So, in 2016, I'll be tracking a few categories in more detail then just at the highest level. (We track all of our spending anyway, so this should just take a few additional minutes when reconciling our receipts).
- Groceries. I'm particularly interested in understand how we're spending the money, so I can determine if there are areas we might cut back.
- Clothing. We need to cut our clothing budget in 2016, and I'm also interested in moving towards a more minimalistic/capsule wardrobe. As a result, I'm giving myself a $500 clothing budget for the year. There are a few things I'd like to buy - namely, more comfortable flats, so I can stand at my desk more than sit. I also know that my wedges (which I adore from a looks perspective) hurt my back by the end of the day, & throw my posture off. The challenge is on!
- Travel. I have a master category, but I also buy/pay for things not in the year of travel (i.e. I buy airfare early), which makes it hard to know/understand how much we're actually spending in any given year. I'm a total pre-planner, so I've probably pre-paid for much of our 2016 travel already. Going forward, I'll record our expenses in our correct monthly category, but will also work to understand which year the travel will actually occur in. I'm also keen to understand more about which travel category is costing us the most. This will heavily influence our plans for 2017, as we plan for a further reduction based on my employment.
I find that budgeting is a blend between ease & enough details to make decisions, so I like to tweak things & give myself better insight for the months ahead.
What about you? Do you track any categories more closely than others? Any major changes in 2016?