plonkee money an english-er's thoughts on personal finance

January 3, 2008

where did my money go last year?

Filed under: budget — plonkee @ 12:00 pm

Whilst I was working out my net worth, it occurred to me that I could consider all the money that I made last year and try to figure out where it got spent. Note that everything below is approximate.

Income

Coming in to my bank accounts, in 2007 I had:

  • Job – £26,000 ($52,000)
  • Stock Option – £14,000 ($48,000)
  • Gifts – £1,000 ($2,000)
  • Employer Pension Contribution – £800 ($1,600)
  • Side Income – £650 ($1300)

A grand total of £41,600 ($83,200). Oh that is an awful lot of money, where on earth did it go?

where did my money go last year

Expenses

Tax

  • Tax & NI on Salary – £7,500 ($15,000)
  • Tax & NI on Stock Option – £5,500 ($11,000)
  • Tax & NI on Side Income – £140 ($280)
  • Council Tax – £500 ($1,000)

Loans

  • Student Loan Payments – £1,000 ($2,000)

Investments

  • Stocks and Shares ISA (like a Roth IRA) – £1,000 ($2,000)
  • Work Pension (DC – like a 401(k)) – £400 ($800)
  • (Useless) Stakeholder Pension – £1200 ($2,400)

Savings

  • Cash ISA – £2600 ($5,200)
  • Other Savings Account – £500 ($1,000)

House

  • Deposit – £10,000 ($20,000)
  • Fees and Moving Costs – £3,500 ($7,000)
  • Furniture – £140 ($280)
  • DIY Tools and Supplies – £350 ($700)
  • Rent – £2,250 ($4,500)
  • Mortgage Payments – £3,000 ($6,000)
  • House Insurance – £560 ($1,120)

Miscellaneous Bills

  • Phone (inc Internet and Mobile) – £550 ($1,100)
  • Gas and Electricity – £700 ($1,400)
  • Disability Insurance – £300 ($600)
  • Charity – £350 ($700)

Holidays

  • Brussels – £300 ($600)
  • Washington DC – £700 ($1,400)

Gifts

  • Total – £450 ($900)

Blogging

  • Total – £100 ($200)

Spending Money – this includes clothes, groceries and random stuff

  • Total – £4,500 ($9,000)

People that are handy with a calculator will note that I spent just under £6k more than I earned last year. The extra money was withdrawn from my savings and is basically the money above my stock options that I invested and spent in buying a house.

I’m not sure what I’ve learnt from this as last year was such an unusual year for my finances. I think that I need to track my random spending to see if I can cut it down (which I’ll be doing by using a cashback debit/credit card). I’m also planning to increase my savings and investment money, assuming that I get any sort of pay rise in April.

Would anyone like to suggest where I might like to spend my money in 2008?

Edited to add approximate US$ conversions 

Similar Posts:

If you like what you're reading, why not leave a comment below, subscribe to my feed, or check out some of my best posts.

Powered by WordPress