AND FOUR POTENTIAL EXPENSES TO INCLUDE IN YOUR FEBRUARY BUDGET
The month of January seemed to fly by for us, with the exception of the last week. But today starts a new month and hopefully, you already have your budget ready. If not there’s still time. It’s also time for No-Spend February, so that should make putting the monthly budget together with a little simpler.
Even if you’re not participating in the annual challenge, it might still be helpful to check out the below list of potential expenses for this month.
POTENTIAL EXPENSES TO INCLUDE IN YOUR FEBRUARY BUDGET:
- Valentine’s Day – Whether you plan to take your honey out for a night on the town or enjoy a special meal together at home, make sure your plans fit in your budget. Also don’t forget all the class parties the kiddos have; just because mom and dad aren’t invited doesn’t mean there aren’t card exchanges and snacks to provide.
- Summer Sports Fees – If you or the kiddos plan to participate in summer sports, signups are happening now. Make sure to check the registration window, when/if a late registration fee applies, and other expenses involved before registering. Practice starts in March in our area, which means gear needs to be purchased soon.
- Spring Break Activities – School is out for an entire week next month and if you’re not prepared, entertaining the family could get expensive. Set money aside in the budget this month if you plan to do something special. A getaway may sound great right now, but if you haven’t set the money aside in advance you may want to choose something that won’t incur debt.
- Tax Prep – It’s officially tax season again! Plan to file as soon as you have all the required documents. Most tax preparers charge based on the number of documents or how complicated your return is, so it is possible to get a rough estimate before your appointment. If you plan to file your own taxes and want to purchase software in order to do so, make sure to budget for that. Our taxes are fairly simple now, so I just file online free.
NO-SPEND FEBRUARY 2022 GUIDELINES
This year marks the third year a Life on a Dime has done a spending challenge for the month of February. Last year we lightened the guidelines up a little, and it worked out well for our savings goal. This year I plan to do the same.
Check out last year’s guidelines for a more detailed list, but for this year my personal household guidelines are below.
NO:
- Extra trips to the store
- Fast food runs for “special drinks” with the kids
- Clothing for mom or dad
- Alcohol
- Eating out Monday – Friday
EXCEPTIONS:
- Dine out/Takeout twice during the month on the weekend
- Pants for our little man, who just hit a growth spurt (will try resale first)
- Valentine’s Day traditions (they’re pretty inexpensive, and we’ve never skipped)
THIS MONTH’S GOALS
This year our goals are pretty simple; the plan is to increase our monthly savings by at least $150 and utilize all these gift cards and the Amazeum membership we were gifted for Christmas for free entertainment.