It’s the time of the month again where I share my expenditure in the previous month (August 2020 expenses). I just started tracking my expensesin July 2020 and you can read all about it in this post.
For this month, I managed to achieve my target set for the month. So join me in this MELEPAK session where I share where my money goes last month. Hope it will inspire you to start tracking your own expenses. Without a do, let’s start this MELEPAK session.
August 2020 Expenses: How Much Did I Spent?
Well, my target for August is to not spend more than $3000. And I am glad that I managed to achieve that. (Alhamdulillah *pat on the back*) I spent a total of $2927.82!
Similar to previous months, my biggest expenditure is on my family ‘allowance’. I set aside $500 and $300 for my mum and dad respectively every month. The remaining $124.53 is for my lovely wife, Kay. She doesn’t need the money as she is working too. Thus the insignificant but meaningful amount for her every month. Check out my July 2020 expenses to know what it means. (Warning: It is a little mushy =p)
The next big thing is my investment with GE. I signed up for Great Eastern Wealth Advantage to diversify my investment. Every month, I am paying $830.50 for it. You can check my review on Wealth Advantage in this post.
Significant Different In Expenses?
Well, if you compare my July 2020 and August 2020, you would notice a different category – Shopping. Yes, I seldom goes out and shop on clothes for myself. But in August, I can’t resist buying 2 pants for my work. It is after all on sale due to National Day and is on 50% off.
In addition to that, there is a significant drop in expenses for ‘KIDS’ category. It was $820 (3rd biggest) in July and only $200 in August. The reason is the pregnancy check up for July cost much more as Kay needs to take a few test plus some vaccination. But for this month, it is just routine check so cost is much lower.
Another different between July and August 2020 expenses is for HEALTH category. In August, we went for our dentist check up. And the total bill is $180 (for mine and Dom’s).
So those are the 3 main changes between the 2 months.
What To Expect For September 2020 Expenses?
For September, I expect a similar amount and hoping to not break the $3k mark as well. Let’s see if I can stretch myself and spend below $2500. It is a good target to aim for but it’s gonna be hard. As it is, my fix expenses is almost $1800.
Hopefully, I can find ways to spend less.
Is This My Full Expenses?
Well, this is not my full expenses. If you have been joining my MELEPAK session, you would know that I have a number of side hustle going on. Yes, there are earnings from these side hustle but there are also lots of expenses going on which I am not tracking diligently. For my side hustle profit & loss statement (P&L), as long as I am in the green then everything is good.
For example, in the post where I share my niche website side hustle, I states that I am earning about $4k every month. But I have no idea how much I am spending on running those sites. If I were to guess, it would be about $2k each month – paying writers, hosting server and many more.
But I am using a separate account to run my side hustle thus not mixing with my life expenses. For niche website, all my earnings are being paid via Paypal and I am also using paypal to pay my freelancer and writers.
I hope to be able to start tracking that part of my expenses too soon.
To conclude this MELEPAK session, I thank you for reading thus far. Please leave a comment below so that i know someone is reading and wont feel alone. =p
On a serious note, I am looking for a new expense tracker app that is easier to use. Currently using Seedly app. So if you are tracking your expenses, do share in the comment below, what app you are using. With that, will end this MELEPAK session. Cheers and stay safe!