One of the big things for Jordan and I this year was finally getting our day-to-day spending account sorted out so that we both had debit card access to it. This involved moving our 'work horse' account from a joint chequing to a joint savings account and the benefits have been huge! We're both more accountable to the $400/week limit; and while we both still go over from time to time (okay, often) and use our credit cards; it's helping to build the right spending behaviour.
A week ago or so I did a post called 'Where has all the money gone' - I went a bit further for this exercise and looked at our spending since I started tracking - back to mid-2010. The chart of that is below and shows you exactly how we spend every year. I did leave out the wedding in this chart b/c it's not going to happen again.
You can see that buying the Kia in 2014 really did impact what we were spending in gas since we had moved and my commute increased even though Jordan's decreased when his job changed...and you can see when we bought our house in 2011 and our home maintenance spending spiked. For some categories, I don't think our spending changed (like entertainment) so much as our tracking got better.
The problem is that we run out of money before we run out of things we spend money on...that's what I need help with - where I would really appreciate your advice...it's prioritization time.
I should mention here that our income does not include ANY commissions, raises, or added $$ when I cap out on CPP/EI maximums in August.
A few notes on the Monthly Spending category in our draft budget. It is meant to include everything in dark grey above- Gas to Medical expenses. For 2014 we budgeted $1,600/month and my mom suggested that rather than go straight to $2,000 to be realistic - we try to wean ourselves off more slowly. So we're thinking of budgeting $1,800 as a more achievable number.
You'll also see that we don't have the Escape payment budgeted for in the draft - that money has been added to the LOC Debt category b/c I expect to have the Escape payed off by the end of 2014.
Everything from retirement, to planned spending is under Bi-Weekly Savings - including two new goals.
We would like to start tucking $$ away for a down payment on a truck once the LOC is paid off and we would also like to start planning to develop our basement. Right now I'm thinking Jordan's commissions could go towards the truck/basement but again - would love peoples thoughts on this.
So there it is - out in the open for judgement and recommendations.
oh! Don't forget when looking at the Streetwise retirement savings numbers - I save 5% of my pay which is matched to a total 10% for my pension at work and I also save $75/month to purchase shares at my company which we consider to be part of our retirement planning.