I printed out my 2016 and 2017 spending summary from the credit card I primarily use and did some research on my spending habits. Some things surprised me and other things didn’t.
TL;DR: I spent more and saved more.
I spent more. There were some big ticket items that help account for this. I got four brand new tires, had a costly auto service, and bought a new overpriced (but much needed!) laptop. I also decided with minimizing that investing in things is worthwhile so even if I haven’t consumed more items in total, I am purchasing better quality items for makeup and skincare. I’m using a $50 moisturizer now. Who am I. Oh yeah, a nearly 30 year old who needs to care a little more about aging than before. 😉 I do see some frivolous spending in the first half when I was Lularoe crazy though. I also got hung up on curated styles and other people’s capsule wardrobes and got a few basics that didn’t work for me. That won’t be happening this year. One other thing I noted was that in previous years, I was decorating my apartment and buying a lot of second hand items from sale sites that required exact change and cash only. Since I worked on finalizing my room in 2017, I did much less impulse shopping and didn’t withdraw quick cash for spending so I could track better.
I spent more on vacations this year but I didn’t even do a long distance/extended trip. I learned that multiple small trips end up costing more and you don’t feel as fulfilled/restful after weekend type trips. The time with friends was more than worth it though. Ideally, with an increase in vacay time this year, I’d like to do a longer restful trip and a shorter fun and full frills trip.
I saved more money. My savings account grew more this year than last year although there’s generous room for improvement. Even though I spent more on my credit card, I isolated it to one card and didn’t use my debit card hardly ever, or petty cash. So yes, technically I spent more on my primary credit card, but that’s because it’s the sole card I use and therefore track better.
I spent less on merchandise. Some of my simplifying and minimizing has paid off. I didn’t set a foot into a mall this holiday season to shop for gifts and deals. I haven’t impulse-bought clothes in large amounts. I don’t search out trinkets. I don’t blind buy makeup and skincare like I used to.
I spent more in medical/health/wellness. This was a struggle for me. I’ve been AWFUL at taking care of myself because I hate that this category is so costly…but as my brother lovingly reminded me…it’s better to go in for a routine oil change and not let things slide where it starts to affect other things and becomes costly to fix. I met my deductible in November for the first time in years. I figure if I might need expensive procedures done I might as well meet it earlier in the year and plan on saving for it and above it.
I spent significantly more on dining out. This really surprised me. I couldn’t figure out what made this category inflate so much. I don’t usually get fast food. I bring my lunch 95% of the time. Then it hit me. All those weekends I went over and helped my brother and watched the baby? I almost always bought lunch for the three of us, and sometimes needed a coffee or dinner for me on the way home. My boyfriend and I also take turns paying or go dutch for the most part, so when I do spend, it’s for more sit down type places. I don’t expect or rely on him to pay, although I full appreciate it when he does. We’re not really fast food people when we go out to eat. I usually made food Monday and every other Wednesday, the days we hang out, but I also have art with my friend in hospice on Mondays and between the emotions there and it being dinner time by the time we meet, we’ve gone out more. Aha. It’s adding up.
2018 Financial Forecast:
- Make monthly financial goals
- Itemize monthly spending so I can budget better since months fluctuate
- Be more active and mindful reviewing my retirement and investments
- Set a specific amount aside towards a new car fund (Goal: Downpayment in 2 yrs)
- Rework some income into nontaxable savings. An FSA health account. Putting a higher percentage into retirement. Doing more research on investing.
- Work on being less trigger happy on Amazon. Especially cheap e-books!
- Allow myself to eat out more -IF- I can fit it to my food plan and it saves me enough in groceries/specialty food and stress. Sometimes time and stress of cooking factor into it.
- Research big ticket items I’ll need to save for in the next 5, 10 years, and tuck away some for weddings – either for attending and gifting or maybe down the road my own! My cousin is engaged and the wedding is cross country. Eurpope. Adoption. Possible home ownership…even if it’s a mobile home/tiny house.