Welcome back to Findependence Canada, today we’re going to be doing our rundown for expenses in the month of August 2020 in our household.
If this feels like a quick turnaround from last months spend report that’s because it is!
This month kind of hit it out of the park which was not expected at all on our parts, even while filling in our spreadsheets it felt like a lot of entries so we were surprised to see the totals the way they were.
The only real unexpected hitter for the month was a leak that developed in our upstairs bathroom that caused a little stain on our kitchen roof so the expense was getting people in to cut out our ceiling in the kitchen and repair the leaking piping. This expense is a little bit open ended as the ceiling has not yet been repaired since the fix though we approximate a $500 in next months report for that.
So let’s get to the rundown:
Keeping our spending under $6,000 was uplifting to say the least, we know that we’re in quite an expensive time in our lives with having a small child, living in an expensive area, having an expensive mortgage and spending a lot between commuting and allowing Mrs. FIC to keep her sanity at home with the baby and her friends.
This is very likely the most expensive portion of our lives and months like this make it seem very realistic that in our next chapter of mortgage free living in a cheaper location we can in fact survive off our planned $50k-ish dividend income.
We expect pretty well everything to decrease in our next location, we anticipate growing a fair bit of our own foods on our own land, we expect to be mortgage free, we expect to cut back on cable and subscriptions as well as all the expenses involved with commuting, lunches and general work expenses. The one category we expect to increase will be the travel, but even that won’t be much higher than our current 2-3 trips per year.
Next let’s have a look at our overall cashflow for the month:
August’s Cashflow:
We didn’t have 3 pay checks this month to bail out our excessive spending so our unintentional reeling in on spending came through for us this month.
Our income was about on par with what we expect, still might be a little bit inflated from overtime at Mr. FIC’s job but nothing too crazy.
For the newer readers our “needed” criteria was simply a realistic number we picked out that we felt would keep us moving towards our goals should we be able to hit it consistently. We never planned to hit it every single month, nor have we but we’ve been close and overall we’re about $6,600 over our goal since we began tracking in April.
Let us know what you think of our spend report and your own spending in the comments or over on Instagram @FindependenceCanada and we’ll be sure to get back to you.
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Thanks for stopping by,
FIC.