I started tracking my monthly expenses on this blog, but stopped after September. As I mentioned here, there were days where I lose sight of the goal. This is why it is surprising to me that I actually spent less than the previous year. This included my wedding expenses that I paid for.
In 2016, I spent a total of $44,162.13. Housing is 48% of my spending followed by wedding expenses. Without these, my spending is about $15K.
My spending decrease by $3k from $47K to $44k. I didn’t start tracking my monthly spending since the beginning of 2016 and stopped in October of 2016. Even with this mishaps, I still managed to decrease my spending. This is a great example that forming a habit of frugality works.
I doubt that this spending will decrease this year. There are big changes coming up in 2017 that warrant another post. I am very happy and quite surprise when I saw this. I feel that I reached the optimum. This year, I would like to focus on more on increasing my income. A few things to keep in mind about my spending:
- The spending doesn’t include taxes and health insurance that are taken from my paycheck.
- The housing is 50% of our monthly mortgage. My husband and I split this evenly. This financial agreement warrants another post for more explanation.
- Housing expense includes home insurance and property taxes that are paid through escrow. Property tax increased from 2015 – 2016 and again in 2017. I manage to appeal my 2015 given that we just bought the property. I find the 2017 appraisal reasonable and didn’t appeal it. If you own a home and believe that the appraisal was higher than it should be, you should always try to appeal it. I will write a post more on this.
- The wedding expenses are what I paid for. We spent about $18K in total on this. I will elaborate more on this on another post.
- The gifts are for my family and friends. This do not include any donation I made through another fund.
Want to know more – just ask. If you have any recommendation where I can manage to decrease this, feel free to comment. I thank you in advance.
Tracking: I track my expenses using mint. I really like the app and made categorizing my expenses very easy. I enjoy looking at charts and the comparison feature is fantastic.