Hi everybody how are you? Before I dive into my 2017 expenses I would like to thank Alyssa from MixedUpMoney. I would like to thank Alyssa because last year I read her post titled What Did You Spend Last Year and that inspired me to start tracking my expenses. Thanks to Alyssa I feel like I have a better grasp on my finances. Before reading that post I had never thought about tracking my expenses before. I always thought that since I never spent more than I earned that everything was good and there was no need to track my expenses.
After reading the blog post I decided it was time to track all of my expenses and see where I spend all of my money down to the last nickel (no more pennies in Canada). So I went into Microsoft Excel and created a spreadsheet and started tracking. I found myself at the very beginning watching what I would spend my money on, if I went into a store I would stick to what was on my list then I would hurry out of the store as I didn’t want to see a big number in my spreadsheet lol.
Well let’s get to my 2017 expenses. Last year I spent a total of $17,951.65.
Top 5 Category Expenses
1. Debt ($7,579)
Wow what a big number $7,579 in debt paid off such a huge number. That represents 53% of expenses last year. For the debt category I have two items car loan and bank loan.
I currently own a 2015 Hyundai Elantra and I make bi-weekly payments on it. In 2017 I spent $3,711.25 on those payments.
In 2016 I took out a $10,000 loan on my line of credit at the end of that year I had a balance of $3,867.75. I was able to pay the remaining amount of by April.
2. Electronics ($2,015.49)
I had two expenses in this category during 2017. Hopefully this year the category won’t exist on my spreadsheet. The two purchases were very expensive. The first is:
In May my old laptop stopped working after 7 years it finally had enough. After doing a search I purchased a brand new Dell laptop after taxes the cost came to $1,642.45.
The second purchase was:
In December my old iPod that I had for about 5 to 6 years stopped working. I shopped around and found a sale and purchased the 128GB iPod Touch 6 Generation. The cost after tax was $373.04. Yes you read that right very expensive for an iPod but since I use it everyday I thought it was worth it.
3. Vehicle ($1,778.72)
For vehicle I have only a couple of expenses which are fuel and maintenance on the car.
Fuel for the year cost me $1,103.16.
Maintenance for the year was $675.56. This is mostly oil changes and there was a break issue.
4. Entertainment ($1,484.21)
For the entertainment category I have several items which are books & newspapers, movies & tv shows, magazines, music, video games and movies(theater). Before I share the numbers I will say that my numbers would have been larger but a good way for me to save money is by asking my relatives to buy me gift cards for iTunes where I can buy my books, magazines and music.
Books & Newspapers
Books and newspapers came in at $680.07. Out of this amount $300 was for the newspaper I read The Globe and Mail. This amount would have been higher without the gift cards. Also in 2018 I may look into Amazon’s Kindle Unlimited which is a monthly costs of $9.99 I think? Which would lower my costs in this area.
Movies & TV Shows
I spent $435.59 on blu-ray movies and tv show dvds in 2017. I’m the guy in August and September that buys their favourite tv show dvd when the season that was on tv last winter becomes available. Last year I was able to cut back on my spending in this area. Let’s see how I do this year.
I am not as big a gamer as I use to be. My spending on games was $246.95 in 2017. I normally only buy 1 or 2 games per year for my PS4. I expect my spending to be lower in 2018 in this area.
I have three subscriptions for magazines. All three are aviation magazines. My costs for these was $73.97 with the help of gift cards.
My music buying was $37.63. I now tend to only buy single songs, years ago I use to buy the complete album.
One of my favourite things to do is go to the movie theater. I only had to pay $10 in 2017, I received gift cards as well to help out with the expenses.
5. Rent ($1,420)
My fifth and final highest category is rent. My rent is quite low I admit my parents like having me around and don’t charge me too much.
Let’s go and see some of the other things I spent my money on in 2017.
Food and Restaurants
I spent $1,116.82 on food in 2017.
I normally only have two people to buy for my parents. So my gift total for the year came in at $920.
I spent $681.41 on my monthly phone plan. In 2018 this should be lower as I was able to drop my monthly payments to $28.15 from $70.06 beginning in Sept 2017.
Every so often I get the feeling like I’m going to win the lottery so I race to the nearest store and buy a ticket. I spent $234 on tickets in 2017.
What did I spend the least on you maybe wondering? Well if your interested I will tell you. In 2017 I spent $2 on bank fees. I spent 2 bucks in order to get a couple of cheques made out for when I was opening a new account with an online bank.
After tracking my expenses for a year I would recommend everyone give it a try. I think it will help you to see where all your money is going and you can adjust your spending accordingly or it can allow you to cut back in areas and you could put the money into savings.
I hope you enjoyed reading this post. I enjoyed sharing this with you. So let me ask you do you track your expenses? If not will you try it after reading this post? Please feel free to leave a comment below.
Thanks for reading