January 2016 Report

This is the first report of my personal finance blog. I hope this won’t be the last. I also hope that I can come back to these reports in a year or so and see some progress in my journey to financial freedom.

Unbudgeted Expenses

Some of these I really should have included in my budget in the first place but since this was my first time, I had no idea what I was really doing. The unbudgeted expenses is way too much compared with the regular budgeted expenses. I am not going to go to deep into this section. This was a beginners error and hopefully it will get better next month.

It was the festive season so the entertainment and gift expenses were high. I bought my wife a Guess handbag for Christmas and I bought booze to make margaritas. I also paid for my tuition in January. Nothing much I could’ve changed at this point.

Top 3 Under-budget

There were only three expenses under budget, namely bank charges, donations and transport. I overestimated my bank charges by 32%. I pay a once of fee per month for bank charges and get a certain number of free ATM withdrawals. I don’t get charged for EFTs and the bank charges me like 80 cents for a statement or proof of payment.

Festive season is the season of giving, so it’s weird that I under spent by 26% on donations but I did get my wife a pretty dope gift which makes up for that.

I saved 3% on transport cause school hasn’t started yet, so no need to pay for a cab. My wife is in charge of filling up the car, so that doesn’t come on my budget.

Top 3 Over-budget

The three over-budget expenses are personal expenses, prepaid electricity and mobile expenses. A big chunk of the personal expenses have not yet been recorded on my expense manager app. I just recorded all my ATM withdrawals to personal expenses because I have no idea what I spent the cash on. So, 160% over-spent on personal expenses isn’t that bad cause 60-80% of that should actually be going to unbudgeted expenses. Next month I should have a better idea on where all my cash goes thanks to the app on my smartphone.

Prepaid electricity is over-budget by 50% because the budgeted amount is based on how much electricity I used when I lived by myself. Since my wife moved in with me, the usage has increased. I’ve accounted for an increase of prepaid electricity but not enough it would seem.

Finally, mobile expenses increased. I bought myself a tablet, so I bought data for my tablet and my smartphone, therefore the mobile expenses was over-budget by 44%. I think I’m going to use my smartphone has a W-Fi hotspot and tether data to my tablet because buying data for both devices seems like a waste.


There is way too much unbudgeted expenses. This is a big area of my budget that needs drastic improvement. This is only the beginning so I am not too worried about it. There is enough time to improve it.

Net Worth

I start off  in a negative and continue going lower and lower. Check out my post about my financial setback. I started off at $6985.05 and my net worth (only cash and short-term debt, no long-term liabilities, thank goodness) went down with 17.28% to $8191.79. Bad start to the year but I think I can recover from this. I still hope to get into the black by the end of the year. Fingers crossed.