My financial year starts with the latest salary day before the Christmas/Holiday Season so that I can see how I have done during the last year and can plan better for the next year during the Holidays break. Hence, I found a chance to look at my records and see how I have done in 2020 financially.
OVERALL SPENDING
Grocery: $3,772
Eating out (by myself): $94; cab ($133); clothes: $132; hobbies: $39 (thanks COVID-19…)
Dining with others/home visits: $720
Junk food: $1,818 (whoops!!)
Cleaning and self-care products: $1,564
Medication/healthcare products: $1,117
Gifts: $200
House maintenance expenses/furniture: $384
Others: $1,675
TOTAL: $11,660
Mortgage, insurance, bills, and bus fare:
TOTAL: $30,704
TOTAL EXPENSES: $42,364
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Pre-mortgage payment:
TOTAL: $7,500
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INVESTMENTS
TFSA+RRSP: $15,711
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Increase in net worth (including mortgage paid off, investments, and the funds in the chequing account): $59,163
Overall, not a bad year in terms of the increase in my net worth. I am also happy that I made mortgage pre-payments and continued to invest and save. I am also grateful for having the means to pay for my healthcare related expenses, such as new frames and lenses, and medications. It is also good to notice that thanks to COVID-19 pandemic(!), certain expenses were low this year.
I could save more, certainly. For example, I cannot believe I spent such a large amount for junk food (soft drinks, chocolate, and so on)… It is an ongoing battle to cut junk food from my life. We shall see how it will go this year!!
Life as I interpret it 
You’re good in keeping tabs. I start out with that goal and in two weeks it flies out the door.
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I hear you.. It is sometimes tedious. I am lucky because I keep things recorded on my computer, which I use extensive hours in a day (for work), so over time it became easy for me. Keeping records is also good for curbing my spending – I can see what I spend in a week, and it can be quite effective in not making the next unnecessary/non-essential expense
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Well done, another year over.
Like you we have not spent so much on certain categories due to COVID-19. Transport costs for instance have been right down. Same with clothes and shoes, and personal care (no going to the hardressers).
But what I can see is that we’ve spent somewhat more on groceries and more in eating out/takeaway. My justifications for the latter is that we’re supporting local businesses in doing so, so that makes it ok><
I have been pondering if we should increase our payments on my student loan and our mortgage. Due to COVID-19 and Brexit I feel unsure if it is wise, and if it would perhaps be better to keep the money in the bank. At the same time even a small overpayment each month would cut down the interest rates. Hmmm.
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I have the same feeling and keep some money in the bank – just in case. I think the economy will be like this for some time and mortgage can be paid off over a long time, but lack of cash can be problematic.
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