I’ve decided to put together spending reports to share with you all, à la Frugal Woods. I am certainly not at their level of frugal mastery, but I do want to have a frank discussion with myself (and you!) about what I’m spending each month so that I can fulfill the review part of the assess, plan, do, review cycle.
I’ve already assessed my financial standing and income, I’ve planned using YNAB* , I’ve done the spending and here is my review!
About my spending reports
Here is a quick rundown of what you can expect:
- Spending Report:
- What’s included: Every penny I decided to spend this month.
- What’s excluded: Deductions from my paycheque, including pension and charity contributions. I also don’t include my salary here. It’s a spending report!
- Yearly expenses that were paid this month are denoted in grey italics. I put aside money each month into sinking funds for these expenses, but those don’t appear until the money is spent. This is why when I talk about my budgeting goals they don’t always match up with my total spent.
- I track automatic contributions to my RSP and TFSA as expenses, because I think of that money as gone. My TFSA is a very small “emergency fund”, but it’s more to build the habit of monthly contributions and take advantage of compound interest.
- I pay most things on credit card, but don’t list credit card payments here because I don’t carry a balance. I treat all purchases on these cards as money already spent.
- Net Worth:
- What’s included: I only talk about an increase or decrease, as well as my progress towards my financial goals.
- What’s excluded: I don’t include my pension or RSP at all. I don’t really track the current values and they do fluctuate.
August 2018 Spending Report:
|Media + Software Subscriptions|
|Grocery and Household|
|Dollar Shave Club||-$10.74|
|Personal Care Products||-$64.38|
|Medical + Dental||-$11.00|
|Presto (Public Transit)||-$30.00|
|Sport and Leisure|
|Art supplies and stationary||-$3.96|
|Misc. + One Offs|
|Change in net worth||$56.51|
Progress towards financial goals
My most immediate goal is to have three months worth of expenses saved. Because I use YNAB*, this means that I am planning on giving my dollars jobs four months in advance. Currently, I am about 19% funded in that third month. My “age of money” is 63 days, but that’s because I started a new budget with a healthy chunk of cash to be applied to future months. It’s still growing every day.
My change in net worth was positive, but didn’t really put much of a stride towards my goal. I have assessed the individual categories and noted some places for improvement. Hopefully I can keep my eyes on the prize and have the willpower to reduce my spending.
How did you do this month?
Let me know in the comments below 🙂
* This post uses referral links where we both get a bonus if you sign up for the service linked. Neat!