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February Wrap-Up

February 29th, 2016 at 02:34 am

52 Week Challenge Opening Balance: $2,496.36
- EF savings $71.02
52 Week Challenge Closing Balance: $2,567.38

The EF savings hit the account over the weekend so have added it to my challenge - really the only addition I expect over the next few weeks as I made all the savings payments in one hit.

For February I was able to save 21.17% of my pay and will also add $135.00 to the Holiday Fund. It was a quiet month, and my highest variable expenses were reupholstering the car ceiling for $250 and I spent $159 on clothes. I will be spending a bit on clothes over the next few months as from November-January I pretty much bought the bare minimum and things need to be replaced.

As it is the end of the month I have updated the EF breakdown. Our mini EF balance is still larger than our maxi EF, maybe in the next month I might buy some more shares to even out the balance. I don't want the cash portion to dip below $2000-$2500 though.

I have renamed the Thailand savings as the Holiday Fund as we are now going to Thailand next year. I am itching to book a holiday but at the moment there are a few factors that are making me hold off. I did say to B that no matter what I want something booked by the middle of March.

Work will be really busy up to middle of May and will well and truly die off by June-July. I barely took any leave last year because we were saving for B's party so I have lots of leave accrued now and within a couple of months will really need a break of some sort. Will be looking at doing something between June and August, depending on various factors.

The shares haven't really dropped too much in value since I bought them, so that's good - only about $60. I think the account (all balances combined) is possibly the biggest it's ever been! Ok, that's kinda sad. I'm going to have to get used to the balances increasing. Did anybody else have this problem when their savings were increasing?

I guess in perspective, there is a bit over 1.5 months of my pay there now, so even though the dollar value is increasing, in actual fact there's not "heaps" there. And if you combined both our pays, then there is 1 month's there. Really not heaps.

Another thing too, when you think of how many months salary you want to have in an EF, do you use your current salary as a guide or bare minimum monthly amount required? I would rather use bare minimum monthly amount required because if you were in a financial bind you should cut all expenses to the bare minimum, I believe. (I worked out my bare minimum to be between $2200 and $2500 per month)

Ps. credit card debt is now below $2000 - it is $1826, so that is progressing well.

4 Responses to “February Wrap-Up”

  1. creditcardfree Says:

    Less debt, more savings! You are doing super!!

  2. MonkeyMama Says:

    At this point I would think of it in terms of minimum monthly amount. But as the balance grows, I think it's better to err on the higher side for emergency. Some emergencies can be very expensive. I know we were spending more than usual when it has come to medical emergencies. But I also know it gave me more peace of mind to think about how far the money could really stretch, in the early stages.

  3. MonkeyMama Says:

    P.S. I haven't entirely decided where we will leave our emergency fund at. Every time we get to where we want to be, we want to increase the goal a bit. I have some job uncertainty and so we may just keep building that up for a while.

  4. VS_ozgirl Says:

    Thanks for the support CCF!

    MonkeyMama I think at this point 6 months low pay is reasonable but really you should save as much as you possibly can for as long as you can I guess because who knows what the future can bring. Maybe I'll just make the dollar amount six months low pay. Thanks for your input.

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