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Expense reports

April 2020 Expense Report

April 2020 Expense Report

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Disclosure: This post might contain affiliate links. If you click through and make a purchase, Iโ€™ll earn a commission, at no additional cost to you. Read my full disclosure here.

April was our stay-at-home month. We tried to isolate and minimize all social aspects. We did all our shopping online (including groceries), minimized all our outdoor activities, and paused daycare. As a result, we stayed healthy and we managed to reduce our expenses down to less than $6k.

Observations

April 2020 Expense Report
  1. Our total expenses were down to $5.8k!
    • Most of the drop is due to limited daycare expenses ($250 instead of $1660) and reduced shopping
  2. Our groceries expenses are still above $1k
    • We used Instacart for all our shopping, which added to the cost, as all items were priced higher
  3. We had some one-time expenses, captured as “Education” and “Other” that totaled almost $400
April 2020 Expense Report - Comparing expenses: March 2020 (green) vs February 2020 (yellow)
Comparing expenses: April 2020 (green) vs March 2020 (yellow)

Detailed breakdown

CategoryExpensesComments
Mortgage$2,658This is a 15-year mortgage @3%
Groceries$1,146We got everything from Costco, PCC, Kroger via Instacart. Unfortunately, this means that we paid higher prices than if we had bought them directly from the store
Shopping$801Amazon 100%
Utilities$351Electricity (80%), Internet, Garbage, Alarm
Daycare$250We were very fortunate that our daycare gave us the option to keep our children at home and keep their spots by paying this one-time fee (instead of charging their regular monthly fee)
Other$199This includes tolls and fees
Education$190Educational expenses for me to learn how to grow this account
Car/Gas$185Car Licensing fees (90%), Costco gas
Cell phone$72

How to easily track your monthly expenses

This is the methodology that I use to monitor my monthly expenses. You can also do the same:

  1. Create a free online account at Personal Capital
  2. Link your accounts, so that you can track them in the Personal Capital dashboard
    • Bank accounts
    • Retirement accounts (401k, IRA, etc)
    • Credit cards
    • Investment accounts
  3. At the end of each month, view the list of your Expenses (also found if you go to Banking -> Cash Flow -> Expense)
    • Go through each line one by one
    • Check if the “Category” of the expense is correct. If not, then move it to the correct category. You can also create your own categories
    • When you are done, you can view the graphs with the aggregate data and compare your expenses with last month

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