Monday, 30 June 2014

Income and Expensives Catch-up Summary

   So I have been tracking my monthly income and expenses for quite some time now, almost fully a year. Pretty much since I graduated from university and started working a retail job. I'v been lucky in that I went to school close enough to home to take transit to my classes and lived at home during that time, which allowed me to save a lot of money on living costs. I'm also a pretty frugal person and try to keep down reoccurring costs as low as possible and I resist and don't feel the need to buy the newest and best gadgets, toys, clothes etc etc. The end result is that I graduated in a very advantageous position of having less than $1,000 in debt after my studies, which I owed to my parents and was able to pay off quite quickly. Living at home also means that my rent is very low, not nothing but quite low which has allowed me an ~savings rate of 48%!

   So far for the most part my income and expenses have been fairly regular month over month. There are a few blips in it however. On the income side, November and May were both months where there were three paydays, so income is a lot higher. Also from December - February I was working almost 44hours a week. For expenses November and December were a bit more as well due to Christmas shopping and traveling to Montreal for New Years :)  January would have been a very good month for keeping costs down, it would have been around $300, but I paid for my Canadian Securities Course tuition that month which was ~$1,300 after taxes.


   Going forward I'll track on here a more detailed breakdown of expenses, so far I havn't bothered really doing so besides just the total of my expenses. I do keep track of reoccurring expenses in my Excel spread sheet and log everything that I buy and Excel combines them for a running total of costs.                 

   In the next 2-3 months I'll be moving out of my home and into a place of my own which will significantly increase my expenses, most likely rent will increase $300-600 a month, plus additional costs of buying groceries, kitchen and living supplies and any furniture and housewares items that I'm missing and family members don't have extra of. It will be a very interesting time though and I'm very excited to do it. And it will force me to try and save more in order to keep my goal of adding at least one new or built up stock position within my portfolio! I doubt once moved out I'll be able to save at my current 48%, but I'll try and aim for 15-30% if possible!

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