Our Family Budget

February 2023 Monthly Budget Update

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Estimated reading time: 9 minutes

Welcome to my February 2023 Monthly Budget Update, where I share with you our family finances.

Discussions: February 2023 Monthly Budget

Today, I will discuss many things that happened in February with our budget and investments.

  • Grocery Discount Savings Jar update for February
  • A yearly phone call to Rogers as our promotions had ended.
  • Why do we purchase reduced clothing online for the summer and next winter?
  • My last-minute RRSP dump.
  • Prescription out-of-pocket costs
  • Healthcare costs increase
  • Buying windows for the entire home
  • Purchasing a home in the UK
  • Net Worth Update 2023
  • NEW Minimalist Monthly Budget – Canadian Budget Binder Printable

Minimalist Monthly Budget Printable

I’ve also got a new free printable budget for anyone wanting to check it out. I’m a printable nerd, so I always create new downloads for everyone.

Be on the lookout for many more to be posted on the Free Finance Printables Page, or subscribe to Canadian Budget Binder, as I’ll include the info in my monthly newsletter.

February 2023 Budget Update For A Family of Three
February 2023 Monthly Budget Update For A Family of Three

Percentages For February 2023 Monthly Budget

February 2023 Household Percentages
February 2023 Household Percentages

Our savings include investments and any monthly savings based on our net income.

Equally important is saving money for our projected expenses due throughout the year.

All categories took 100% of our income, showing that we accounted for all the revenue in February 2023.

Our Life Ratio category is far more than the projected 25% or less, at 32.32%.

We are close to or go over most months as this is our worst budget category.

Life contains everything from groceries, entertainment, miscellaneous, health/beauty, clothing, etc.

Now I’m wondering if the suggested 25% or less is still reasonable given the rise in inflation.

I’d love your feedback about household percentages in the comments below.

Year To Date Household Budget Percentages 2023

February 2023 Month by Month budget percentages
February 2023 Month by Month budget percentages

Canadian Banks We Use

Grocery Discounts 2023

Soon, I will be writing a detailed blog post about why we will track our grocery discounts.

Update: Tracking Our Grocery Discounts For One Year + Free Printable

I will tally it at the end of the year to see how much we saved buying reduced food products.

For February 2023, we saved $63.79 by purchasing food that was reduced in price.

So far, in 2023, purchasing discounted food has saved us $103.21.

Ontario Grocery Food Savings Jar February 2023 For A Family of Three
Grocery Food Savings Jar February 2023 For A Family of Three

February 2023 Monthly Budget and Actual Budget

Below are two tables: Our February 2023 Monthly Budget and Actual Budget.

Our February 2023 monthly budget represents two adults and an 8-year-old boy.

Budget Colour Key: It is a projected expense when highlighted in blue.   

Since May 2014, we’ve been mortgage-free, redirecting our money into investments and renovations.

Spending less than we earn and budgeting has been the easiest way to pay off our debt and save money.

Estimated February 2023 Monthly Budget

February 2023 Monthly Budgeted Amounts

This type of budget is a zero-based budget where all the money has a home.

Actual February 2023 Monthly Budget

February 2023 Monthly Actual Amounts
February 2023 Monthly Actual Amounts

Budget Happenings In February

Getting a budget sorted in the new year generally takes us all of January and February.

It seems like everything comes due to increases in price or changes to something different.

I made the dreaded yearly call to Rogers as we had noticed our bill had jumped significantly.

Then end of our internet promotion was coming to an end, and it was time to negotiate.

Honesty, there isn’t much in negotiating prices unless you know something I don’t.

We needed to change our modem, which they sent via Purolator, and we returned our old model.

Our latest Ignite WiFi Gateway modems feature WiFi 6 and now WiFi 6E in growing areas for the most powerful generation of WiFi technology. WiFi pods can also be added if determined needed.

Each year they tell me this is what we have available for promos, take it or leave it.

Some of you told me to cancel and that they would call back with a deal, but I’m not interested in taking it that far.

I think if the price went over the top, then yes, I would move to another company.

I’m unsure if you noticed this, but they have a 30-day guarantee at Rogers.

