Budget Round-Up: February 2014

Planned vs. Actual:

February Budget Round-Up

Notes:

  • I nearly made it with groceries!
  • I’ve adjusted the settings on my phone so that no picture messages can sneak through and cost me 25p. A small thing, but something I can totally avoid happening.
  • Extra income earned towards the £2,014 in 2014 challenge was £97.07
  • Miscellaneous spending (see below) includes the annual hosting fees for my blogs
  • February Saving Rate: 35%
  • I simplified our budget spread sheets and went back to a zero based budget.

Miscellaneous Spending:

Miscellaneous Spending February

February Financial Goals:

+ Save £300 towards 2014 travel – Yes!
+ Save £100 in Gift Fund – Yes!
+ Save £20 in personal care fund (dentist & optician) – Yes!
+ Save £50 in S&S ISA – Yes
+ Make a £372.61 over payment to the mortgage – Yes!
+ Stick to our grocery budget – Nearly ;)

Net Worth: £130,218.78 (£1,002.43) (Financial Freedom)

We made a slight change to our Net Worth calculation this month. We used to do a snapshot balance of all our money on the first of every month (checking + mini saving funds etc included), but we’ve taken these accounts out of the calculation. It was getting too complicated to manage.

We have/had a gift fund, a travel fund, a repairs fund* + we lent my daughter a small amount towards a car purchase. It was all far too messy to keep track of, so we’ve taken all the accounts out of our NW. From now on we’re only tracking money towards M’s early retirement.

*We’re in the process of reducing the amount of small savings accounts we have, but that’s another post!

Ok! I think that’s it for February! I hope February was kind to you!

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Comments

  1. moneystepper says

    Pretty good month and I think you win the award for keeping the most accurate estimated budget! Good work!! :)

  2. simplesuffolksmallholder says

    Hope you dont mind me asking but how does your blog cost you so much money?

  3. Sara@A Frugal Wife says

    Your planned v actual shows just how much you’re on top of your budgeting and spending, and a good month with all your goals reached [...it's only £1.53 :)]! Nice to hear the £2014 in 2014 fund got a decent feed too :) Sx

  4. Fiona says

    You are a continuous inspiration, Laura! I’m trying to ‘set’ our expenses like you do so most categories are fixed, while we hone in on the variables.

    I still don’t fully understand all the terms in your Net Worth report, it’s very different to here. Are the ‘final salary schemes’ paid by employers, or government?

    • nomorespending says

      Paid by employers, but they’re being phased out. Mine is deferred because I left in 2009, and my husbands is frozen because they cancelled the scheme and started a new one. I found this link hope it help to explain more than I can :)
      http://news.bbc.co.uk/1/hi/business/3197909.stm

      The new pension we can track – you can see it in the breakdown. His company are paying in 15% at the moment, so it’s building up quite fast, but obviously who knows what will happen with M’s job over the next 10 years, and how long he’ll be paying into it.

      • Fiona says

        Thanks for the link – oh, what a fantastic system! (for those to whom it still applies.)

        That sort of arrangement is exceptionally rare here in Australia. It applies to just a few government employees. I do know one person who retired on half-salary “for life” and it’s amazing. He is enjoying a very happy retirement with a good standard of living, travel etc!

  5. anexactinglife says

    How long before the best-case early retirement date?

    Well done on the grocery bill!

    I do think that resetting to zero-based occasionally is a good idea; otherwise our previous spending is the reference point – not always a good thing!

    • nomorespending says

      Hi Dar
      On current income, providing everything stays the same (which it probably won’t! ;)). M hope to leave FT work in 2023. Of course there are a hundred things that could happen in that time and it all depends on Portugal, so we’ll see.

      It’s slightly worrying that I can only hit our grocery goal in a short month – but I suppose if we didn’t manage it, it would be lots higher!