Mid year money review
3 min read
I can't believe the first half of 2023 has already gone by - that went by fast!
Given that we're already half way through the year, I wanted to review how I was tracking with my spending and money goals. This will help me understand what I'm doing well and improvements I can make to ensure I can achieve my goals before the end of the year.
Based on my spending dashboard, I can see that I've spent close to 30k this year which is insane. I'll be breaking down that number in today's blog.
How I spent my money 💸
Property was my biggest expense this year which added up to a whopping $15,627 - which is honestly a mind boggling amount on something which I can't do much to reduce or cut from my budget.
Expenses that fell in this category include:
🏠 Mortgages & Loans - $11,142
🧹Strata - $3,406.08
💡 Utilities (Gas, Electricity & Water) - $1078.86
Property Related Expenses
Family Related Expenses
Family related expenses were my second highest expense at $3,393. These expenses are technically optional, but I want to pay them since I have the financial means to support my parents.
🤑 Mum Spending Money - $1,800
🏠 Family Home Strata - $822
🍽️ Family Outings - $291
💪🏼 Mum's Gym - $240
📱Parent's Mobile Plans - $240
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Fun Related Expenses
I spent a lot more than I expected on fun related expenses, mostly from eating out because I love trying out new food. I also bought some clothes from the end of the financial year sales, and invested in a colour consultant for the experience and to refresh my wardrobe.
🍽️ Family Outings - $1,624.58
🛍️ Clothes Shopping - $261.01
🌈 Colour Consultant: $325
✈️ Souvenirs - $52.16
🤑 Other - $24
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Self Care Related Expenses
I've neglected my health in previous years in an attempt to save money, but it's come back to bite me recently in a string of health issues. I've intentionally spent more money to put myself first so that I can catch up on all the lost time and to become a healthier version of myself.
💪🏼 Personal Trainer - $1,500
🏥 Health Insurance - $672.06
🩺 Doctor Appointments - $84.24
👓 Glasses - $111
🧴 Other - $33.75
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Everyday Expenses
My everyday expenses weren't too bad at $2,219.09. Most of the money went towards my groceries and I was able to reduce a lot of my train fare since I mostly work from home and only go into the office 1-3 times a month.
🛒 Groceries - $1,235.91
🚃 Transport - $672.88
🎁 Gifts & Presents - $131.74
🎶 Subscriptions - $88.56
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Study & Career Expenses
I always try to upskill myself outside of work through further education in my role, as well as my side hustles.
🛒 Business - $231.48
🚃 UX Research Course - $888
What. a. year!
This has been a spendy year, and the numbers didn't include the money that I spent for my investment property which was close to $45k since that is a once off expense and the intention of this review is to understand my day to day spending habits.
Overall, I spent 57% of the money I earned, and most of it went towards my "needs". I could cut down of my "wants" but I still want to enjoy the present, so I'm hoping to find ways to increase my sources of income instead.
How is your 2023 spending going so far?
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See how you're tracking this year and get on top of your money today
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