It’s been a busy few weeks, and recovery from my Stag Do is taking longer than expected! But,I’m finally getting round to writing up my spending for April.
So, here it goes, my April Finances.
It looks overly complicated, and it probably is, but it works for me. As seen in my post on my budget, I take those items listed and track against them what I spend in the month. This is an ongoing process so at any point I can see how much of that budget I have left. Whilst the detail is all there, I won’t bore you by going through line by line, but I’d be happy to answer any question on this. I love a spreadsheet, I know it’s not everyone’s cup of tea.
In summary, line 92 of the spreadsheet tells me that I overspent on the month by £294.92, ie my investments pot was this much smaller than forecasted. This can be attributed to a few main items.
£149.09 on house maintenance / furniture / appliances. This month we bought a timber chest for our living room and I also bought materials and built a log store. The materials for the store came in at £84.09, which was cheaper than buying one from a chain DIY store at over £100. Plus, it enabled us to have a bespoke size that suits our needs better. To be honest, it felt pretty fucking awesome to make something with my bare hands.
I ate out a lot this month, and overshot by £137. Wowza. This is one was most disappointing as my lazy, spendy days crept in at the end and had a huge impact. I knew at the time I was overspending, and just went right ahead anyway. Refocus.
Overall, I managed to save 36% of my income, however some of this was towards emergency fund, holidays and gifts. The total percentage only including investments and mortgage over payments was 24%. As you can see, I still have to transfer £254.26 to my investments, so in reality that percentage would be higher. I hadn’t transferred this because of cash flow, ensuring that I didn’t slip into overdraft with overspend. This goes against the consensual advice of paying myself first, and living off what’s left. I feel like my budgets are pretty tight, therefore overspend is expected. Leaving this to the end of the month keeps me safe from the extortionate overdraft fees. Or is this just my excuse to overspend (slaps self on wrist).
Next month I will be trying to pay myself first and see how that goes.
I have a monthly spending analysis alongside this so I can easily compare to each past months spending and also calculate an adjustment for my monthly FI Spending. This basically excludes any work related costs and my mortgage. I have no clear plan yet for paying off my mortgage by my FI date, but who said my plan was perfect?
Let me know what you think, and if anyone wants to see more detail on how I manage tracking expenses, what’s in each item, net worth etc, I would be happy to share.