November 2020 Monthly Expenses Update

Hi everyone!

At the end of every month, Mrs Budget and I will reconcile our monthly expenses and see what are we spending on, and where we can optimise or cut down our expenses.

We subscribe to the believe that every penny saved is a penny earned – sometimes its easier to save S$100, than to earn S$100, both of which results in the same net worth increase.

We also continue our tracking to know where our big money outflow is going instead of wondering why is our bank account balance not increasing.

While we have not been updating our monthly expenses here, we are still actively tracking our monthly expenses. One of our readers noticed that we stopped publishing the update, so here’s our November 2020 monthly expenses update. 🙂

In November, here’s what Mr Budget spent on.

ExpensesNovember
Meals$530.31
Entertainment$46.62
Groceries / Home / Utilities$149.20
Phone Bill$40.00
Income Tax$206.22
Hair Cut$20.00
Malaysia Condo 1 Mortgage$2,554.67
Malaysia Condo 2 Mortgage$449.40
Singapore Mortgage$1,048.62
Gifts$380.00

Mr Budget’s total expenditure for November is at $5,425.04, higher than what we ideally like.

The bulk of the payment is asset building related expenses, where Mr Budget paid for the mortgages of the properties in Malaysia and Singapore. Mr Budget also incurred a one off $380 gift for a friend.

Excluding mortgage related expenses and the gift, the true fixed expenses would be $992.35 (meals / groceries / income tax / utilities / phone bill / haircut).

For Mrs Budget, here’s what she spent on in November:

ExpensesNovember
Meals$143.88
Transportation$29.00
Family$600.00
Entertainment$375.46
Groceries / Home$133.76
Phone Bill$35.00
Endowment$303.97
Insurance$62.56
Travel$10.00
Dog$306.00

Mrs Budget’s total expenditure for November is at a manageable S$1,999.63.

Mrs Budget continued her monthly family contribution of S$600 as well as her monthly contribution to her endowment plan. She also treated us to a spa treatment and hence there is a one off expenditure of $375.46. Mrs Budget also took her dog to the vet for some skin treatment, incurring a one off expenditure of S$306.

Excluding all these, Mrs Budget’s true fixed expenses would be S$414.20.

This monthly numbers also serves as a good indication of our cash flow when we retire, so now we have a good idea of how much we need to retire.

In terms of our expenses, it is hard to further optimize our monthly expenses as we think they are reasonably low and within our expectations.

Our meals and groceries adds up to S$944.13 per month. If we divide that to 2 meals a day for 30 days, our cost per meal is at S$15.73. This is almost 50% higher than what we ideally like it to be – at S$10 per meal per pax.

Looking at our expenses, a bulk of Mr Budget’s monthly expenditure is spent towards mortgage payment, and hopefully we are able to slowly reduce the payment soon via rental income. For Mrs Budget, we are quite comfortable with the expenditure incurred as most are unforeseen expenditure.

Towards the end of this month, we will be doing an annual reconciliation of our total annual budget and compare that to our total expenses last year.

Here’s our last monthly update:

October 2019 Monthly Expenses Update
November 2019 Monthly Expenses Update
December 2019 Monthly Expenses Update
January 2020 Monthly Expenses Update
February 2020 Monthly Expenses Update
March 2020 Monthly Expenses Update
April 2020 Monthly Expenses Update
May 2020 Monthly Expenses Update
June 2020 Monthly Expenses Update
July 2020 Monthly Expenses Update

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