So I started keeping track of my expenses from 10 May. I've been wanting to do this for the longest time, but every time I felt compelled to start, I always managed to rationalise to myself that it is not worth the effort. I finally managed to take the first step on 10th May.
Because I don't receive my salary on the 1st of each month, my financial month runs from 10th to 9th of the month. It makes life a bit harder, but it works for me.
Let's start with my own personal expenses.
Since this is my first post, I will list down my fixed expenses.
- Joint Account Contribution: $1300
- Endowment Plan: $198
- Parents' Allowance: $150
- Savings for Daughter: $50
- Investments for Daughter: $100
- Auto Insurance: $138.26
- Road Tax: $50
- Medical Insurance: $50
The first item on the list is actually a joint account I maintain with my wife. Both of us each contribute $1300 to this account to pay for "joint" expenses. I will detail our "joint" expenses in the next section.
Now, let's examine my variable expenses for May:
Food - $100. Note that meals out with my wife are charged under our joint account. This segment only accounts for the meals I take when I am not with her, i.e. usually lunches on workdays.
Car - $711.61. Apart from the auto insurance and road tax, which are accounted for under fixed expense, there are other running costs associated with car ownership. This month, I spent $400 on tyre change, $150 on cashcard top-up, and the remaining on petrol. $150 in my cashcard will probably last me more than a month.
Bills and Misc - $49. Mobile phone bill came up to $44, while an additional $5 was spent on haircut.
Discretionary Spending - $450. This is where I lost control this month. I spent $450 on LEGO sets. Bad bad. There are usually a few sets that I will be eyeing, but will put off buying them until I've got enough to buy to chalk up $600. I need this minimum amount to be charged to my StanChart Singpost Credit Card in order to get the 7% cash rebate for online spending. This month, the stars are aligned: weaker USD, 20% discount on a set I've been eyeing, et cetera. I spent $450 on sets that I want, and another $300 (tracked under joint expense) on a set that both my missus and I want. =/
In summary...
Total Fixed Personal Expenses: $2036.26
Total Variable Personal Expenses: $1310.61
Total Personal Expenses: $3346.87
Let's examine our fixed joint expenses:
- Household Contribution (given to parents as we stay with them): $500
- Maid's Salary: $580
- Maid's Levy: $60
- Conservancy: $90
- Property Tax: $108.14
- Medical Insurance for Daughter: $30
- Utilities: ~$200
- Mortage: $2680 (CPF OA)
Our mortgage is a bomb, I know. It's one of the financial mistakes we made, but no regrets really. More on this in another post.
Our variable joint expenses:
Food - $173.15. This didn't come up too badly. We are eating out a lot lesser now that we have a baby.
Baby's Stuff - $62.90. $50 for a booster seat and $12.90 for a cardigan.
Gifts - $272. $250 on wedding angpows and $22 on fruits for grandparents.
Discretionary Spending - $300. LEGO. Nuff' said.
In summary...
Total Fixed Joint Expenses: $1568.14 + $2680 (CPF)
Total Variable Joint Expenses: $808.05
Total Joint Expenses: $2376.19 + $2680 (CPF)
This is the first time I am listing down our expenses like this.
Scary sight.