Dec ’17 Income and Expenses

So December finished early for me as I got paid before the Christmas break – great for Christmas, painful for January! The remnants from November hit as expected, however because of when I collected some of the food, some of the Christmas food will hit me in January rather than this month which makes it a little less painful in that sense. Ultimately I still have to pay for it though!

Income

So all steady on the western front here. Same old salary dropped in and a reasonable income from my other half’s ISA. Steady as she goes. Really isn’t anything more to say about this given my lack of other income streams.

Expenses

So, lets take a look at this, should be good for a giggle if nothing else!

Item Notes Amount
Things I choose not to avoid* Mortgage, Insurance, shared bills etc. – yes, we could move somewhere cheaper, not have insurance, reduce our bills a bit and so on, but we are where we are. 37%
Groceries All the food and other stuff needed for home 6%
Alcohol for home Home alcohol consumption only 0%
Bicycles / Car related Any costs related to either the bikes or the car 1%
Alcohol Out Generally, its the pub…. 0%
Eating Out I include purchased lunches in this as well as meals out etc. 2%
Other My catch all for anything I may have missed…. 6%
Holidays Any spending related to holidays, flights etc. 6%
Savings Anything left over! This includes money into ISAs, mortgage payments and non relief pension contributions. My company pension comes out before it hits my bank account so isn’t included, nor do I include the “top up” of money when my money goes into my personal pension (i.e. I put in £100, I register it as £100, not the £125 that gets credited in my pension) 42%

So there we have it. My general “don’t do anything about” stuff is steady helped by a reduced transport budget.

Alcohol, both at home and out was minuscule this month as it’s the festive season so a number of the evenings out were covered on expenses – what a nice result and some cheer! The rest was stuff I bought in previous sales etc.

Groceries were higher than normal, but it is the run up to Christmas.

Other was the catch from November so not unexpected.

Holidays – I booked a couple of nights in a hotel for a break and some rest, and did me the world of good. Unplanned but never mind.

Savings rate was an incredible 42% – I ran down some of my cash flow fund but my investments remain ongoing, and in fact I put a little extra into the GTP ISA (more on that in the update to come).

So overall I am really happy with the strong finish to the year!

How was your Christmas break, did you manage to keep control of things in December?!

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Author: fireinlondon

Fighting the high cost of living in London

5 thoughts on “Dec ’17 Income and Expenses”

  1. Happy new year!

    I’ve had the ‘advantage’ of being ill since the 27th so very little spending for Xmas. after struggling in to work two days this week have admitted defeat and decided to have a proper days r and r to try and shift it.
    Not the best start to the new year but hey ho. Counting the days until my bonus drops into January salary/pension contributions which will be nice to see.
    My goal for this year is to do a bit less so I can put a bit more money away. The main problem I’ve found with an increase I disposable income isn’t buying stuff it’s saying no to things like holidays gigs festivals. I do t want to cut away the chance to make memories but do need to pick out the stuff I really want to do more I think

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    1. Hi FBAB,
      Happy new year to you too! Not sure it is an advantage but I guess it does reduce the spending, I hope the R&R has helped you recover fully now?

      Ah nice – the bonus dropping in is always a good thing and gives you something to look forward to, sadly mine won’t drop until March, assuming I get one (I should find out this month).

      Yes – as your income goes up it becomes very easy to spend it (trust me, I know that one!) and to then dial it back becomes very tricky. That was my thinking behind the GTP ISA – by moving my salary into the ISA, and mentally allowing myself to spend the dividends (I haven’t yet but that isn’t the point!), means I can start to create a sustainable fun fund, whilst still keeping my savings rate high. It’s a sacrifice for a while, but it does work wonders. I have the same with my other half’s ISA where I put funds in as well, it’s taken a couple of years but now it is really showing why it was worth it!

      All the best for 2018,
      FiL

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  2. Happy New Year! I want to be more motivated this year, last year was a tad flat and I think I let a lot of the outside world events bring me down and practically suffocate me! Hopefully with a more positive mindset I can make more inroads into my FI journey and generally live a warmer life! I look forward to reading about what your NY resolutions will be.

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    1. Hi Mrs. Chai,
      Happy New Year to you too! The outside world can have a very detrimental affect on you – over the last year or so I have greatly reduced the amount of news and papers that I read these days and despite saving all this time I still find I am able to keep up with the news and what is going and discuss with people, but it can drain on you!
      Definitely take a positive outlook – I have got more positive over time as I have seen my FI funds grow far greater than I expected. Stay strong, setup a direct debit to those investments and life just gets better!
      Cheers,
      FiL

      Liked by 1 person

  3. A savings rate of 42% is something to be applauded, even more so during December-well done! Currently suffering slightly from an expensive December but not long until payday!

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