Thursday, March 19, 2009

Tracking Our Dollars: The Results

Four weeks ago, I tasked myself to keep track of our daily expenses for one month. Immediately after I wrote that post, I created a spreadsheet and a form in Google Docs. I then shared everything with hubs so he could track and play along too. :)

The first goal of this exercise was to find out where we are spending our money. The second, and less important, was how much we are spending.

From the pie chart, it's obvious that we spend the most on our rent, with utilities following behind. Therefore, it's safe to say that most of our spending is for putting a roof over our heads, as well as keeping us comfortable and entertained when we are at home.

Our third major expense is groceries, which makes perfectly good sense.

I am very happy with the way everything is broken out.

Without disclosing how much we actually spent in total, I will say that hubs and I are doing well.

The fact that all our other spending combined is less than our rent proves that hubs and I live a simple life. We can easily survive on one income, which is important in this economy.

I am not going to do this exercise for the upcoming month. Reviewing the spreadsheet I created, there wasn't anything that made me go, "why did we buy this again?". Therefore, I will conclude that we are very responsible with our money and there is no need to track little daily expenses.

I may start playing with mint, though. Hubs introduced it to me a long time ago, but I haven't fully understand all its capabilities. I think it helps with future planning, which is more what I am interested in.

6 comments:

  1. Wow! You guys seem really on top of things. I'm surprised that you don't spend so much on entertainment. I can't even imagine how much we would spend on that since we go out to eat a lot.

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  2. We seldom eat out! In fact, we only ate out once last four weeks! I bet eating out in NYC gets quite expensive.

    We do spend a good chunk of money on traveling, but that comes in waves.

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  3. Pennies in my PocketMarch 19, 2009 at 11:32 PM

    Yes, Mint is one of those great online tools that most ppl would find useful. Regardless, we've always been frugal folks. Not so much that we aren't enjoying ourselves. It's just that we manage to do so in ways that don't require us to open up our wallets. Whether we bring in 50k or 250k, we will always be conscious of our spending. Guess this is the result of having gone through the welfare system when my family first came to America. The scary thing is, my folks are even cheaper than me.

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  4. It is so nice to see some "living within the means" - congrats!

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  5. Oh wow, way to go! This a great exercise and it's nice to hear you guys are being responsible and smart with your money. Keep it up :)

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  6. I love the pie chart. I keep our budget in an Excel file, but would love to do this, I will have to try it!

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