I filled my tax return a few weeks ago and received a small refund of a little over $ 500. Unlike many people, I am neither disappointed nor upset by this amount. It means I have gotten the most out of my paycheques.
This money is going towards my trip to Hong-Kong. As mentioned in my plans for 2015, I have wanted to go there for a long time, and it is finally happening!
As I have also been diligently tracking my money to do my budget, let’s take a look at where it went in 2014.
24% of my gross income went towards CPP, EI and income taxes.
As for my net income, I spent it on:
Housing (mortgage, strata fees, property tax, insurance & repairs): 30.5%
Life (vacation, entertainment, restaurants, clothes, personal care…): 16%
Consumer debt repayment: 9%
Utilities (including phone & internet): 5%
Continuing education: 1.5%
I track my spending on a day-to-day basis and have a monthly budget. But it was more revealing and eye-opening when I added all the numbers up at the end of the year.
It allowed me to make the necessary adjustments for 2015, but also to analyse and understand my spending behaviour.
Do you track your spending? Do you know where your money is going?