Tag Archives: goals

My 2018 Spending

12 Jan

I’ve been meaning to get around to this post for a while now, but since it’s still January I think it’s relevant.  I’m going to go over the percentages of my income that I spent, saved, and invested in 2018 and which categories I spent my money on.

In case you haven’t read my recent post titled Shopping Ban 2019 I’ve decided to only purchase essentials in 2019.  One of my major impulse buy categories has been yarn, knitting patterns, and other crafty items because they bring me so much joy.  My goal in 2019 is not to have impulse buys on anything, but especially on craft supplies…but more on that in a later post.  Go back and read about my 2019 shopping ban for more.

I have a post called How I Track My Spending which is how I’m easily about to compile these numbers and data.  I love the app and the insights it gives me.

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Ok, now for the nitty gritty! Here’s where I spent my money in 2018 (in percentages):

  • Mortgage 23.52%
  • Savings 13.57%
  • Extra House Payments (all to the principle) 7.36%
  • Independent Investments 7.36%
  • Vacation 6.79%
  • Eating Out 5.14%
  • Groceries 4.4%
  • Yarn 2.87%
  • Gifts 2.42%
  • Phone 2.2%
  • Water Bill 2.18%
  • Dogs 2.14%
  • Beachbody/Fitness 2.14%
  • Spinning 1.64%
  • Fuel 1.58%
  • Home 1.45%
  • Internet 1.2%
  • Miscellaneous Shopping 1.18%
  • Car Insurance 1.17%
  • Car Maintenance 1.1%
  • Cash Withdrawals 1.08%
  • Medications 0.96%
  • Knitting Patterns & Supplies (not yarn) 0.86%
  • Work 0.79%
  • Natural Gas 0.77%
  • Craft Supplies (other than knitting) 0.75%
  • Clothes 0.72%
  • Electricity 0.69%
  • Beauty 0.55%
  • Tax Preparations 0.51%
  • Entertainment 0.5%
  • Books 0.13%
  • Contacts 0.07%
  • Coffee 0.07%
  • Chiropractor 0.05%
  • Netflix 0.04%
  • Life Insurance 0.02
  • PrepDish (meal planning service) 0.02%
  • Fitbit 0.01%

Looking at my percentages overall I am pretty happy with mosts things, but I know I can do better going forward.

When I look at the yarn, spinning fiber, spinning wheel, knitting patterns, and all the other crafty things I bought in 2018 it adds up to 6.12% of my income for the year.  That is slightly less money than our 10 day vacation to an all-inclusive resort in Mexico cost.  I’m not saying I won’t buy knitting and crafting supplies in the future, but I know I definitely want to use up a lot of what I already have and plan my purchases to be much more intentional.  I keep reminding myself that there will always be pretty yarn, and I do not NEED all the pretty yarn.

With my clothing being less than 1% of my income you can believe me when I say I do not like shopping for clothes AT ALL!  Never-the-less, I actually do have to wear clothes.

One of the biggest areas I hope to see a drastic change in for 2019 is my eating out budget going WAY down.  We have already been using PrepDish (a meal planning service) since September 2018.  I was able to pay for a full year upfront and will probably continue to reuse this years meal plans into the future, meaning it will be a one-time expense.  Eating more vegetables and healthy foods cooked at home, knowing exactly what goes into everything, has really made me feel so much better about what I’m eating.  I do still love a good meal out though.

Most importantly I want my savings, investments, and extra house payment percentages to all go up this year!  This girls got goals!

What are you guys doing to reach your goals?  Did you track your spending in 2018?  If you haven’t started tracking your spending yet, I highly encourage you do so.  If you haven’t started tracking yet we’re still early enough in the new year to start now (it’s really never too late to start).  You might just be amazed when you realize where the majority of your money is going each month.

How I Track My Spending

16 Apr

Hello readers!  I’ve been wanting to type this up ever since I did my review on The Year of Less but I just haven’t taken the time to do it.

I personally started tracking every penny I spent in January of 2017.  Actually I started before that but I was entering everything into my home computer in Excel and I was lucky to get to it once a week, it was a pain in the butt and definitely didn’t show me a real-time picture of my finances.

Knowing that tracking my spending only once a week or so was not going to cut it for me I set out to find a good spending tracker app.  I read a lot of reviews and people were recommending the App Mint, because it does a lot of the work for you.  I’ve tried Mint years ago and didn’t have much luck.  My accounts were difficult to sync, and I don’t honestly love an app that will connect to all of my bank/credit accounts.  It’s too invasive.

I ended up downloading an app called Spending Tracker for iOS (yes I do use an iPhone) but it appears to also be available on Android devices as well.  The icon looks like a little brown wallet.

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There is both a free and a paid for version of this app.  I was happy to use the free version for the whole first year I used it and then finally upgraded in January to the paid version because I knew I was going to continue to use this app nearly every day (sometimes more than once day) for a long time to come.  The free version worked great for me, I just had to deal with an ad every so often.

What I love about this app is that it goes with me wherever I am because I always have my phone.  When I’m in the checkout line I enter my expense immediately and I get a real-time insight to my current monthly balance.  I do have auto-pays set up on some bills which means I do have to check my bank balances and enter those when I see them come in but this has been by far the easiest way I have ever kept track of my money.

Here’s an example of what you would see when you open the app with data entered in (no this is not my data).  You can click on the February link and change your options to “Weekly”, “Monthly”, and “Yearly” which is a great option.  Personally I have mine set up for monthly because I get paid monthly.

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If you want to see the details of every transaction you’ve entered you click the “Transactions” button and it takes you to everything you’ve entered.  You can edit these entries if you need to.

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And this is what it looks like to actually enter a transaction.  It literally takes seconds to do which is why it’s so easy to do it right when you’re in the check-out line at the store.  I especially like that you can enter your own personal notes which has been helpful when buying gifts so I can know which gift it was and who it was for.

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At the end of every month I take my leftover balance and divide it three ways (because this works for me).  I take 1/3rd and place it into my savings, 1/3rd into investments, and 1/3rd towards an extra house payment.  The nice thing is that I made these as actual entries into the Spending app so I can see my percentages (turn your device sideways and it shows you percentages in either a pie graph or a bar graph) for the month.

This tool has been so valuable to me.  It has made me stop in my tracks when I’ve been ready to buy something because it is much more impactful to see the balance go down right before your eyes and to stop and think if this is really a purchase you want to make or not.

I suppose I should say that I am in no way endorsed by the company who has made this app, I just know I like using it and it works!  I hope this tool will help you to reach your financial goals too!