Every quarter, we try to take a step back and take a good look at how we are managing our money. Right around tax time is a great time to do that again – whether you are getting a refund or you owe (like we did). Either way, a good review of your finances and where your money is going is always a good practice. So, without further ado, here is our financial update for April 2023.
Changes in Our Finances Recently
There seem to have been a lot of changes in our family finances recently. Of course, my husband got a really great job last year and that’s helped us a ton financially. However, our needs and expenses seem to be continually changing.
We have to start thinking about daycare for our little one (she’s just too active these days for us to get our work done at home). That will be about $1,000/month expense – but I need to do some looking around. Additionally, clothes seem to be grown out quickly. We’ve had to make adjustments to the house due to all of the changes happening with our daughter. It’s a beautiful time in our life, but it’s also pretty expensive. So, we need to start planning around some of the changes happening there.
On top of that, I’ve been dealing with some pretty significant health issues. I have been having problems with my blood pressure and heart racing occasionally. This has led to a number of medical bills piling in, all about $300 each. We are on a payment plan for that, but it has had an impact on our overall finances for sure.
Additionally, I stepped away from a small writing job I’ve had for 1.5 years. It was a weekend gig and it didn’t pay me much (about $3,600 last year), but it is still a loss of income. I was also able to write more/do more with that job to increase my earnings. That’s not possible anymore. I’m glad I left for many reasons, but the bit of lost income always sucks.
Key Takeaways From Our April 2023 Financial Update
The key takeaways from our April 2023 financial update and review were this…
We really need to get our act together where spending is concerned. Seriously, we have been eating out way too much and spending money on things we shouldn’t. I’ll talk more about that next week!
We need to research daycares and pricing in our area as well as consider alternatives (babysitter, job changes, etc). I have a bit of anxiety about Dahlia going to daycare or having someone watch her, but I know it would help her learn things and it would also help productivity here at home.
Our overall debt has increased, due to what we owe the IRS and accumulating medical bills. This isn’t ever what I want to see, but we are working to pay it down.
Our main focus needs to be on paying off debt and padding our emergency fund. Our EF took a hit more recently, so we need to stack some money back up for that and we need to start paying more money monthly towards our debts.
That’s all for now. What did you think of our latest financial update? How often do you review your finances? Let me know in the comments!
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