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My monthly Savings Rate report: February 2022

Last Updated on March 9, 2022 by Mr. FightToFIRE

February, the shortest month of the year, is already well behind us. The invasion of Russia into Ukraine this month is one of the history books. The only question is, how? Will reports say Russia won or, who knows, Ukraine?! And how will all of this impact the world, both humanitarian and economic? Against the backdrop of this hectic tragedy, I share my monthly expenses.

Let’s try to start with the positive. This month’s income streams are:

  • Salary
  • Child allowance
  • My wife’s share of the expenses (a bit extra!)
  • Crypto.com

This page can contain affiliate partner links to products that I purchased this month.

February Income — €3,829.44

Savings Rate February 2022
My Income and Expenses for February 2022.

Salary

Like every month end, I receive my salary. My salary received another bonus this month, on top of the tax benefit, by having my daughter as a dependant. My employer started implementing an Intellectual Property Ruling.

Basically, I get an additional €180 net thanks to tax optimizations.  With the help of improved taxes, my net salary for February is €3,314,10. 

Child allowance

Next up, child allowance: €169.79.

Per child, you receive government support through what’s called ‘kindergeld’ or child allowance.

They set this per child instead of going up for each child, like in the past.

It can increase depending on specific criteria, such as single-parent or special needs.

My wife’s share

This might seem strange, but ‘my wife’s share’ means that we divide each other’s share through the amount our salaries contribute to the combined income for the expenses we share.

In our case, it’s a 39/61 split, with my wife covering 39%. This split changed after my wife’s promotion! She transferred €145.55.

Crypto.com

You read that right. For the first time, I transferred some of my crypto.com profits! €200, to be exact.

I exchanged 500 CRO for BTC and then transferred €200 worth of BTC to my crypto.com Jade Green metal Visa debit card.

CRYPTO.com Logo

Crypto.com Visa Debit card

Interested in getting your own crypto.com Visa Debit card?

Download the app now and get $25 when you apply for your card.

Not included: Dividends

I didn’t receive any dividends in February.

February Expenses — €1,959.77

Home management and ownership — €849.50

Another month, another down-payment, and interest payment for the apartment. €825.33 in principal and €312.56 in interest. But like always, I don’t subtract the principal payment from my savings rate.

This month’s largest expense besides the mortgage was, without a doubt, heating. My grandmother’s house still uses heating oil leaving us to order a certain amount of fuel and pay right then and there.

Since we will either do an upgrade of the heating if we stay or we just won’t be here anymore, ordering a lot served no purpose. We ended up getting 1000 l at a total cost of €857.80, which was divided in two.

Other expenses in this category included:

  • A rail bar for our daughter so she can learn to stand up on her own (€15.99).
  • Some furniture (€24.88)
  • Small stuff (€54.08)

Food & supplies — €460.36

I was in genuine shock to see this category so high. But if you spend 114.88 on lunches for yourself and your partner, I guess it was to be expected. Especially the sandwiches we get at our local Delhaize add up.

Groceries were more reasonable (€296.98) although I don’t include what we pay with meal vouchers since we can only use them for food anyway. That said, we also had friends over for the first time in half a year, which makes this month reasonable.

The ‘Restaurants’ category (€48.50) expense is our monthly “date night” where we order takeout instead of cooking.

Kids — €223.79

For our daughter, we bought some new secondhand clothes (€225.04) as she keeps outgrowing them at a breakneck pace. Included in this month’s clothes are two dresses for her baptism that we will do in my wife’s home country.
Other than that, there isn’t much else. We bought some more wet wipes (€12.75), got refunded by the NHS for a doctor visit last month (€12.00), and got some money (€12.00) for a Philips bottle sterilizer we literally never used.

Luxury — €215.66

In last month’s report, I mentioned how we will fly business class coming April.

Nothing like that in February. At long last, a normal month.

Besides the usual monthly contributions such as Netflix and Spotify, we got an accumulation of annual subscriptions in the form of Microsoft Office 365 and Google One.
Perhaps one big change, there is a new monthly contribution: American Express Platinum!

 

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American Express platinum holder

You read that right, I and my wife gave American Express Platinum a try. We know it’s extravagant, but the first year is half price and we will fly to South America again so we can use the crazy high medical coverage (3 million!).

Person — €200.70

for the first time since the birth of our girl, we don’t have any hospital bills -which reminds me to make a refund request to my health insurance- but something completely different.

We ordered 50 COVID-19 self-tests (€123.35). Traveling to South America means taking an 11-hour plane ride, at minimum, so when we arrive there, we want to test ourselves to protect my wife’s grandparents. Also, after the baptism of our daughter, we will hold a small gathering, so we want to give everyone who will attend a chance to do a test.

Remaining categories

Besides, the major expenses this month also had a couple of minor ones I will list here:
  • Banking and insurance€4.95
    • Family insurance and cashback
  • City taxes€2.81
    • My wife’s TOB declaration
  • Transportation –  €2.00
    • Parking in the city center

All the expenses

The bottom line for Febrauary 2022

With an income providing €3,829.44 and high expenses, €1,959.77, my remaining net income in February was just below 50%:  €3829.44/€1,959.77 = 48.80%.

Honestly, the only reason it’s this high is that my wife sends her share of the expenses including the heating and of course the transfer of some of my crypto gains.

My Belgian friend Roadtrip to FIRE had a calm month on the blog but he keeps pumping out videos. Be sure to check those out on his Youtube channel.

JoneyTalks asked the question Should You Invest In Peer-To-Peer Lending Platforms and how to get a free hotel room, amongst many other podcasts.

Please share your thoughts in the comments below!

I'm a developer for a major financial institution in Belgium that is present in over 40 countries. I have over 8 years of working experience in the development of customer applications focussing on all aspects of banking. This helped me gain a deep understanding of the inner workings of a commercial bank. All of this experience in both banking and life culminates in this blog about personal finance and my fight towards FIRE.

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14. My monthly Savings Rate report: November 2020
15. My monthly Savings Rate report: December 2020
16. My monthly Savings Rate report: January 2021
17. My monthly Savings Rate report: February 2021
18. My monthly Savings Rate report: March 2021
19. My monthly Savings Rate report: April 2021
20. My monthly Savings Rate report: May 2021
21. My monthly Savings Rate report: June 2021
22. My monthly Savings Rate report: July 2021
23. My monthly Savings Rate report: August 2021
24. My monthly Savings Rate report: September 2021
25. My monthly Savings Rate report: October 2021
26. My monthly Savings Rate report: November 2021
27. My monthly Savings Rate report: December 2021
28. My monthly Savings Rate report: January 2022
29. My monthly Savings Rate report: February 2022
30. My monthly Savings Rate report: March 2022
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FreshLifeAdvice

What an impressive February and savings rate. That certainly will help compound your money over time. Keep up the great work Mr. FightToFIRE!

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