At the beginning of this month, I bought the YNAB budgeting software. I have to admit that I don't think that I require a budget software as I myself do not spend that much. However, being a numbers and chart geek, I went on ahead and made the purchase. To be perfectly honest, I am extremely addicted now. Very nice and easy to use system.
Anyway, what I do is split my expenses into a few main categories. Shared needs, shared wants, personal needs, personal wants and investments & savings. Starting this month, I have decided to share my expenses here. What I hope to achieve is to show that we can live a frugal yet fulfilling life. Its all part of my grand experiment 2014. See here to find out more; or simply read on.
Anyway, some facts first - My wife and I used to merge all our income and expenses, however, for the coming year 2014, I have decided to see whether I am able to live off my investment income alone. This is not to say that I'm not going to continue working. It's just that I will not touch any active income, only portfolio income and interest. This is to simulate the situation should I decide to retire early in the future - not too distant I hope. We will contribute equally to all shared expenses and separately to our individual needs and wants. The expenses from now till end of the year would be before we move to our new home and would be very different from 2014 as we are currently staying with my parents. For more information please see here for my previous post.
Without further ado,
Shared Needs - $490.85/2 =245.5
Condo management fees: Applicable only after our we get our house in 2014
Internet and cable: Applicable only after our we get our house in 2014
Utilities: Applicable only after our we get our house in 2014
Housing maintenance: Applicable only after our we get our house in 2014
Furniture and fittings: Applicable only after our we get our house in 2014
Mortgage repayment: Applicable only after our we get our house in 2014
Eating out: $402.3
Groceries & Stuff: $88.55
Shared Wants - $0
Special occasions:$0 - Nothing this month, but next will be substantial due to anniversary and mothers birthday.
Vacations: $0 - Aussie trip was counted in last month's budget.
Personal Needs - $372
Food: $77 - Spent an average on $4 a day for lunch, dinner usually taken at home.
Mobile: $0 - Company paid but will start tracking in 2014 to simulate E.R.
Transport: $285 - Vicom inspection, Cashcard & Petrol
Grooming: $10 - Cut my hair only once in 2 to 3 months.
Insurance: $0 - Insurance for 2013 already paid.
Medical: $0 - Hope this will always remain $0
Personal Wants - $130
Vacations: $0
Gambling: $124 - Random 4d and soccer bets - lousy month. Gonna cut this off by half
Gifts: $0 - Nothing this month, but next will be substantial due to anniversary and mothers birthday.
Alcohol: $0 - Hoping to keep it this way, easy this month as drinking buddy is overseas.
Games & Gadgets: $6 - Bought new screen protector.
Books: $0 - bought a few from kindle last month already none this month.
Others: $0
Total = 747.5
Below Average monthly investment income? YES! - But real test comes in January.
*Will be selling the car end of this year, might get a smaller one eventually.
*Currently have whole life, endowment and hospitalization, endowment premiums already fully paid and will be changing from whole life to term.
* Emergency Fund - $10k
* 1 off expenses for new home won't be included as that has been accounted for.
* Investments and Mortgage repayment will not be included as well.
