2016 Spending

[aaronc879]

How was your year? Did you stay in budget?

I spent more than in any other year. I spent a total of $20,386. That includes income and self employment taxes. This is the 6th year I have kept track. 2010 was $11,XXX. 2011-2013 were $14,XXX. 2014-15 were $16,XXX. The increase is due to now having a mortgage. My earned income was $21,825 so it was higher than my expenses and that's the most important thing.

 

[jjquantz]

Our total spending was down about 10% this year compared to last even though our "core" spending was up about 7%. DD's wedding last year bumped up the travel and gift categories pretty significantly. This year was pretty close to the budget numbers.

 

[NW-Bound]

After accounting for a large outstanding bill hitting the checking account tomorrow, I see that I spent 77% of what I spent in 2015.

I started out the year figuring it would be even lower, but then got two unexpected expenses that totaled $18K.

"If it's not one thing, it's 'nother" -- Gilda Radner

 

[pb4uski]

We spent a lot more in 2016 because we bought a new truck for me because the old truck's frame was so rusted that it could not pass inspection and we bought a winter condo (and associated moving in costs). If I factor those two non-recurring purchases out then our spending was on plan.

We'll have wedding costs in 2017 but it looks like they will be at or below what I have for them in my long-term plan, so all is good.

 

[KCGeezer]

I'd guess we're about 7% over budget. Might need to bump up the emergency fund bucket this year. Ahh, the joys of home ownership.

 

[braumeister]

11% more than my targeted amount.

All due to unplanned travel, which was delightful and well worth it.

WR this year was 4.06%, the highest it has ever been. But I started drawing SS this year, so that makes a huge difference and the WR will go back down again in 2017.

 

[bclover]

spent a lot more but not unexpected. Replaced the roof, had a roof top deck built and a bunch of medical cost around a bum knee. I'm hoping (planning) that 2017 will be quiet and on budget.

 

[GrayHare]

Came in below budget so kicked more to charity this month.

 

[aaronc879]

Came in below budget so kicked more to charity this month.

Charity? Is that the strippers name?

 

[NW-Bound]

11% more than my targeted amount.

All due to unplanned travel, which was delightful and well worth it...

I would not mind "unplanned travel", because I get something new out of it. When I spend money just to maintain something that I already have, that's irksome. Alas, things do not last forever.

 

[W2R]

I don't have a budget per se. I have an idea of what I think is OK to spend, and what is not. And, I have non-rigid spending goals.

My spending was 2.22% of my portfolio, and also less than my 2016 dividends. Unless a meteor lands on my house in the next two days, I managed to meet my spending goals.

After buying a house in 2015, I was trying really hard to cut back on spending this year. I had a total for 2015 that didn't include the house buy/sell/move spending, and was about average for my spending. I was pleased to discover that my 2016 totals in every category below were smaller than in 2015.... except for that I had to replace my entire HVAC system. You can't win, right? So I cut back on everything else to try to make up for it, and I did so I am very happy about that. If I had not had to replace the HVAC, my spending would have been 1.66% but if wishes were horses, beggars would ride.

These are my totals for every category except income tax and medical (which would make the total much, much larger!):

Category|Total for 2016|Comments
Groceries|$2,338.41|Includes toiletries, detergent, etc.
Restaurants|$3,223.37|lunch every day plus some dinners
Gasoline|$359.39|I live in an inner suburb, and everything is close by.
Car|$1,644.56|insurance, maintenance, registration
House|$13,197.57|insurance (homeowners', wind-and-hail, and flood), prop. tax, mowing, brand new entire HVAC system except the ductwork
Utilities|$3391.11|internet, nat. gas, electricity, water, trash, sewage, cell
Fitness|$632.85|gym fees, weightwatchers
Clothes|$127.92|casual "retiree wear", loose and comfie
Miscellaneous|$1886.86|Gifts, iPad, furniture, etc
Video Games, apps|$150.91|
Total|$26,952.95| plus income tax and medical

.
I think that my spending has finally stabilized after my house purchase, sale, and move. So now I can relax a little about that.

