Financial Review – May 2015

// Published June 13, 2015 by Swati

We spent around $10,300 in the month of May. It was slightly higher because we had to put a deposit down for the kids’ school in the fall. Yep, we decided to send them both to a private Christian school, at least for the early years.

Breakdown of Expenses

  • Child care and education – 34%
  • Mortgage – 27%
  • Groceries – 13%
  • Home Maintenance – 10%
  • Utilities – 5%
  • Auto – 3%
  • Other, including clothing, toys, phone, charity, insurance, eating out and other discretionary spending – 8%

Reduced Eating Out
We have greatly improved how much we spend on eating out. Looking at last year, where we average $300+ a month, we are now down to $130. This is not even lunches at work, it’s usually now one single family outing where we are usually giving someone else a treat as well. We are well on our track to be under $3000/year for eating out.

Reduce Groceries
May last year we spent above $1800 on groceries for the month. Now we are down to $1300 — well on our way of our yearly goal of under $18,000. I am still learning to buy less since my brother in law has moved out. We are just not consuming as much.

Increased House Maintenance
We have spent a significant amount for the vegetable garden and yard work. House maintenance is over $1000 for us. We also purchased a weed eater…there are a lot of weeds in that backyard! I don’t anticipate house maintenance to go down, especially given that we still have to┬árip apart our deck to fix a foundation crack, and then re-do the deck.

Income

Tax Refund
We received our tax refund this month which added a substantial amount to our income, since we contributed a large amount to our RRSPs. We finally managed to catch up on RESPs and are on track to maxing out the benefit for the kids by the age of 15.

CPP, EI Maxing out
Payroll taxes are slowly going towards being maxed out, which means more take home income! The end of the year is so much more fun than the beginning!