I have been tracking my expenses since I started working 2.5 years ago. However, I do not do any budgeting as I believe that both of us have inbuild "kiam" (thrifty/stingy) mechanism to prevent overspending and did not want to compromise too much on the quality of life. Hence, the yearly review is important (otherwise, it will be pointless to track them).
Looking back at my 2016 Expenses Review, at first glance I definitely did worst but I felt relieved when I dig deeper into the numbers.
There is a 9.06% increase in the total expenses as compared to 2016! Not surprising at all that wedding expenses came out to be the top. We paid off quite a significant amount of the banquet in advance when Citi had a credit card miles promotion for existing customers, selected/paid partially for a bridal + prewedding package and recently (last weekend!) just purchase our wedding bands over the Christmas weekend.
Regular readers would know that CZM and I have a mutual fund which we contribute monthly. Let me remove the expenses from our mutual expense fund (KPO Expense Fund) and those 1 time expenses such as Wedding.
There is a 14.01% increase in my total expenses! On the bright side, about 33% of the increase came from an increase in allowance which I give to my parents :) This amount will increase next year as I will be getting promoted!
Me
I spent too much on myself this year! I bought a PS4 when FF XV was launched earlier this year. That is like a childhood game/series which I must spend even though CZM keep scolding me for wasting both time and money. lol. I am waiting eagerly for Monster Hunter to launch! Hahahaha. Unfortunately, my Surface Pro 4 which has served me for 2 years was having some issues (vibrating screen after a few hours of usage) so I had to spend money to replace it. I ended up buying a Lenovo YOGA 720 laptop with 3 years warranty for about $2,200 a few weeks back. It has the latest Intel i7 8th gen core, 12 GB RAM and 1 TB SSD. For the same specs, the Surface would have cost me > $3,500 with only 1 year warranty! As much as I love the Surface, I had to give it up. Some other expenses include haircut - $38 for a year! Technically, it is $38 for 12 haircuts which cost about $3.17 per haircut (when you think $10/$12 haircut is cheap). lol.
Food
The expense for food is roughly the same as compared to last year.
Insurance
Clothes - I only bought a shirt from Lazada/Taobao during the 11/11 day for the whole year. Last year, I had to buy winter clothings for Iceland. Guys and girls work differently - guys like to spend on tech gadgets/games while girls spend on clothes/shoes/bags, etc.
Looking back at my 2016 Expenses Review, at first glance I definitely did worst but I felt relieved when I dig deeper into the numbers.
| 2017 | 2016 | % Change | |
| Wedding | $14,267.74 | $7,800.00 | 82.92% |
| Parents | $8,611.00 | $7,653.00 | 12.52% |
| Me | $4,891.55 | $3,517.79 | 39.05% |
| Vacation | $3,573.02 | $8,832.68 | -59.55% |
| Food | $2,795.25 | $2,729.01 | 2.43% |
| Insurance | $2,372.46 | $1,208.46 | 96.32% |
| Treat | $1,713.17 | $716.90 | 138.97% |
| Transportation | $1,182.64 | $1,307.47 | -9.55% |
| Gift | $992.77 | $2,539.04 | -60.90% |
| Credit Card | $939.90 | $715.12 | 31.43% |
| Entertainment | $372.55 | $195.94 | 90.13% |
| Health | $324.05 | $286.51 | 13.10% |
| Gambling | $185.00 | $135.94 | 36.09% |
| Other | $38.31 | $177.50 | -78.42% |
| Clothes | $5.19 | $942.08 | -99.45% |
| Investment | $5.00 | $0.00 | 0.00% |
| Grand Total | $42,269.60 | $38,757.44 | 9.06% |
There is a 9.06% increase in the total expenses as compared to 2016! Not surprising at all that wedding expenses came out to be the top. We paid off quite a significant amount of the banquet in advance when Citi had a credit card miles promotion for existing customers, selected/paid partially for a bridal + prewedding package and recently (last weekend!) just purchase our wedding bands over the Christmas weekend.
