Here’s how much I spent and saved in 2017
2017 was really smooth in terms of our shared finances. We’ve come up with a system that works perfectly for us, in that I can be as detailed with my money management as possible, while RD can learn as much (or as little) as he wants to learn, while knowing that all the bills are being paid (and we’re even saving a little bit in our joint accounts too!).
Related: How I saved 50% of my income in 2016
Last year was the first time I’ve done a spending recap before, but since the numbers continue to be easy to extract, I’m going to keep on with the trend – and now I’ll get to compare 2017 data with 2016, which makes me extra excited. :)
What I spent in 2017
Note that the lines in orange are expenses that we share 50/50 – and the numbers you see below are my portion of the expenses.
I had seriously grand ideas of spending less than $30,000 in 2017, but then life got in the way. Just looking at the chart, I can see exactly what I bought that put me over budget, as well as well above what I spent in 2016. It’s not horrible, but it’s really not that great either.
Related: Here’s how I spent $34,700 in 2016
Now, just for fun, let’s compare what I spent in 2017 with what I spent in 2016:
(Rent/Mortgage, Utilities, Strata Fees, MSP, Insurance, Cell Phone, Internet)
Everything looks about normal. I’m super proud of lowering my Shaw internet bill though, saving me $105 from last year. Not that it mattered in the overall scheme of things, haha. It was just a one year price, so I’ll have to call again in the next few weeks to see what else they can do to keep me. There’s so much competition now that even if they can’t give me the promotional rate again, we can just go to another company with pretty much zero issue.
(Food, Household, Entertainment, Clothing, Travel, Car/Transportation, Personal Care, Fitness, Gifts)
Ok it’s not that bad. I mean, if you take out the $4,500-ish that we spent on closing costs and moving into our condo, my total spending was almost exactly the same as in 2016. Moving is not cheap, and those expenses include hiring movers, buying new furniture, painting, and pro-rated property tax for the year. So, actually that makes it a lot better.
The cat was more expensive than I thought it would be (her costs are in the Household section of our budget). After our initial start-up costs (which weren’t that cheap), I’d say we spend about $100/month on her food, litter, treats, and toys.
I’m embarrassed at how much I spent on Entertainment and Clothing though. I bought a winter coat, so that took up at least 40% of my clothing budget, but Entertainment? That’s a lot of money spent keeping me entertained during the year. I guess 2 or 3 film festivals, a couple concerts, and a few dinners out each month would do it. I seriously want to cut this down in 2018.
Other than that, my spending looks *fairly* normal. My cell phone was over budget a little bit because I bought a roaming package when in Portugal.
What I saved in 2017
Overall, I saved 45.4% of my income in 2017, and increased my net worth by $47,645. I think I would have been able to save more throughout the year (because my savings rate is 4.6% less than 2016), but we are putting down more towards our mortgage than necessary. This helped me increase my net worth, but didn’t do anything for my bank account. :)
Speaking of the mortgage, you may recall that our purchase price was $468,000. We had a down payment of $115,000 which meant our mortgage was $353,000. After the first 6 months of payments, our current mortgage balance sits at $345,700. I’d like to be more aggressive with our mortgage in 2018, however I think our wedding might get in the way of that. More to come about how the wedding will affect our budget and spending in the next 8 months.
And that’s it! Any questions?
Was 2017 what you had expected financially?
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.