Expenditure monitoring diary

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FrugalKaru

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#41
Month 4 - breakdown of costs

2017-10-07 21.25.45.png
* 34% - property refurbishment (DIY tools and material)
* 28% - housing

* 16% - visiting home (flights)
* 15% - home improvement (lighting, furniture, decorations etc.)
* 7% - everything else

(I record detailed cost accounts under each category, this is just a computer analysed high level view.)
 

FrugalKaru

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#42
Consolidated results (4-month average):

* Target expenditure: <30%
* Actual expenditure: 39% (36% if deposit will be returned)
* Savings rate: 61% (64% if deposit will be returned)

I had large property maintenance costs in August, which significant impacted the savings margin.
 

FrugalKaru

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#43
Consolidated results (4-month average) - breakdown of costs:

Right, so what were my biggest cost articles from May to August?

2017-10-07 21.27.04.png

* 58% - housing
* 15% - property refurbishment
* 8% - visiting home
* 7% - home improvement
* 6% - groceries & household chemicals
* 6% - everything else

(I record detailed cost accounts under each category, this is just a computer analysed high level view.)

How would you compare?
 

taffynoel

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#44
I see what you mean. My motivation is slightly different, I am trying to figure out my absolute minimum needs to see if I could stop working full time. The idea is to save the difference and invest it, and live (at some point only) from the savings/investments made. I've been saving for years, but never quite calculated precisely how much it actually costs to run my life. (It's needed when no pay is coming in.)

Setting a spending ceiling allows me to count on the total amount that I can invest. If you want to acquire assets without banks, this kind of reverse planning can tell you how many years you'll need to save money in order to own something outright. If too many, you'll need to increase income or change your plan.

You will see from August stats how managing assests can also be costly (cashflow sensitive). Luckily it happens once every five to seven years, in my case.

(7% for fees were mostly government services related, a one off charge. I was happy to pay it, as it could have been a much higher rate. Later on I recorded postal, banking and membership subscription services there as well.)

Hope I am making sense ;) Thank you for your kind comments, I enjoyed reading them. You have kept this site up and running for a long time. Well done.
Is it best to declare love outright or just say this is right up my street! Good work, I could dig out my own breakdown, which was very similar in structure. My categories were tax, personal investments (pensions,NI,real estate capital), overheads (interest aspect of mortgage, bills, insurance), motoring (sub divided, of course), food, living (everyday spending, gifts, holidays and hobbies) etc.

Before I lived on about 20% of my wage, saw 20% lost to the system and saved/invested over half.

Now I add 'baby' on to the list and just wince.
 

taffynoel

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#45
Ps did you ever work out a retirement age? It's quite simple to look at what cash you live on now to project pension income (spread out to the same level of income) so as to continue infinitum. In my case my private pension kicks in at 60 and later at 68(ish) my state pension. By the time I am 55 I'll be fully up on NI and my LISA will be nearly ready to mature paying me the shortfall from age 60-68.

It's also reassuring to see what my pensionable income is likely to be, having contributed 15 years and counting into a final salary scheme.

All in all I recon I can work 4 days a week from age 40, 3 from 50 then quit at 55. Or find a job I love and go it for fun (halving my salary will be a real option), once the mortgage noose has gone in a few years.

Or the wife wants a bigger place.

Or the daughter goes to uni (I'll probably retire then just to avoid the fees)

Or, I'll get mowed down looking at the Roamler app whilst crossing the road to enter Morissons next week,
 

Andrew

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#46
Ps did you ever work out a retirement age? It's quite simple to look at what cash you live on now to project pension income (spread out to the same level of income) so as to continue infinitum. In my case my private pension kicks in at 60 and later at 68(ish) my state pension. By the time I am 55 I'll be fully up on NI and my LISA will be nearly ready to mature paying me the shortfall from age 60-68.

It's also reassuring to see what my pensionable income is likely to be, having contributed 15 years and counting into a final salary scheme.

All in all I recon I can work 4 days a week from age 40, 3 from 50 then quit at 55. Or find a job I love and go it for fun (halving my salary will be a real option), once the mortgage noose has gone in a few years.

Or the wife wants a bigger place.

Or the daughter goes to uni (I'll probably retire then just to avoid the fees)

Or, I'll get mowed down looking at the Roamler app whilst crossing the road to enter Morissons next week,
Just before going to a ready meal check I assume? Haha
 

FrugalKaru

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#47
Ha ha, some good conversation here.

It's good to know not everybody has to work to pay the bills. I'm very much striving to reach that stage in life in about two years. Fingers crossed my planning assumptions are correct.
 

FrugalKaru

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#48
Update on 25/11

My Samsung phone died unexpectedly.. Luckily I had received a nice gift from DH a few weeks ago, a brand new phone -- so the loss was minimal, however, the app I used now syncs incorrectly. Need to sort it out before I can post again.