Groceries/Dining Out:Once again, these are almost the same! This year some friends and I went out to a nice meal once a month and we took turns paying. This equates to about once every four months me spending way too much on dinner. However, it is a lot of fun, but it’s not helping my “dining out” budget.
Misc: This includes personal care, toiletries, gifts and donations, credit card fees and things like that. The bulk of it is gifts. The other things are minor.
Health: This includes pre-tax deductions and any copay or charge for contact lenses etc.
Entertainment: This includes movies, baseball games, and running related (or other hobbies) expenses. This year, most of it went to race fees. I probably should shift some of my “travel” over to this category, but once again, I am too lazy to really sort it out that thoroughly.
Shopping: This category included clothing, toiletries and items from Target that were not home or running related. This year I bought a couple of pairs of work shoes and some things from REI which could be in the entertainment category…and that is pretty much it.
So, what did I learn from this?This year I definitely spent more that last year, although a lot of that extra cost was due to my purchase of a car. However, excluding the transportation category, the biggest increases over last year belonged to the Entertainment (53%), Health (33%) and Home (26%) categories. This makes sense, as I signed up for more big ticket races, my insurance premium went up, and I was in my house for a whole year vs. 7 months last year. On the flip side, I also saved more this year, so I am pretty happy with that, as my goal from the beginning of this year was to save more if I could.
What do I want to accomplish this year? This year I hope to do a bit of deeper analysis and develop a plan regarding getting the best bang for my buck. For example, does it make more financial sense to put my money into savings or use it to pay off my mortgage quicker. I have most of the information I need; now it is time to execute! In addition, once again I would like to save more this year than I saved last year. I would like to say I could minimize the Home category, but in reality, there is always a backyard project or a broken pipe or a random thing that goes bump in the night. So, that’s it!
Do you keep track of your spending habits? What is the biggest piece of your money pie? What are your financial goals this year?