When you focus on something, it will improve. This was the case for my budgeting in 2018, I ended up 2018 achieving a 40.5% savings rate:
- I started the year at $37,668.67
- I earnt $70,243.90 after tax and saved $28,556.16. From this figure:
- I cashflowed a $17,405.00 car purchase
- I cashflowed a $3283.27 additional tax bill
- I saved $3202.65
- I put an additional $4665.24 into my superannuation
Below are my expenditure break downs for the 2018 year.
Car – $18,331.04
If you would have told me I would buy a car in 2018 I wouldn’t have believed you. With my new promotion a car was required. I feel proud that I managed to get to 31 before purchasing my first vehicle!
House expenses – $14,797.45
Almost $2000 more than in 2017 due to moving to the Gold Coast and the expense of renting a furnished place on my own. I’m moving into a furnished studio in Brisbane at the end of January 2019 and am hoping to purchase my first property in 2019.
Health – $5,937.06
I have health insurance, pay for medication for my Crohn’s disease, pay for Yoga, have regular dentist visits, skin cancer and breast cancer checks and I also see a psychologist.
My costs for this area are about $500 more than last year, I think this is due to breaking my back in April 2018 and the costs associated with this.
Superannuation – $4,665.24
I’m lucky enough to work for an institution that provides its employees with 17% superannuation on top of my wages. I put in extra money each month into my superannuation as well
Tax – $3283.27
I paid out a large tax bill this year.
I spend more at restaurants than I do on groceries. This is something that is important to me, I enjoy meeting friends for brunch and dinners and typically have brunch out on a Sunday and dinner out on a Saturday.
I’m proud to see I spent about $250 less in this category than in 2017.
Holidays – $3,169.86
This was significantly less than usual. I went for two trips to New Zealand, in June for my Grandad’s 90th and in December for Christmas with my family. I also went to Port Douglas for four days for my birthday in July.
This category covers Uber and public transport costs and is about $500 less than in 2107
I meal prep most of my food each Sunday. My goal has been to go my groceries for $40 a week, this figure clocks me at $38.56 in total for 2018.
It is important to note that I didn’t buy groceries for half of November and December due to boarding at a friend’s house on the Gold Coast.
I plan to continue with this challenge in 2019.
Giving gifts is important to me and I enjoy the process of choosing gifts for friends and family.
I go out and have a drink or two because I like to and also because I’m single so it’s how I meet most people from various online dating sites.
Charity – $1500
I over doubled what I gave to charity in 2017 ($687.29) and it’s my goal to give $3250 to charity in 2019.
Over time it is my goal to give 10% of my after-tax income.
Fun – $716.57
This section counts for things like movies, concerts, things I want, days out and courses, the below photograph shows a sewing course I did one Sunday.
Coffee – $707.87
Some people talk about cutting coffee as an essential when budgeting but I think you need to keep what is the most important to you. I really, really like bought coffee and it makes me feel really happy so the coffee stayed for me within my budget.
This figure is based on just coffee when bought as alone, and for my coffee subscription with Urban Brew. It would have been a lot higher if I had counted all the coffees I had purchased alongside by brunch each weekend. All my brunches were categorised in the Restaurant category.
I have two bicycles, a road bicycle that I use occasionally for recreational cycling and a commuter that I use each day to get to work, get my groceries and generally get around the place.
Some money towards career based coaching, I prepaid my 2017 coaching in 2016.
You can check out my article for the best Australian mobile plans I found in 2017. I will revise this information in 2018 before I update my phone prepaid plan.
I went to India for work in November 2017 which really opened my eyes to the amount of work that goes into producing clothing.
My goal for 2019 is to get my clothing repaired or second hand and if I am purchasing new clothing to pay attention to where my new clothing is coming from by using my Good on You ethical shopping app.
Bank fees $8.20
Bank fees from my Westpac account.
My biggest sources of pride include my groceries spending, my clothes spending and my increase in charitable giving.
2018 was a year where I decided to focus and work hard: professionally, financially and personally. I felt my lack of holidays and breaks when I reached New Zealand at Christmas time.
In 2019 I will be taking some more breaks.
How did your budget go in 2018? What sorts of expenses matter to you?
The Economiss is a single, female, millennial on a mission to buy her first home in Australia. A Kiwi by birth, she jumped over the ditch in 2011 after she finished her tertiary qualifications in search of employment. Between 2011-2016 The Economiss worked, saved and travelled across ten different countries and completed another degree. In 2017 The Economiss started super charging her finances, saving over 32% of her after tax income towards her house deposit as well as cash flowing four overseas trips. In 2018 The Economiss decided to share her journey rewriting the narrative around millennial finance and saved 40.5% of her after tax income. Do you have some tips to share or want to be featured on the blog, please get in touch!