Year end financial calculations are always exciting for me! After all, I make plans and try hard to stick with them during the year. Now it is time to find out how I have done and what I can learn from the past years experiences.
Here is how I have done in terms of my budget, expenses categories, and savings:
A. Expenses within the weekly allowance:
Taxi cab (not including bus fare): $435.25 (ouch!…)
Unhealthy/junk food: $973 (OUCH!)
Eating out, including my weekend breakfast: $534.05 (maybe too much?)
Others (such as occasional books): $223.75
B. Extra expenses (these are the expenses other than the weekly allowance expenses):
Dining out (myself or with others, excluding my weekend breakfast): $1,011.5 (ouch..)
Hosting at home/visiting others: $296
Health-related expenses (e.g. dental visits, yoga etc.): $1,292.5
Cleaning and personal care products: $1,933.5
Clothes/shoes/sewing machine/sewing related expenses: $695
House repairs/furniture/extra house tax: $1,259
Annual vacation/family visit: around $6,200 (worth every penny!)
Fun funds expenses (expenses for my own enjoyment): $943.5
C. Special savings
Total fun funds (savings from $120/week weekly allowance): $1,219.5 (yay!! – it is great to see these savings 🙂 ). I end this year with a positive balance at the fun funds (~$188)
Savings from would-be-expenses: $7,784.3!!! These are the money that I save by not taking the cab (as I would usually do), by using coupon/sales, and other lucky encounters. Honestly I am very surprised by this amount and am very excited!. can you imagine? Under different conditions I would be spending this money but I chose not to; I chose to follow the sales; and I chose not to make unnecessary expenses…I am very proud of these money that are now left with me!
D. Total savings and investments: Around 31.2% of my income after taxes (not including the home equity)
E. Others. I increased my mortgage payment in September by $100/biweek, which is not reflected in these calculations. Nor the bills, insurances, etc. (i.e. fixed expenses).
In summary; I see that I am capable of spending frugally and sticking with my budget to my best, but there are areas that I can focus. For example, I can reduce those junk food category and increase my hosting expenses. I should keep following the sales and taking the bus/walk to keep save a considerable amount of money.
Overall, I am content with what I have done, but I would love to save more of my net income.
Maybe in 2017! 🙂 happy new year everyone!