This isn't how to track your spending Photo: Unknown
When my colleague Elle suggested tracking my spending for a month, the thing I was most worried about was people seeing how much money I spend on coffee. I wasn't prepared for how much of my income goes on beer. I was prepared to see my spending change as I realised how much money I waste. I wasn’t prepared for just how much that was.
I started this experiment on a Monday, two days before payday. Looking at my tracking now, I can tell, because all I bought was a coffee, and a beer at my regular Tuesday night beer and knitting group. Within a couple of days, I had noticed some trends.
In that first week I spent a bunch on coffee. And not just coffee – it was coffee and a muffin. I had no idea how often I did that. Turns out it was almost every day, which is less than ideal for more than just budget reasons.
And, oh god, the beer. Seriously, if I stopped drinking beer, I could buy those really expensive shoes I want – in about a month. I could easily afford the trip I am saving for next year. The ‘two days before payday’ grind would be easier, if not gone.
But I like beer, and the community around it, and the friends I have a pint with; I kind of think of craft beer as a hobby. So cutting back on beer is doable, but less fun. I decided I would rather stop buying so much coffee – and The Wireless office now has a chemex and supply of beans.
The $100 pair of shoes – they were on sale! Sparkly sneakers are maybe not the most practical thing I’ve ever bought, but sale! And I’ve worn them heaps already, so they are doing pretty well by the cost-per-wear analysis. And this spending happened during Wellington’s spate of earthquakes, which means panic supplies are totally OK, even if that means wine and takeaways.
Photo: Unknown
I also realised I could cook at home more often – say, more than twice a week? I could even – possibly – grocery shop. I live six minutes’ walk from a weekly vegetable market, and I hardly ever go. I could then use the leftovers for lunches, and… you know what? You’re right.
I really should have known all these things.
I tried really hard not to change my spending over the four weeks I tracked it. I wanted to make sure that it was accurate, so that I could see where my money was going before I tried to change it. But, the end of the four weeks coincided with the end of the pay period again, and it has to be said, I had money left in my bank account a day before pay day. I had shamed myself into saving. So, what would the professionals say about my budgeting, or lack therof?
[Updated: Lots of people have tweeted us to say you can identify with Megan's spending habits. In all sorts of ways!]