Received $25 bank interest for the month of February.
Snowflakes to Investments:
--Redeemed $37 credit card rewards (cash back) from our grocery card
--Redeemed $85 cash back on Citi card
--Redeemed $6 on dining out card
Other Snowflakes to Investments:
+ $4 Savings from Target Red Card (grocery purchases)
TOTAL: $132 Snowflakes to Investments
Snowball to Savings:
+$600 MH Income
Savings (from my paycheck):
+$850 to cash (mid-term savings)
Pulled from mid-term savings:
-$5,719 College Expenses
- $500 More College Expenses
- $600 Mattress (used MH's income towards a new mattress)
Short-Term Savings (for non-monthly expenses within the year):
+$1,500 to cash
+$ 175 Insurance Rebate**
-$1,380 Various Insurance
-$ 260 Dentist
-$ 266 Annual DMV Registration (Hybrid)
-$ 80 Miscellaneous
TOTAL: -$4,723 Net Withdrawn from Cash and Investments
Hybrid Miles Driven February: 704
Fuel Costs: $20 Electricity
Note: I'd estimate my commute at 800 miles per month. Short month and a couple of days off.
Electric (EV) Miles Driven February: 486
Fuel Costs: $14
Note: I don't recall any free charging this month.
We also didn't have an opportunity yet to test out the bigger battery on a longer drive.
All charging (both cars) was done at home or at free chargers.
Note: I haven't noticed any gas price changes in months. Whenever it comes up online, I look at Gas Buddy. I think as with many things, prices are already high here and so are slow to change. I share because in the last day our gas prices went up 50-cents per gallon! At the super cheapie gas stations we frequent(ed). Last night I thought it was a typo or maybe premium gas, but the other gas station shot up 40-cents today. So it's official, our gas prices are getting crazy now.
Of course, I don't want to pay even $4/gallon (much less $5/gallon) for my commute, which is why we bought the hybrid in the first place.
**Insurance rebate was for disability & life insurance through professional association. The annual rebate was much lower than usual. I presumed that is due to the pandemic. I later got an email confirming this. More life insurance claims last year.
Note: I am always lagging a month behind because any bills charged in January will be paid off February 1 and reflected in my February numbers. I charge in one month and the next month I figure out how to pay for everything (if I need to pull anything from savings). So this update reflects January spending & February savings.
This is mostly how it goes but I have two exceptions for this month:
1 - DMV. Ugh! After many many years of accepting credit card payments with no charge, they switched to charging a fee for payments. This was before the pandemic? Keep hoping they switch back and surprised they have not yet. This bill is not due for a couple of months but I don't want to keep track of it, I just want to get it paid. So I had to move money for this cash expense. Paid in February. Couldn't just charge it and pay it off next month.
2 - College Expenses. Have to pay cash. Again, could have paid later but I prefer to pay a couple of weeks early and to just pay the quarter in full (versus dealing with more frequent payments).
College Expenses: Paid for final quarter of freshman year. This is roughly $730 tuition (will be completely offset by college tax credit) + $3K rent + $2K food.
After that was done, MM(18) pinned me down to pay a $500 deposit for housing sophomore year. I knew that was due soon, but thought I might have a couple of weeks of breather. This is the only deposit I have to pay for next year? Nothing else should be due until September.
College Big Picture:
A - I have money set aside to cover rent next year.
B - Gifted funds are set aside for tuition, if needed. Worst case sticker price is $20K for remainder of 4-year degree (tuition/fees). MM(18) has $27K gifted funds.
C - We do also have $20K set aside to cover rent for last two years. & we are still working towards saving college money for the next 16 months (basically spending sophomore year saving up for MM's junior year). This is just in a "prepare for the worst" vein and our final contribution before we shift focus to DL(16)'s college expenses.
D - Waiting for scholarships & MM's summer job to sort out for more financial clarity.
Another Note: MH had a lot of time off work this month (just slow at work, plus some seasonal time off).
I did throw MH's one paycheck towards the mattress; his March paychecks will pay for (most of) the rest of the mattress. That and my raise should do it. (I've already paid off the credit card, so technically just paying ourselves back in March).
February ended up being a really good month and will be reflected by mega savings numbers in March. Even with the purchase of a new mattress, March should go way the other way with more savings than spending. It was nice to enjoy some rare breathing room we put in our budget this year, so it felt a little splurge-y while also being able to keep aggressive savings goals. I am sure the short month helped, and also just nothing really came up (by some miracle!?).