Hi, My name is Jordan and I have a drinking spending problem.
I have never been one for tracking expenses but I decided it would be a fun idea for a blog post and the results were downright depressing. I decided to use the last 30 days (May 25-June 25) for my research.
There were a few “one off” expenses for this month (Hot Water tank needed to be fixed at cabin, we opened up the cabin so had to do our annual big shop, and a good friend had a bachelor party & wedding).
Here is everything that came out of my account in the last 30 days:
30 Day Spending Tracker
The Good:
- Got my tax return back and used that to pay down Line of Credit & Pay off Visa
- Was still able to invest $950.00 (not including the amount I invest through my work plan)
- Lots of room to trim non essential expenses
- My “essential” expenses are under control
- Cell Phone & Internet will be reimbursed by my work
- Will get money from Massages back from my insurance provider.
The Bad:
- Paid $178 in interest on Line of Credit
- Cable bill still seems high even after cutting out Sportsnet World ($137.44)
The Ugly:
- $23.00 in Bank/Interac Fees
- $277.50 in lunches/beers (not including wedding or bachelor party)
- I’m an idiot and turned the break on at cabin before filling hot water tank which resulted in 2 elements needing to be replaced : $587.60
Summary:
Total money out of my account(s) in last 30 days: $7926.44
One off expenses(Bachelor Party, Cabin & Wedding): $1353.69
Essential spending: $1881.87
Since one of my goals is to have my Line of Credit completely paid off by the end of the year I expect each month the expenses out of my account will be fairly high until the debt is eliminated. I was able to pay off my credit card in full as well as reduce my Line of Credit balance by 5%. In the next 30 days I plan to pay down another 10% of the total L.O.C balance (potentially more if I start selling some of my Jets tickets this month).
Aside from my regular contributions (Mutual Funds & Work Funds) I don’t see myself being able to invest in anything for the next few months until I have paid off my line of credit. This upsets me – so I am going to try and supersize my savings and ATTEMPT to be as frugal as I can without going crazy for the next 30 days. I will post my results next month to see if I was successful. Wish me luck.
Moneymaaster 