Here’s is a snapshot of how I spent some of my money last year. Snapshot is the key word here. I am not disclosing my full financials.
Top Expense: Housing
Like most people, housing is always my biggest expense. I live in a suburb of Vancouver, which is considered a high-cost-living area. Vancouver is the most expensive city in Canada, and its suburbs aren’t much cheaper.
In 2024, I spent $ 28 019.21 on my home. This amount includes mortgage, condo fees, property tax, insurance, special levies and repairs.
It’s an average of $ 2 335.00 per month, which isn’t too bad for the Lower Mainland. And I own my place, so a portion of my mortgage payment goes towards building equity.
2nd Top “Expense”: Savings
Technically, savings aren’t an expense, but money I didn’t spend! Since this post talks about my money in a broad sense, I am including my savings.
Last year, I saved $ 14 000.00, an average of $ 1 167.00 per month. That money was split into different accounts such as emergency fund, sinking funds, retirement and other funds. Retirement savings were minimal, as I am privileged to have a pension plan at work.
3rd Expense: Vacation
I was surprised that my 3rd -technically 2nd- expense was vacation. I took 2 trips last year: France and Winnipeg, Manitoba. I spent $ 8 146.00 or $ 678.84 per month.
My trip to Annapolis (US) isn’t included as it was employer-paid. My 2nd trip to France isn’t included either, as it was definitely not a vacation.
4th Expense: Food and Dining Out
Sigh. Prices are crazy here. Despite cooking the majority of my meals, using points to reduce the bill, shopping at Walmart and the likes, I spent $ 7 037.00 last year, or $ 586.42 per month and food and dining out. Ouch!
I am aiming to do better this year. In 2024, I experimented with cash envelopes a couple of times, and the results were conclusive. I want to do this more in 2025.
5th Expense: Family Emergency
Sadly, my Dad passed away last year. I had to make an emergency return to France, and had additional expenses while there.
My Dad was hospitalized in my hometown, where my parents no longer live in. As his condition was critical, my Mum and I stayed in hotels nearby and ate out a lot.
I spent $ 4 596.00. The bulk of this amount was for plane tickets. A last minute plane ticket in the dab of Summer definitely costs a lot!
I was glad I had my emergency fund to back me up.
6th Expense: Car
Usually, my car is my third largest expense after housing and food.
Despite owning it outright, I still spent $ 4 790.00 last year. That’s an average of $ 400.00 a month.
The majority is for gas and insurance. Both are the most expensive in Canada. At the time of writing, gas here is about $ 1.80 a liter! In BC, we only have one insurer, ICBC. The lack of competition is definitely showing in our premiums.
There you have it. My top expenses for last year. What about you? Where did you money go in 2024?
The Money Savvy Blog 