ 1,240.24||620|
|TOTALS||£ 4,645.83||£ 6,164.87||133%|
|Monthly Budget||February||% of plan|
|Mortgage Capital||£ 865||£ 865||100|
|Mortgage Overpayment (actually deposit this month)||£ 1,250||£ 1000||80|
|Emergency Fund||£ 100||£ 100||100|
|ISA||£ 1,250||£ 500||40|
|Kids savings||£ 248||£ 248||100|
|SIPP||£ 300||£ 300||100|
|£ 3,148.00||£ 3,013.00||87|
Whilst the savings rate doesn’t look as good, I didn’t count up everything extra that I paid to my deposit for our house in Denmark, which all had to be in the account by the end of this month and which is in place! That’s £90,000 as a down payment ready in the bank, waiting for a big decision next month. I struggled to get the last little bit in place, so even though it looks as though I saved less than planned I am pretty confident that any additional money trickled into the deposit account and will count as capital at some point!
Overall I saved 34% of my income, and spent 66% which is a little worse than planned.
Hopefully this is because of money spent – such as on the car – where it will balance out over the course of the year. And I am proud of some of the areas where I have been able to really control my spending and starting to see changes, such as grocery spending.
How was your February? I’d love to hear how its going!