I haven’t been posting my spending each month as I have done previously. Primarily because I didn’t have a savings rate goal in mind. However, I have still been tracking expenses every month so I thought it would be a good idea to really assess where my money is going and perhaps make a few changes in the ending months of 2022. And I realise now that I definitely have to reel in the spending!!!!!!! (where I can).
6-Month Spending and Savings Rate Table (including business expenses)
6-Month Spending and Savings Rate Table (excluding business expenses)
Another way at looking at the expenditure of each category is with an awesome graph:
The rest of the expenses are fairly low when looking at the monthly costs and the percentage of expenditure (far right column). However, they all add together and create a huge monthly expenditure. $214 per month on eating out doesn’t sound like a huge amount, but couple that with $370 groceries, $217 on car expenses, and other things like $229 for entertainment it all gets pretty out of hand.
- Looking at the numbers now, it’s really clear that I spend quite a lot of money on a lot of different things which end up building up per month!
- Overall monthly spending comes in at ~$4,100 on average. Which is insanely high – and almost unbelievable because it doesn’t feel like I’m spending that much. This is the beauty of tracking expenses.
- How do I spend $950 per week (while that includes $220 for mortgage, that’s still insane).
- While my savings rates have been alright in the earlier months (30-41%), there were a few months where I saved no money. That was quite surprising and definitely not sustainable when I’m trying to increase my net worth.
- Some categories I feel are definitely required (rent/mortgage, health/medical, groceries, utilities, fitness, car to a degree). However, some categories which aren’t fully a necessity (shopping/items, entertainment, eating/drinking out) are taking up a lot of my money per month.
I’m feeling a little tired and burntout of the process. What I might do is start tracking all expenses for the first half of 2023 to then compare rather than track the rest of 2022.