November 2012 Cash Flow
Its been 2 years since I last showed a snapshot of our monthly cash flow. I've realized some things have changed with our growing family and over the past couple years I've put a focus on improving our cash flow (primarily through restructuring and reducing debt).
Well the more things change, it seems the more they stay the same. Despite all our changes this in general looks very similar to our Nov 2010 cash flow report in terms of total income and expenses.
Here are some highlights:
- The biggest single change in our expenses is the increase in our Children's education and activities. Up until now I would have said time was our biggest single child expense. Now, we are now investing $205/mo in 529 college savings plans. Our 3yr old is also now in preschool which costs $220/mo. My wife and I have agreed we think we should have our children do 1 extracurricular activity at a time and currently our daughter is in a pre-ballet class @ $50/mo. There were some additional dance/preschool fees this month as well. These expenses are larger than I anticipated before having children. In addition they are also the worst kind of expenses -- subscriptions on a monthly basis for at least the next several years. When our second daughter gets older these expenses will likely continue to grow.
- Income -- my income is up over the past 2 years due to cost of living adjustments and I earned a health rebate this month as well. My wife is no longer has any earned income, but is very busy keeping our household running and taking care of our baby.
- Utilities are pretty consistent and include 2 cell phones, electric, natural gas, and Internet. We've done a lot of work to improve the energy efficiency of our home, but believe that work has been largely offset by the new data plan on my smart phone.
- Gifts are higher than average due to Christmas shopping and some family/friend's birthdays.
- Most of our other work to improve cash flow is not visible in this report. The majority of changes were with rental refinancing and the cash flow from our investments is not included in this report. We just refinanced our primary residence and expect to see a ~$290/mo change in our home mortgage payment in January.
Related in Cash Flow:
August 2014 Cash Flow (Sep 05, 2014) Well its been nearly 2 years since I sat down and did a scrub of our monthly cash flow. I use to do this regularly w/ MS Money, but now I find it painful to do. Its a lot more...
Reducing Financial Impacts of a Job Loss (Jan 26, 2012) My wife was recently notified that the preschool she teaches at for a few hours a week is shutting down. It got us thinking about a more difficult scenario for us - the loss of my job. Given its by...
November 2010 Monthly Cash Flow (Dec 30, 2010) Im posting our monthly cash flow analysis given how tight things are these days with our downshifting to a single income and starting a family. I believe we need to continue to pay closer attention to our cash flow while...