Today is Day 365 of our financial year, and having done our food shopping for the weekend this morning, we have officially finished all our spending for Year 1.
So, how did we do?
We saved 31% of all our income during the year. This includes money we saved and then used to pay off our loan. We’re really happy with the amount we’ve saved since then.
Where did the spent income go?
– 22% went on the mortgage and loan repayments. This will be less next year!
– 22% went on food – food is so important, this should be a high percentage
– Owning a car cost us 7% of our spending, Lucy’s bike and bus journeys cost 1% each. – The cycling figure includes some clothing.
– We spent the same on clothing as we did on health/dental costs together – 3%. This was also the same as what we spent on gifts. There were some expensive but long-lasting clothing/shoes bought this year so the clothing percentage should go down.
– Even though we bought roofing materials and services, our home and garden spend was only 2% of our spending
– All the things classed as ‘luxuries’ and not fitting anywhere else came out at under 1%, this included entry tickets, music, second hand books and nail varnish.
– Our bills ranged from 6% for electricity to 2% for home insurance (less next year) and 2% for water.
We have achieved a lot this year, but there are still things in there that felt excessive, which is exciting because it offers more room to chop what we spend and increase what we save – or keep the levels similar but enjoy different things within our budget.
How have we changed this year?
Increased gratitude: feeling more connected to what buying and ownership means and costs, being grateful for what we have, and very grateful for the lack of desire we have for many expensive goods or experiences. There’s a huge amount of happiness and wonder to be found in small simple things, and big dramatic things, such as yesterday’s solar eclipse which Brian experienced through a break in the clouds.
Bigger comfort zone: as a small example of this, Lucy can now eat many bananas which previously would have been too ripe!
Living every day: Every day presented us with a blank sheet in terms of money, and this rubbed off on other areas of life. Letting go of yesterday’s worries and welcoming the new day is so important.
Being closer: We’ve talked every day about what we’re doing, adding all our purchases to the spreadsheet and reflecting on how our lives are changing. This has truly been a joint endeavour – with lots of interest and input from those around us.
Year 2 is coming!
So, tomorrow is Day 1 of Year 2. Below is our empty year end summary sheet for year 2, and we’ll share with you our experiences of adding to it, and saving as much as we can!