Regular readers would know that CZM and I have a mutual fund which we contribute monthly. Let me remove the expenses from our mutual expense fund (KPO Expense Fund) and those 1 time expenses such as Wedding.
| 2017 | 2016 | % Change | |
| Parents | $8,611.00 | $7,653.00 | 12.52% |
| Me | $4,891.55 | $3,517.79 | 39.05% |
| Food | $2,795.25 | $2,729.01 | 2.43% |
| Insurance | $2,372.46 | $1,208.46 | 96.32% |
| Treat | $1,713.17 | $716.90 | 138.97% |
| Transportation | $1,182.64 | $1,307.47 | -9.55% |
| Gift | $992.77 | $2,539.04 | -60.90% |
| Entertainment | $342.55 | $195.94 | 74.82% |
| Health | $324.05 | $286.51 | 13.10% |
| Gambling | $185.00 | $135.94 | 36.09% |
| Other | $38.31 | $0.00 | 0.00% |
| Clothes | $5.19 | $286.76 | -98.19% |
| Investment | $5.00 | $0.00 | 0.00% |
| Grand Total | $23,458.94 | $20,576.82 | 14.01% |
There is a 14.01% increase in my total expenses! On the bright side, about 33% of the increase came from an increase in allowance which I give to my parents :) This amount will increase next year as I will be getting promoted!
Me
I spent too much on myself this year! I bought a PS4 when FF XV was launched earlier this year. That is like a childhood game/series which I must spend even though CZM keep scolding me for wasting both time and money. lol. I am waiting eagerly for Monster Hunter to launch! Hahahaha. Unfortunately, my Surface Pro 4 which has served me for 2 years was having some issues (vibrating screen after a few hours of usage) so I had to spend money to replace it. I ended up buying a Lenovo YOGA 720 laptop with 3 years warranty for about $2,200 a few weeks back. It has the latest Intel i7 8th gen core, 12 GB RAM and 1 TB SSD. For the same specs, the Surface would have cost me > $3,500 with only 1 year warranty! As much as I love the Surface, I had to give it up. Some other expenses include haircut - $38 for a year! Technically, it is $38 for 12 haircuts which cost about $3.17 per haircut (when you think $10/$12 haircut is cheap). lol.
Food
| Lunch | $1,286.65 |
| Dinner | $869.21 |
| Beverages | $396.14 |
| Dessert | $105.30 |
| Breakfast | $84.00 |
| Others | $53.95 |
| Grand Total | $2,795.25 |
The expense for food is roughly the same as compared to last year.
Insurance
| Term - 1 Million | $854.00 |
| Early Cancer Care - 150k | $780.00 |
| Hospitalisation | $421.76 |
| MediShield Life | $316.70 |
| Grand Total | $2,372.46 |
Although the expenses from insurance were almost doubled (96.32%), there is no change to the coverage. I bought the term insurance and early cancer care late last year hence the full premium was not taken into account.
Treat
| Darling | $1,089.56 |
| Family | $488.90 |
| Colleagues | $75.23 |
| Friends | $59.48 |
| Grand Total | $1,713.17 |
Treat is when KPO pays for the food/drinks. The 138.97% increase in Treat is ridiculous but once I break it down, it makes more sense. CZM and family were the beneficiaries. In the past, when we go out, I would always split everything equally by half. That's why CZM gave me this KPO nickname. lol. Judging from the amount of food she has been eating, you know why she is called CZM.
Transportation
| EZ Link | $780.59 |
| Cab | $312.47 |
| Darling Cab | $89.58 |
| Grand Total | $1,182.64 |
My transportation cost has reduced because I took lesser cab :)
Gift
| Wedding | $440.00 |
| Ang Bao | $285.00 |
| Darling | $73.50 |
| Friend | $65.22 |
| Donation | $47.00 |
| Family | $46.75 |
| Colleague | $35.30 |
| Grand Total | $992.77 |
The Gift expense has reduced significantly because I bought branded stuff for CZM and my family when we went to London, Iceland and Paris last year. I only got them Hang Heung Lao Po Bing (wife cake/biscuit) from Hong Kong and Amanda Brownies from Bandung this year. What a downgrade. lol.
The remaining are smaller expenses which I will elaborate briefly without any breakdowns:
Entertainment - We watched more movies this year and have decided to stop using our university student pass to get discounted student rate movie tickets >.<
Health - Expenses from dental and GP visits which are fully funded by company benefits. I am tracking it so that I know what to expect in the event when the benefits are gone for whatever reason.
Gambling - Damn it. I lost more money in mahjong this year! As usual, CZM would say I drag her down and that I should quit playing mahjong.
Other - Tracking error/missing cash in my wallet. Paid for something but forgot to record in the mobile application.
Investments - IPO application fee.
I am estimating 2018 expenses to be much higher as we will be getting married next year + our honeymoon to the United States. We have only redeemed a one way ticket so far and I cannot imagine how much the whole trip will cost >.< With the increase in expenses in other areas, I guess the only area/category I can sacrifice is "Me". I will should be spending lesser on myself next year as I already have a lot of gadgets. lol.
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Hi KPO,
ReplyDeleteMonster Hunter fun? I've never tried that franchise before. Saw the title as an upcoming release on Steam.
