My 2018 Average Expenses A Month Is About S$4,000!

This post is a review of my expenses for the year.

As you may have known, I have started to track my expenses starting June this year, and it allows me to have a look at what I spend my money on and where to plug the hole.

To track my personal expenses, I’ve been using this app called Spendee, which I personally recommend – super easy to use and it’s free. You can read about my first expenses report here.

Here are the expenses summary for the year of 2018.

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The total expenses by month:

  • June: $3,293.17
  • July: $4,099.51
  • August: $2,910.02
  • September: $2,895.73
  • October: $4,886.65
  • November: $3,355.82
  • December: $6,529.97

Average spent a month: S$3995.84

My biggest expenditure are in the following category: mortgage payment, followed by rental, and then miscellaneous expenses, which pops up every month. For the month of July and December, the expense in the “others” category shot up due to unforeseen expenses needed by my family in Kuching.

Since tracking this, I realized that my expenses are very high, and with the average spent of nearly S$4,000 a month, I will need to reduce my expenses as much as possible in the new year, as the partner and I are looking to contribute a monthly sum to our joint account to prepare for our future wedding and house.

For 2019, my insurance payment will be lowered as I made a switch over from whole life to term life and made a full annual payment to it in October this year. My mortgage and rental payment unfortunately will still be the same for another year before i can make some adjustment to them. What that means is that, to reduce my expenses, I will need to control my miscellaneous expenses as much as possible. Including the mortgage and rental payment, I will aim to keep my expenses to S$3,000 a month.

Let’s see if that is possible.

“Those who attend to small expenses are always rich” – John Adams