Do you analyze your spending?
By maezee
@maezee (41988)
United States
January 14, 2011 10:59am CST
As part of my New Years Resolution of 2011, I've been trying to cut back on my spending in all unnecessary categories - fast food, shopping, dry cleaning, coffee, cigarettes, etc - so I can put it towards the debt I have and save up for my summer Las Vegas trip (for my 21st). Anyway, I got my bank statement in the mail from December and it took me about an hour, but I categorized all of my debit card usage into: shopping, fast food, ATM $$, gambling, dry cleaning, bills, etc. I found that I made $1,700 last month (blah) and only $700 of that went directly to bills. Among that, I spent $150 on fast food (YIKES!!!), and over $500 on shopping (this includes my new $200 Polaris jacket though..As well as some Christmas shopping). It's shocking when you add up the numbers. I realized that these are the two categories I need the most work on.
I also spent a lot on coffee, at the ATM (for things such as gambling, bingo, booze) and a lot on gas and cigarettes too. Doing this has actually helped me a lot in realizing where all of my money goes. I think I will do it next month, too when I get my statement (for January) and hopefully see improvements.
Have you ever analyzed your spending?
Where are your "problem areas"?
14 responses
@concept001 (430)
• India
14 Jan 11
Every time when I am behind my debts I make a resolution that I will cut back and analyze my spendings but I never do this. But your discussion has inspired me and today I will analyze my spendings. You are correct that we spend our money on lot of useless things which are even harmful for our health. I spend lot on smoking. So, for me my new year resolution is to quit smoking first. Thanks for starting such a discussion.
@juniorstringbean08 (455)
• Philippines
14 Jan 11
hi there.
yes, i always try to analyze every money spent and i always keep my receipts to compute my monthly expenses. i do spend a lot and find it very uneasy for me to save money. my weaknesses are shopping for clothes and shoes and most specially FOOD! o right then after having to spend all the money i've got, i regret everything and thought of things i must buy for the future use, and i just want my money back but it's too late and i can;t just do something about that. i rarely save money, less saved, a lot more spent! this must be a disease perhaps? hopefully i could see improvements too by this year. see you around friend!
@cutepenguin (6431)
• Canada
15 Jan 11
We have already gone through this stage, and really cut down on most of our expenses. Our problem was the years we went through where we just weren't making enough money to make ends meet. We need to keep being careful this year so we can pay off the remaining bit on the credit cards and get a car.
Ooh, but we still do have an area to cut back in - our cell phone bill was really high last month.
@jwfarrimond (4473)
•
15 Jan 11
A couple of years ago I set up a cashflow on excel for my personal finances. This has allowed me to accurately track and forecast my income and expenditure up to a year in advance and has certainly allowed me to avoid getting into debt again as I can see right away how any given outgoing affects the ballence for months in advance. It has been and continues to be a very valuable tool for micro-managing my finances.
@megamatt (14292)
• United States
15 Jan 11
Yes all of the time. In fact I have really done it for years. The thing is, I don't really like spending money when I don't have to. Therefore, there are certain areas where I just avoid even looking at, because I know they represent temptations that could really be something that could eat a large chunk out of my bank account and I really just avoid them.
Of course, the best way to avoid spending money is to put back the money that I do make, with perhaps a small amount for spending. That money technically does not exist. Unless there is an emergency, but other than that, it is out of sight, out of mind, and all that stuff. There are times where I might spend a bit too much on food or electronics, so got to scale back and look for deals or be creative with stretching every dollar.
@chinoxads (255)
• United States
17 Jan 11
I have been analyze it, but when you have babies is very difficult, because of the diapers, babies care stuff, medicine, clothes (because the grow very fast) the house supermarket spending, electricity bill, phone, etc. and not to mention that the prices of the things raise too much and the salary stay the same.
@aprilsong (1884)
• China
15 Jan 11
Hi,nice post, because in this high prices period, we need try to live economically and spend wisely.
I think i need to learn how to invest in the new year. You know, the inflation rate in china is so high, which makes our savings in banks shrink day by day. I remember clear in 1980, when a family got 10000rmb, we called it was a rich one. But now, 1 million rmb for a household is so common, especially for the offcials who got too many chances to get grey incomes.
Of course, i will refrain from buying those things i don't need very often. Try to buy online to save more money. Try to keep healthy, so can save medical costs.
@housechaos7 (609)
•
14 Jan 11
I also need to cut down and the way you say is a great idea and a major reality check on money spending to I also save every reciept because all small amounts add up that are spent in cash that isnt always accounted for like i had 200 reciepts all with between £1 and £3 spent within a month and the tital i spent was £186.00 i was amazed.
@thaMARKER (2503)
• Philippines
15 Jan 11
that's why i don't list down what i want especially when it's almost payday. hahahaha.. i'd be more than shock and might be disappointed 'cause i cant buy all of it.
i spend much for my hygiene. i make sure i'm not going to be out of shampoo at the end of the month or toothpaste.. i don't stock food in my room, only coffee so i buy packs for that. i eat outside and i guess it's a problem 'cause where i work, i can't find cheaper meal.
i don't like shopping though i get happy when i buy clothes but i hate walkin and lookin for some particular item that i like. when i buy clothes, i'm not picky with designs and brands. i like sandos/tank tops, and you can get it for less anywhere.
@babytaffster (2232)
• Chatsworth, California
14 Jan 11
Yes, but sadly though I don't spend alot of money at once, I spend it on useless crap and it all adds up.
@ebuscat (5935)
• Philippines
15 Jan 11
For me yes because you don't need to analyze more in your budget.
@bounce58 (17387)
• Canada
14 Jan 11
I mentioned in one of my recent responses to a discussion here that I have a spending spreadsheet that I regularly maintain. I started it out in October of 2005, and I have recorded all my spending, bills, and income on that spread sheet. It helps me budget, and warn me when to tighten the belt a little bit.
My problem area is the 'extra' that gets spent on weekends with kids. It seems that no matter how I budget for it, I always end up spending more.
@snowhybiscuis (1882)
• Philippines
15 Jan 11
I have to cut on my taxi fare. If I can save from that, I may be able to buy a car already.
Like you, I am also a coffee lover. I limited my visits to Starbucks by just doing it at least once a month. I just resort to instant coffees.
I have lots of things that I wanted to buy. So I guess I have to learn saving so I can purchase those things that I really want to have.
Happy mylotting.
@vamship (132)
• India
15 Jan 11
hi maezee,
so many times i thought to control my spendings over outside items but i cannot control a bit whenever i thought that it will be in my mind for only few time,
i cannot control that spending
i feel that let it go....:):):):):)
happy mylotting.............