30-Day Satisfaction Guarantee

Choose Rogers with confidence thanks to our 30-Day Satisfaction Guarantee. Enjoy your new service or get a refund on your setup and monthly fees, if you cancel within the first 30 days

Rogers

Rogers Bill Breakdown

Our monthly Telecommunications budget category consists of four payments.

  • Rogers Ignite Unlimited Wifi – $135.46 for the phone, and wifi was $116.89 = +18.57
  • Mobile Phone Mrs. CBB no change 2023
  • Spotify $11.29 no change 2023
  • Freedom Mobile $21.47 no change 2023

Monthly Total: $168.22

Online End Of Season Clothing Purchases

We shop for end-of-season sales at SportChek and DSW shoes every year, with Rakuten cash-back awards.

Our clothing purchases were minimal in February, apart from 2 pairs of Nike Summer Soccer pants for our son, $10 instead of $44, an Addidas Sweatshirt, and leggings for Mrs. CBB.

She also purchased new North Face winter boots for next season, which were on sale.

I chucked her old pair in the bin as the soles were cut open, and water leaked.

She swears by these boots and says they are comfy and will last her many years.

We never shop for new arrivals for anything online, only the sale or reduced items.

Investment Dump

My last-minute RRSP dump was not something I suggested anyone do.

As I mentioned to blog subscribers in my latest newsletter, my advisor had to scramble to get it in on time.

The CRA has come after me six months in advance for my income tax return into the thousands of dollars.

Thankfully, I’ll likely see all that money back, but because I didn’t contribute to my RRSP last year, they wanted to make sure they got their money cut.

Surprise!

I’m caught up with my investments, including increasing our TFSAs to $6500 each.

Once I submit our returns for this year, I’ll know if I have any room to contribute and dump another load in.

Prescription Costs

You may have read that our son has Autism and is on medications; however, we haven’t been successful.

Our son can communicate with us now to tell us when they wear off and how he feels.

Each time we have a med increase, it costs us around $27 after my benefits cover 85%, which makes them pricey.

Sadly, we are stuck with meds that we paid for and can’t use, so we bring them back to Shoppers Drug Mart.

All three of us take medications for one reason or another, so the costs have increased for 2023.

Hopefully, when we sort our son out, we will see the costs plateau for the remainder of the year.

Healthcare Costs

Most of these costs fall back on our son to help him with his sensory processing disorder.

He visits weekly to see an occupational therapist, and we pay what my benefits don’t cover.

Also, Mrs. CBB has been going to physio since the end of last year after a fall on city property.

This budget category includes any dentist fees, vision care, or other costs associated with workplace benefits besides prescriptions.

New Windows

Buying windows for the entire home is on the plate for 2023, and we’ve had many companies around for quotes.

We estimate $45,000 or a bit more in the ballpark, including our sunroom.

New Home Purchase UK

Purchasing a home in the UK is off the plate as we can’t afford to do so because they want a massive downpayment.

We would have to drain our savings accounts and get an equity home line of credit, and we aren’t willing to do that.

I plan to write a blog post about this as many of you responded to the recent newsletter wanting more information about UK home buying.

Trust me, it’s outrageous. I’ll do a price and home comparison in the blog post to give you an idea of how fortunate we are in Canada.

My sister and brother-in-law are searching for a rental they can afford.

It worries me, and I hope things work out for them. I feel terrible that I can’t help them but I know I can do nothing. I tried.

2023 CBB Net Worth Update

Monthly I will share the difference and percent change in our investment portfolio.

Since our house is paid in full and we have zero debt, I didn’t think it was necessary to share our net worth any longer.

However, for those of you interested in seeing our investment fluctuations, I will share them.

If you want to know more about our investments, reply to this email to let me know what you’d like to see next month.

As always, going up is better than going down! +0.97%

Net Worth February 2023 Canadian Budget Binder
Net Worth February 2023

That’s all for our February 2023 Monthly Budget update, although I may change things as I go along.

If there’s something you’d like to see in our monthly update, hit reply to this email and let me know.

Thanks for stopping by, and please subscribe if you are new to CBB.

Mr. CBB

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