So, I tend not to complete my review Jan - Dec, but prefer to tie things up Dec-Nov, so I can plan for the coming year. December can be a bit of a limbo month between the two.
Providing I have marked everything up correctly, then my budget worked out as follows:
Food and Drink: 12%
All in all, not a bad year. It would be handy if MD could split my Savings/Investments/Expenses proportionally against my income so I did not have to adjust the figures to work that out, but it is showing me some interesting trends and it is a free tool after all.
This year has been a little different, and because I feel that I have been lucky and relatively unaffected due to my ability to work from home. I have however ordered a lot more food than I would normally expect from local cafe’s, bars and restaurants with the view that I am helping them keep going as walking past you can see they are mostly empty shells of what they used to be. This is clearly visible in the numbers by the fact I spend 12% on food and drink, yet only 7% on groceries.
I also think I have been slightly wasteful of food, so I have started my own food planner as well. I have not included pension contributions in these figures, as I changed jobs during the pandemic, and they take my contributions out of my salary before I get paid. I also left before my annual bonus period was up, so lost out on some income there, but cash wasn’t my driver for changing jobs - career progression was.
I think I need to revisit some of my spending. I read a lot of articles on FIRE, and budgets - the 50/30/20 rule I rather like. 50% on needs, 30% on wants, and 20% on savings. My bills and groceries probably fall under needs, so that’s 35%, Wants are 31% and savings 34%. In that sense I have mostly tipped what I have not spent as needs to savings, but I think my wants are too high. I need to drill down on the numbers more to work out where I need to look at.
I’ll add to my post once I’ve done some more analysis - probably on how to cut down on take aways(Food and Drink), and the meals I will replace them with going forward.
How has everyone else found this year?