February was an amazing month for my finances. I was awarded a bonus, received a pay raise, and got a small but significant tax refund.
Outside of the finance world things weren’t so amazing. I’m still struggling with my autoimmune disease and these new medications just don’t seem to be working well. The past couple of months I’ve had to get used to self-injecting on the daily. I’m not a fan. The medications are saving me a lot of money though, as the drug manufacturers are set to pay 80% of my out of pocket maximum indefinitely if I remain on them. But judging by how I feel, I doubt I’ll be sticking with it.
My net worth increased by almost $9,000 which translates to roughly 8%. I wasn’t expecting such a spectacular month.
I was almost tempted to adjust my home equity amount (upward) since a condo sold in my building and I now know the market value. But I’ll stick to my plan and only adjust it in December for a more conservative estimate.
|Cash & Checking||$2,025||$2,025||+$0|
Most of the extra cash went into savings and investments. I funded my sinking funds (referred to as savings goals), invested a little, and front loaded my HSA. The markets must have done well judging by my investment gains.
I went $38 over budget, which isn’t terrible, especially since I was under budget last month:
|(1)Bills & Utilities||$1,033||$1,033||$0|
(1) Bills & Utilities
This category is a lot higher than the $175 I usually budget for because I paid off some outstanding debts in lump sum. To me this is not the same as going over budget since these bills would have been paid eventually.
I was somehow under budget on food.
I had more medical expenses than I would have liked. Next month will probably have similarly high medical expenses. I’m hoping things calm down thereafter.
I was slightly over budget in this category. I technically could have funded a birthday gift with a sinking fund but I cash-flowed it since it wasn’t too expensive.
(5) Sinking Fund
I paid for (some) medical expenses with money I had already set aside in a sinking fund. Other medical expenses were funded by my Chase Sapphire Travel Credits.
I actually have 8 sinking funds for various long & short term savings goals, not including my emergency fund. This month I funded my slush fund with $400 which I’m hoping will now cover any budgetary overages in March – June. That means I shouldn’t be going over budget (I hope).
Another New Budget
Due to the pay raise, I’ll be changing my budget for the third time in as many months. I hope to increase my spending in the “Miscellaneous” category from $300 to ~$500 depending on how much my paycheck ends up changing. I’m trying to cash-flow medical expenses, so this raise will definitely help. My food budget will still be $300. I do estimate that my Bills & Utilities will decrease.
What happens if I am under budget in the months ahead? My plan is to save 25% in a slush fund, save 25% in another sinking fund and invest 50%.