And finally, I should add that my HVAC system works like a dream so it was a good purchase. I knew it was 25 years old and needed to be replaced, but had just thought it might last another year before I had to replace it. Oh well, guess that was magical thinking (if I really, really WANT it to keep working, then maybe it will, and so on).


I will update this post after the end of the year. (EDIT: updated 1/1, meteor did not land, looks like these are the final totals)

 

[rodi]

Still tallying up... (Have one outstanding bill to be paid). I don't budget but I have a range I set as a goal for spending. Max is $90k... It looks like we spent around $85k once I add in the medical bill. If I wanted to cheat - the bill's not due till next year and I could defer it till next year... but I'm in the habit of paying bills as they come in.

This includes taxes and medical.

This is for a family of 4 with 2 voracious teenagers.

 

[Teacher Terry]

Over budget by 12k due to finding some cheap cruises we went on. WE have taken 3 big vacations in 14 months. But it was fun)

 

[Taxman59]

About 11%. over budget. Most of it is medical expenses incurred in Dec. the good news is that about half is due back since we are over the total family OOP but the providers kept insisting that I needed to pay the individual OOPs . When the EOBs are finalized, refunds will be coming in (or at least I will be fighting for them).

 

[Philliefan33]

Less than the sum of DH's pension and contracting income. He does the contract work because he likes it, but in the meantime it's allowing us to spend without worry and still build our portfolio.

 

[REWahoo]

4% under budget - the first year since 2012 we've been under.

 

[NW-Bound]

After accounting for a large outstanding bill hitting the checking account tomorrow, I see that I spent 77% of what I spent in 2015.

I started out the year figuring it would be even lower, but then got two unexpected expenses that totaled $18K.

"If it's not one thing, it's 'nother" -- Gilda Radner

Forgot to say, I never spent as much as FIRECalc said I could, even in the years where I was caught blindsided. So, I have no real budget.

Still the goal is to be as low as it can be, and maintain the same lifestyle and have plenty of travel. I am not going to spend just for the sake of spending.

Now, only if the homes will cooperate. Maybe in 2017.

 

[jfn111]

Kept my withdrawal rate under 3% (2.91%) so I'm happy.

 

[Alan]

7% over budget this year due to furnishing a rental house in England and buying a car there.

 

[Car-Guy]

I don't really have a budget but this year is going to be about double of last year. And last year was my highest spending rate since retiring. Lot's of travel, hobbies and "other stuff".

 

[RobbieB]

I have no budget and don't track spending so I dunno.

I'm good -

 

[tmm99]

My spending this year was over my target due to HVAC replacement, but I am treating CAD$ being equal to USD$, so overall, my spending ended up being lower than my target. (The target was 3% of my portfolio. My spending was about 2.7%, with the HVAC.) I hope USD stays strong....


Sent from my iPad using Early Retirement Forum

 

[audreyh1]

Wow - looks like in 2016 we finally (just barely) exceeded our generous budget that I set almost 10 years ago and never adjusted for inflation.

I decided it was time to finally increase our budget to reflect our increased spending, mainly on travel. Extra travel expenses this year due to helping my Dad and a big anniversary celebration, but I decided we should be spending at least that amount on travel anyway.

I may let this new budget track inflation in future years. I haven't decided yet.....

 

[GrayHare]

Charity? Is that the strippers name?

Darn, you told me you'd keep that a secret. Actually Mystique and Aura are the strippers, yeah, that's it.

 

[ElizabethT]

We ended the year @ $200 under budget, which was disappointing in that we try hard to spend every dollar of budgeted spend.

I'll note we have several accrual accounts built into our annual budget, and those will roll forward to next year, and the year after that, etc., until such times as they are needed for replacement vehicles, large home repairs & improvements, medical deductibles, etc. This year, year five in FIRE, we finally spent some of our spreadsheet-accrued funds on new hardwood flooring, relandscaping, and a new office of built-ins for DH.