She Strengthens

My Financial Journey: A Year in Review

As the calendar flipped to a new year, I took the opportunity to reflect on my financial journey over the past 12 months. It’s essential to understand where my money is going, and I’m grateful to have a system in place that makes tracking my expenses a breeze.

The Big Picture

In 2017, I had five income sources, totaling $56,451.32. After accounting for various expenses, I was left with a comfortable cushion in my savings and checking accounts. This financial security has given me the confidence to plan for the future and make intentional decisions about my spending habits.

Breaking Down the Expenses

My largest expense was housing, which accounted for $12,177.20. I’m currently searching for a more affordable apartment, and I’m determined to find a solution that works for me. Next in line were taxes, totaling $10,721.09, followed by my 401(k) contributions, which reached $6,569.11.

Travel was another significant expense, with $3,052.61 spent on exploring new destinations. However, I was able to offset some of these costs using credit card reward points. Food and dining expenses came in at $3,006.36, with a focus on cooking at home and limiting restaurant spending.

Other Notable Expenses

Bills and utilities accounted for $2,989.14, with a notable investment in an electric throw blanket that helped reduce my energy bills. Medical and dental expenses totaled $2,652.36, thanks to my employer’s generous insurance coverage.

Auto and transport costs reached $1,713.43, with a focus on routine maintenance and using my employer-provided commuter pass. Gifts and donations added up to $1,713.29, as I enjoy showing appreciation for my loved ones.

Shopping expenses totaled $1,526.66, with a focus on upgrading my wardrobe and investing in quality electronics and software. My Roth IRA contributions reached $1,400.00, and I’m committed to increasing this amount in the future.

Lessons Learned

Reflecting on my expenses has provided valuable insights into my spending habits. I was surprised to see that I spent over $2,000 on clothes, hair, and makeup/hygiene, but I’m proud of the intentional decisions I made to invest in my personal style.

I’ve also realized the importance of categorizing my expenses more granularly, which will help me make more informed decisions in the future. By understanding where my money is going, I can allocate my resources more effectively and achieve my financial goals.

The Road Ahead

As I look to the future, I’m committed to continuing my financial education and making intentional decisions about my spending habits. By prioritizing my goals and tracking my expenses, I’m confident that I’ll be able to achieve financial stability and security.

I encourage everyone to take the time to review their finances and set meaningful goals for the year ahead. With a clear understanding of your spending habits, you’ll be better equipped to make intentional decisions and create a brighter financial future.