It's many weeks late but here's a quick update about the family finances. Miraculously, we had a really good month. We ended up with a pretty positive savings figure, and I've also started setting aside a separate savings initiative for Nat which I put under the 'Personal' category instead of 'Future Planning', so the amount we saved was even more.
Our 'Child Expenses' were significantly lower since we didn't have to buy any diapers or milk powder; we had enough stocked up for the entire month. 'Eating Out' increased but was still manageable, 'Groceries' went up considerably because the wife and I have started getting more as she approaches the third trimester of her pregnancy, and housing remained the same as usual.
Where we surprisingly reduced the majority of our spending was in 'Miscellaneous Spending' which has been the most troublesome category month after month. Although it was still higher than budgeted, it was many times better than any of the previous months.
'Personal spending' went up but hidden in there is an allocation for Nat's saving, transportation remains low with me taking the train everyday and utilities are also relatively low indicating that we're controlling out handphone and electricity usage well.
This resulted in an over 10% saving which is the highest since we started tracking our spending like this. This is great because we need to prioritise saving for the next baby, which have some pretty heavy expenses coming along such as the delivery fees.
I'm extremely worried for February though because I believe that our spending will spiral completely out of control. There are so many things going on and we've also allocated a very large sum to give out during Chinese New Year, mainly for our parents and grandparents.
Next month's update is going to be rather interesting. Or more likely, torturously painful and prone to give me a heart attack. I'm going to look forward to March and to forgetting February as soon as I can!
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