Remember how last month I bought a $722 suit? Well, this month I bought a pair of $300 Allen Edmonds shoes and then some. More on why later in this post. The girlfriend and I also splurged on several dates and a camping trip with friends.
The spending this month was $2634.12 for a savings rate of 55.31%. The biggest observation I’ve made since I started my higher paying job has been an increase in spending. As much as I mentally committed to keeping expenses the same, frankly my actions have proven otherwise. Still, on an overall basis for the year my savings rate sits at 59.52% and should only increase with reduced paycheck deductions (Canadian Pension Plan & Employment Insurance deductions stop after the first $55,900) and a 3 paycheck month coming in August.
My net worth also jumped almost $4000! The power of saving is awesome.
Charity ($100.00) – I give annually to an old not-for-profit I used to work for. They were essential in kickstarting my career, so I really do owe them a lot.
Clothing ($373.82) – WOW! I know, close to $400, right? Well, it was all spent on a pair of walnut Allen Edmonds Dress Shoes, which usually cost upwards of $500.
For those unfamiliar, they are top of the line, made in America, with great leather. They really only cost $300, but I bought shoe trees and all the shoe maintenance pieces I needed, like creams and polishes, to make them last. I hope to get 10 years out of them. If anything, this was an investment in quality after witnessing many of my other dress shoes fall apart after a year.
Coffee ($27.13) – Iced drinks are more expensive than hot drinks. I blame the heat and frankly, my lack of discipline.
Dating ($299.46) – Holy hell, how did this happen? Well, we loaded up on the expensive Toronto fun this month: Infinity Mirrors at the Art Gallery of Ontario, under 30 tickets for The Nightingale at the Canada Opera Company (with a backstage tour though, from a friend!), a camping trip to Bon Echo with friends, going to see The Avengers: Infinity War and Deadpool 2 (both were fun), and some over-eating at nice restaurants in the city. We both realized about halfway through it was getting out of hand. I anticipate we will be spending less in June.
Entertainment ($85.11) – I hosted a few BBQs for friends, so a lot of this is just food and beverages I offered as a host. I’m proud of this number considering how much money we save by hosting. However, in here is a $12 after-work pint of beer. Never again going to that bar.
Fitness ($37.11) – I only went to the gym twice this month, which hurts. I’ve been exercising in other ways outdoors with the nice weather, but not great. I know.
Food ($329.70) – I ate out a lot more this month than last with patio season happening. Groceries are also getting more expensive. Still, not too far off my usual spend.
Gas ($102.21) – Rising as oil prices have some to do with it, but frankly I’ve been driving more, especially to see my girlfriend’s mother.
Grooming ($30.99) – Professional haircut. Ugh.
Medical ($11.98) – Massage covered at 90% through workplace benefits.
Networking ($2.05) – Had coffee with someone to learn about what they do and vice versa. A small price to pay for great knowledge sharing.
Supplies ($17.51) – Misc household supplies.
Transit/Tolls ($28.50) – Really proud of this number! Down by almost $100 compared to previous months since I’ve started biking to work. A really great start and I expect this number to remain fairly low for the rest of the summer.
Investment Income (+$170.42)
Inclusive of savings accounts, realized gains and dividend income, I netted $170.42 passively, which brings my total for the first five months of the year to $1251.86.
Net Worth Update (+$3997.18)
Investments fared a little better in May, and I also got some side hustle income being a national speaker for an after school program. Just shy of $4000 in growth. My net worth increased to $163,227.39.
Other Financial Updates