Our 2014 Expenses

(Comments)

As Mr. Money Mustache has done since he started his blog I am also putting out there our expenses for the past year.  With this report I have gone through our year and moved some of our special purchase from our overflow budget area (retirement savings) to their respective budget categories to better reflect how much we actually spent and where the money went.  During the year sometimes we would discuss a purchase that we wanted and would just categorize it as Retirement to spend the money from there.  Towards the end of the year I stopped doing things like that and instead would move the allocated amount around.  Our goal is to better understand where our money is going.  We budget as a plan of where money will go, and to help restrain our impulses slightly, but it doesn’t control us entirely.

Category

Total

Comment

Household Items

$14,151.76

Interest

$7,047.11

Insurance/Tax/PMI

$5,796.78

FHA loan

HOA

$1,304.08

Other

$3.79

Not sure what this was for, but it was filed under mortgage

Supplies

$789.33

Toilet paper, razor blades, laundry detergent, etc

Clothing

$750.04

Keeping 2 adults clothed and winter gear for us tropical folks

Personal

$9,798.14

Dream

$3,917.03

Includes installing French Doors for about $2k

His

$2,556.42

Hers

$2,284.44

Fun

$1,040.25

Vacations, including eating while on vacation

Food

$5,581.18

Groceries

$4,220.11

Restaurants

$1,361.07

Utilities

$3,478.03

Gas/Water/Electric

Utilities

$2,114.55

Water here is very high, at $120+ a month with $100 of that as base fees

CallCentric

$28.40

VoIP line I keep active, useful for filling out internet forms with phone numbers that start spamming me

T-Mobile

$1,335.08

I pay for 5 people at $108/mo

Car

$1,746.61

Gas

$856.30

This included weekly trips to a city 30mi away due to a family situation which is now resolved, also includes bus passes

Maintenance

$890.31

This includes all my biking gear including rain jacket, bike trailer, and car tune up

TOTAL

$34,755.72

Less Mortgage

$9,945.50

Still paying property tax and insurance

Less Dream

$3,917.03

Less Personal Funds

$4,840.86

Less T-Mobile

$735.08

Assuming we found something for just the two of us at $50/mo

Less Frills TOTAL

$15,317.25

This is a very exciting time to reflect on these numbers and to note where we expect improvements over the next year.  The Dream fund may still be high for this year with plans to repaint the house which is now around 8 years old.

His and Hers funds should come down drastically this year.  They included the purchase of a racing bicycle for recreation (already logged 700+ miles), and some cast iron pots and pans used daily in cooking.  We try to stick with a $100 a month each fund  With this we expect instances of eating out to fall, with a slight increase in groceries.

Interest payments will be smaller, and if plans go well should be cut in half after the refinance from a 30 year FHA to a 15 year conventional.  This is after just over a year of having moved into this house with 10% down.  As many first time house buyers the process for purchasing and financing was a wild ride, with refinancing we are much more aware of our options.

This goes to show that Mr. Money Mustache is the real deal, people can make it on these small numbers and live full luxurious lives.  There’s always more that we could do, like getting rid of the car, or downsizing our luxury 1,800 sqft 3 bedroom house.

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