My Finances in February

This Month in Finance

Ouch. This month was one of my roughest. From vacations to taxes, I got hit from all angles. It happens though, life loves to give you a swift kick to your butt every once in a while, and I got it this month. The last three months have been less than ideal. My $700 a month savings goal has been whacked. My brokerage money is down, my emergency fund took a hit. Let’s get into the costs this month.

Easily one of the highest spending months since I have been tracking it. Entertainment was high, groceries were high, taxes, plus insurance guaranteed this to be a bad month. Prepaid for a vacation and went on another.

Category	Amount
Housing	$      1,008.93
Gas	$          159.35
Groceries	$          432.16
Entertainment	$          976.58
taxes	$      1,907.00
Car insurance	$      1,021.00
other	$            89.75
Tolls	$            50.00
Total	$      5,644.77

My income wasn’t the highest it has been to counteract the random expenses.

Category	Amount
Work	$      2,269.41
Other	$                   -
Venmo	$          241.03
Total	$      2,510.44

Income	Expenses	Profit
$      2,510.44	$      5,644.77	$    (3,134.33)

This led to over $3,000 being in the red. My worst month by far.

How could I have done better?

My entertainment spending was just under $1000 which is way too high.

I didn’t have to pay my taxes right when I paid them. I just didn’t want that debt to be hanging above me for that long. There is also a downturn in the market which is affecting my money in other areas.

My income was just so low for that month. After HSA contributions, insurances, and 401(k) contributions I am not left with very much money to work with. I need to be smarter with my money. Double down in other areas to try and drum up some income for a while as I struggle through rebuilding my emergency fund back to size. This is the first month in years where I had to dig up money from a savings account. For the last eight months I have been able to stay afloat even with my smaller income to save over 25% of my income, which has been huge for every account. I am still debt free, and I am blessed that I was able to have an emergency fund, so I didn’t have to do debt.  

It was a difficult month, but I am through it. Working my way back in March as my spending has slowed down.