Published on: 2021-01-01
Similar as last year (in French), here is a review of spendings from 2020. I used You Need A Budget to maintain data accurate.
- Savings : $23 241 - Include a $1594 one-time transfer from another account after selling the first MacBook Air and other stuff.
- Phones : $292 - As planned.
- Electricity : $280 - Less than planned.
- Internet : $251 - Less than planned.
- Food : $10 802 - Way to high!
- Car : $1 910 - In free fall, super low costs!
- Pet : $700 - Stable, but $432 is linked to the death of one cat.
- Technology : $1 989 - One MacBook Air M1, one used iPhone 7, one Kobo, a modem, 2 batteries, 3 ebooks, Netflix (3 months), iCloud and a Lightning adapter. Doesn't include $1100 from the sale of the first MacBook Air.
- Housing improvements : $2 134 - Declining, even though we had some large purchases (mattress, kitchen table).
- Pharmacy : $1 344 - Too high.
- Personal care : $390 - Great improvement.
- Sport gear : $969 - Goal was $1 000, success! Purchase of: a bike ($850), a replacement tire ($40), a Bbee 11 backpack ($44) and other minor things, plus the sale of a bike rack ($65).
- Clothing : $2 060 - Stable.
- Child : $898 - Does not include sales in cash that would lower the expenses.
- Vacation : $362 - Mostly restaurants/treats while driving around with family and other small expenses.
- Restaurants : $588 - Major reduction compared to 2019.
- Mortgage : $30 968 - One more payment than planned.
- Strata : $5 332 - Increasing.
- City taxes : $1 635 - Higher than expected.
- House insurance : $485 - Prorated, controlled increase.
- Gym : $52 - Memberships cancelled in March.
Total spendings of $63 441 without the savings.
On incomes of $92 093, savings then equal 25%, on which we need to add 26% from the equity built on the mortgage ($24 000 estimated, inflated with the reduction on prime rate). Thus, the total saving rate is 51%.
Compared to 2019
When comparing with last year's review, we were able to reduce:
- Phones: -$177
- Car: -$1778
- Pet: -$35
- Home improvement: -$679
- Pharmacy: -$819
- Personal care: -$1995
- Sport gear: -$1275
- Child: -$143
- Vacation: -$738
- Restaurant: -$394
- Gym: -$220
- Total reduction: -$8253
But, we spent more money on:
- Electricity: +$9
- Internet: +$251
- Food: +$2360
- Technology: +$1856
- Clothing: +$248
- Mortgage: +1238
- Strata: +$1314
- City taxes: +$131
- House insurance: +$158
- Total increase: +$7565
Then, we basically saved $70/month, even though many increases were out of our control. If we don't count the extra payment on the mortgage, it is $173/month in reduction. Imagine if we were able to cut our crazy spendings on food.
Also, savings were reduced, but mostly because we haven't invested all the funds in 2020, preferring to have a security fund since we had a leave without pay.
See Planning 2021.