For the month of April I decided to keep track of my expenses. The results of my experiment are found here. Please note that the numbers are percentage of total expenditures and not a percentage of income.
I have a few observations and clarifications to make. First, transporation costs would be closer to 9 – 10% in a typical month; as I did not use my car in April. My savings includes short and long term savings – RRSPs, TFS (down payment for a house), and SPP contributions. Hygenic expenses and household expenses were included with groceries. Gift expenditures, although relatively low percentage-wise, were higher than a typical month as I had four birthdays to celebrate. Visa payments were also greater than average as I am going on vacation to San Francisco this summer. In any given month my clothing spendings would be around 4 – 5%.
I believe this to be an eye-opening experience, one in which everyone should engage in periodically (or regularly). I was surprised to learn how much money I did spend in a month. It is also a lesson in budgeting. I want to spend far less on restaurants in the future.