Hi Unintelligent Nerd,
DeleteIt was fun back then. Hopefully it will be even better? But I realized I am past the age where I can play game for the whole day. Was playing Horizon Zero Dawn last weekend for hours and felt really dizzy after that. lol. There's the guilty feeling of time wasted too.
Wow, very detailed tracking of your expenses.
ReplyDeleteHi Sweet Retirement,
DeleteThank you! I am tracking every single cents that flows through me. This is probably possible because very little flow through. Hahahaha. Not sure how long I can continue doing this.
My gosh..your expenses are really really little! My wife alone easily spends 3 times of your total combined !!!!!
ReplyDeleteHi SGDividends,
DeleteWoah! 3 times?! I guess different lifestyle? I am currently still living with parents so my expenses are relatively lower.
Wondering if my expenses will increase by 2/3 times once I moved out in 2018/2019...
Enjoyed reading this detailed annual update.
ReplyDeleteI really think we have similar values and expenditure patterns. LOL.
All the best for the wedding and honeymoon preps!
Hi Stoical Keynes/15HWW,
DeleteI like reading your monthly expenses update too. Are you referring to the tech gadgets/haircut/movie ticket or really everything? Hahahaha.
Thank you!
Lunch $1,286.65
ReplyDeleteDinner $869.21
Beverages $396.14
Dessert $105.30
Breakfast $84.00
Others $53.95
Grand Total $2,795.25
I wonder how is it a couple can spend so little on food for 3 meals in 12 months??
Hi Kyith,
DeleteThe above expenses are just mine. As much as I want to track CZM expenses, it is impossible. lol.
As to how I can spend so little in 12 months is because I am still staying with my parents. Technically, I am only spending on 1 meal which is Lunch. Dinner is much higher than Breakfast because when I meet CZM/friends after work to catch up, it will probably be at some restaurant/cafe.
Hello KPO,
ReplyDeleteVery nice report on your expenses! I see some similarities between your spending habits and mine - although I don't have a girlfriend to pamper. :p
Anyway, I was wondering if you could share more details about your term plan for a million dollar coverage I am assuming. I have a similar plan but I'm paying much more than what you've quoted above, and would like to know more about this plan. Can drop me an email if it's too personal to reveal it here. Thanks in advance!
Hi Miss Niao,
DeleteYou are the one being pampered which is way better! Hahaha.
Not personal at all. My 1 million term plan is from Great Eastern Prestige Term without any rider. I am guessing yours comes with rider? Otherwise, a quick check on DIYInsurance shows that the premium for female (same age as male) should be lower.
Ah, can I know until what age is your term plan up till? It may be because of that which is why my premium is higher. :D
DeleteOh ya. There is the length of the coverage too. Mine is until 65!
DeleteOkay, that makes sense now. Mine is till 99! ^_^ 65 is still a sufficient age to have insurance till. By then you probably would have lesser dependants. :)
DeleteHi KPO,
ReplyDeleteHow do you keep track of the daily expenses? Do you key in each expense in a google spreadsheet or via an app?
Hi Unknown,
DeleteI am using a paid (~$5) version of the app called "Money Manager Expense & Budget". I have tried a couple of free ones and eventually decided to settle for this and even upgraded to the paid version.
Hi KPO
ReplyDeleteImpressive and detailed expense tracking I must say! You really go right down to the cents and dollars. I have two queries.
Firstly, could you share how you and your the other half agreed to the arrangement of going dutch during dating? I think this is interesting as most ladies would prefer males to pay for dates.
Secondly, where do you get $38 haircut for a year?! I also want! Hahah
Hi EzHuat,
DeleteThanks! Hahahaha. I guess it helped that we started dating back in school (being poor student, we agreed that we should go dutch except for special occasions. lol) and most importantly, our financial goals and mindsets are pretty similar.
It is called "Snip Avenue". One haircut cost $3.80 but they sell a haircut package for $38 that allows you to have 10 + 2 (free) haircuts which brings the cost down to $3.17!
Hi KPO
DeleteYou have a very good start to your relationship by laying down a strong financial foundation. Keep it going :) I must say it's not easy to find someone who has similar mindset financially. And thanks for the lobang! :D
Btw, your spending rate is very low. Do you have the feeling of not wanting to spend so that you can meet your saving goals? How do you manage such emotions?
Haha. Yeah, I know! Glad that we found each other :)
DeleteThe feeling of not wanting to spend... Hmm. The easiest way to not spending is to stay at home and not go out! Hahaha. Jokes aside, I think a lot of things are more of a habit (e.g. I always bring water bottle out and do not buy drinks with meals) and with increasing earning power, that feeling is getting lesser and lesser.