February 2020 Spending and Net Worth Update

Pre-tax Savings Rate: n/a

For details on savings rate calculations and budget category breakdowns, see my Guide to Net Worth Updates.

Note: My January through April 2020 updates will be odd because my new job doesn’t start until the end of April 2020, so I’m typically drawing down on savings.

This is the first month I can compare two months of tracking, and it’s a bit sad to see my money drain away, but taking 2 years off was what we saved it for in the first place. Plus this month had a lot of high bills, which isn’t typical. Anyway… on to the numbers!

Income (-22.02%)

Government income this month was CCTB only. Other income this month was some sweet cash back rewards through credit card programs ($47.15) and Rakuten ($44.00), formerly known as eBates. Rakuten is a website that gives you cash back when you shop at over 750 Canadian stores, and it’s free to join! Popular stores include Indigo.ca, Amazon.ca, eBay, Old Navy, Hudson’s Bay, Groupon, and more. I usually end up doubling my credit card cash back when I use them. If you use my Rakuten referral link to sign up you’ll earn $5 after spending $25 at one of the supported stores, and will support this blog!

Category This month Last month Difference
FULL-TIME JOB
SIDE HUSTLES 2,010.20 2,640.66 (630.46)
GOVERNMENT 1,177.42 1,313.70 (136.28)
DECLUTTERING 15.00 70.00 (55.00)
INVESTMENTS (0.42) 34.86 (35.28)
OTHER 91.15 164.24 (73.09)
TOTAL INCOME 3,293.55 4,223.46 (930.11)

Expenses (+41.95%)

A few quirky things happened in February. Two large bills were due: my 6-month property taxes and my annual life insurance policy. Also, I switched from Telus to Public Mobile, so this month had double cell phone charges; I should be getting a refund from Telus next month. Finally I had to replace a broken cell phone (with a second hand model, of course).

Health expenses were up due to both my son and myself requiring some prescriptions, as we have no insurance until I go back to work. My job wouldn’t contribute to the group medical coverage for the second year of my leave, so rather than pay $300+/month for coverage we just pay out of pocket. We’ve saved money in the long run this past year. It wasn’t much of a gamble where we (were) all relatively healthy. My son was diagnosed with a more chronic condition, but his meds will soon be covered when I’m back to work.

Category This month Last month Difference
TAXES
SHELTER (incl. insurance) 2,054.22 768.04 1,286.18
TRANSPORTATION 421.12 426.84 (5.72)
FOOD & CONSUMABLES 1,089.63 1,069.19 20.44
UTILITIES 502.29 421.79 80.50
INSURANCE (not house or car) 387.00 387.00
HOUSEHOLD 164.14 10.00 154.14
CLOTHING, SHOES, ACCESSORIES (not work related) (4.58) 4.58
HEALTH 227.28 43.60 183.68
EDUCATION 22.23 12.69 9.55
CHILDREN EXPENSES 23.92 23.92
PET EXPENSES 23.75 (23.75)
ENTERTAINMENT
GIFTS TO OTHERS
BUSINESS EXPENSES 486.54 293.02 193.52
EMPLOYMENT EXPENSES
MISC 724.23 (724.23)
TOTAL EXPENSES 5,378.36 3,788.57 1,589.79

Balance

Ate into our savings quite a bit this month, but it was expected. We’re in the last stretch of my personal leave from work and some big bills were due. This is why we maintain a healthy cash cushion!

Category This Month Last Month Difference
INCOME 3,293.35 4,223.46 (930.11)
EXPENSES 5,378.36 3,788.57 1,589.79
BALANCE (2,085.01) 434.89 (2,519.90)

Net Worth (-0.71%)

Our net worth has been pretty stable these past 2 years; this is largely because our side income helps cover expenses, and the majority of the payments against our liabilities (house and car) are going towards principal, so they’re being added to the assets column.

Category This Month Last Month Difference
ASSETS 287,341 291,199 (3,926)
Liquid (Cash, HISA) 14,518 18,444 (3,926)
Semi-Liquid (TFSA, RRSP) 968 900 68
Fixed (house, car) 271,855 271,855
LIABILITIES 94,420 96,892 (2,472)
Credit Cards (no balance carried) 1,690 (1,690)
Auto Loan @ 3.99% 8,809 9,109 (300)
Mortgage @ 2.69% 85,611 86,094 (483)
NET WORTH 192,920 194,306 (1,386)

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