For a while now I have been fairly lax when it comes to tracking my expenses, and so now that my wife and I are living off just my income, we thought that it might be a good idea to get back to our financially savvy roots and get serious about working out where our money is going.

The whole thing was prompted by my wife and I discussing the prospects of getting a new house. There are a number of reasons why we want a different house, but the main point is that I needed to be confident that we would be able to handle the repayments on a single income. Now this isn’t something all that new to my wife and I. We used to be exemplary when it came to budgeting and tracking our spending, however, now that our mortgage is essentially gone and we have been living more or less debt free, the pressure to scrimp and save went away, and unfortunately so did our amount of effort.

The main thing I feel is that we have realised that what we were doing was unsustainable and now we are back on the bandwagon. This means that every single dollar that we are spending is being tracked. I bought a scone at work the other day for $1.20 – it was tracked. My little boy gets $10 a week into his savings account – it’s tracked. My wife bought a present for someone – it’s tracked. EVERYTHING is tracked so long as it is an expense and the money is coming out of my fortnightly pay.

What isn’t tracked is the money we make and spend online. I originally wanted to include this, but I don’t want to rely on that money being there when we have a new mortgage to pay. The way I see it is that any extra money that I make online will most likely be reinvested into further online activities so I most likely won’t see it. The other thing I am thinking is that if we can pay off a new mortgage with just my income, then we have plenty of spare capacity to make additional repayments by either including our online income, or having my wife re-enter the work force.


Where are we at now

Right now we have only been tracking for about 10 days (i’m writing this on Saturday the 10th) and already things are a little worrying. I’m not going to give exact figures of my weekly wage here, but let me just say that being only 10 days into May, we have already eaten up almost 33% of my last pay packet.

Take a look at the stats below (Note: We haven’t set a budget within this tool):

Tracking Spending

Pie Chart Spending

Expense Graph

As you can see, those bills are really eating into our bottom line. There was 1 big bill – our home and contents insurance, so hopefully by the end of the month things look a lot healthier. I will have to update you all in early June.


Wish us luck ๐Ÿ™‚