Personal Expenses

As anyone who has rented a house can attest, having a rented water heater can be a significant expense. In my case, I have to pay around $12 per month for the rental of my water heater. This may seem like a small amount, but it adds up over time.

In recent months, I've been trying to reduce my personal expenses by being more mindful of how I spend my money. For example, I recently started making my own coffee instead of relying on the convenience of a Keurig machine. This has not only saved me money but also allowed me to enjoy the process of brewing my own coffee and experimenting with different flavors.

As part of this effort, I've had to purchase some new items, such as a coffee grinder, which cost around $50. However, I believe that this investment will pay off in the long run by allowing me to make high-quality coffee at home. Additionally, I've been trying to reduce my food delivery expenses and dining out costs by cooking more meals at home.

Other personal expenses include gifts, toiletry supplies, and household maintenance. For example, I recently purchased a bunch of wine as a birthday gift for my dad, which cost around $135. I also spend around $200 per month on cleaning services from a professional cleaner.

Spending Reports

Now that we've discussed some of the personal expenses, let's take a look at the spending reports. By using a budgeting app, I'm able to track my expenses and get a clear picture of where my money is going.

The report shows various categories, including dining out ($98), groceries ($425), gasoline ($98), and home maintenance ($104). It also includes some smaller expenses, such as fun money ($200) and subscriptions (around $150).

One area where I can make significant changes is in my debt repayment. I currently spend around $2500 per month on this expense, which is a significant portion of my overall budget.

Investments

In addition to personal expenses, I also have some investments that contribute to my monthly spending. For example, I invest almost two grand personally each month, which is a good thing because it's invested in the market and will hopefully generate returns in the future.

Category Breakdown

To get a better understanding of where my money is going, let's take a closer look at the category breakdown. Here are some of the main categories that make up my monthly expenses:

* Mortgage payment: around $1800 per month (this includes principal and interest)

* Debt repayment: around $2500 per month

* Investments: almost two grand per month

* Giveaways: around $15,000 per year (this is a one-time expense)

* Editing service: around $2800 per month

* Subscriptions: around $150 per month

* Home maintenance: around $104 per month

* Fun money: around $200 per month

By understanding where my money is going, I can make informed decisions about how to allocate my resources and find ways to reduce unnecessary expenses.

Conclusion

In this video, we took a close look at my personal expenses and spending reports. By using a budgeting app, I'm able to track my expenses and get a clear picture of where my money is going. We discussed various categories, including dining out, groceries, gasoline, and home maintenance, as well as investments and debt repayment.

While some of these expenses are unavoidable, there are ways to reduce unnecessary spending and make adjustments to my budget. By being more mindful of how I spend my money and making informed decisions about where to allocate my resources, I can find ways to save money and achieve my financial goals.

I hope that this video was informative and helpful in giving you a better understanding of what goes into someone's monthly expenses. If you have any questions or comments, please don't hesitate to reach out. Don't forget to like, subscribe, and check out the link in the description for more content from Programming Expert.

"WEBVTTKind: captionsLanguage: enhello everybody and welcome to another youtube video so in today's video i'm gonna be showing you how i spend my money by breaking down one month of expenses and transactions now this is going to be both business and personal expenses and i have them broken down into each individual category so you'll get a really good idea of how i actually spend all of my money now one thing to note here is that i'm not going to tell you what my income is if you want to know what my income is you can leave a comment and if you guess it within two thousand dollars i'll actually pin your comment so that'll be my challenge to you if you guess how much money i make yearly personally and in the business i will pin the comment but i'm not going to tell you what that is anyways i've spent almost fifteen thousand dollars in one single month i think it's pretty interesting to see how i've spent this money in anyways we now need to go to the sponsor of the video so i can recoup some of these expenses so it looks like no one wanted to sponsor this video so instead i'm gonna tell you about programming expert now programming expert is a brand new course that was just released by myself and the algo expert team it is the best place to learn how to code and covers everything from programming fundamentals to advanced programming and software engineering tools there's over 250 practice questions on the platform which means not only are you going to learn from the best videos out there in terms of teaching you how to code but you are also going to have a ton of practice and even practical projects and assessments to go through to make sure you really understand everything that you've learned you can check out programming expert from the link in the description or go to programming expert dot io slash tim and use the discount code tim for a discount on the platform check it out and now let's get into the video alright so let me start by giving a bit of context here and talking about how i make money in a business sense and in a personal sense as well so you understand where some of these expenses are coming from so i am self-employed i actually have a corporation this corporation is tech with tim inc and this takes all of my revenue so any of the revenue i make from youtube from sponsorships from brand deals from working at algo expert from commissionsonprogrammingexpert.io make sure you check that out from the link in the description by the way all of that goes straight to the company and then in the company i deduct all of my business expenses i pay myself a salary out of that company and then i have to pay tax at the end of the year but the tax rate in a corporation in ontario which is where i live is relatively small it's about 12.8 percent anyways the reason i'm telling you this is because from the company i pay myself a salary but the amount that i pay myself is up to me i can decide month by month how much i want to pay myself and i keep this number as small as i possibly can and pretty much to exactly what i spend every month personally so that i'm paying the least amount personal income tax i possibly can now this is not tax fraud this is completely legal everyone does this especially if they own a company but in canada the personal tax rate is extremely high the top marginal rate is 53 and a half percent which means if you make over two hundred fifty thousand dollars a year canadian you pay fifty three and a half percent of every dollar earned above that amount to the canadian government so if you were to say make half a million dollars a year in canada you'd end up paying about 240 000 of that to the canadian government anyways this is the reason why i keep how much i pay myself to a minimum so that i never get into these very top uh tax rates personally and so i'm paying the least amount that i possibly can in personal tax hopefully that makes a bit of sense but that's kind of the idea now all of the rest of the cash that i'm not paying myself sits in a corporation i actually transfer to a secondary company called a holding company and then gets invested in there in real estate stocks whatever and it just sits in there it grows and if i ever need it i pay it to myself and then i have to pay the penalty which is the personal income tax so hopefully that gives you a bit of an idea but that's kind of the structure that i have set up anyways let's go to the spreadsheet now and let me show you how much money i have spent now i've broken this into business and personal expense now business expenses are money that i'm paying out of the corporation and personal expenses are money that i'm paying out of my personal bank account so really out of the salary that i would have paid myself so let's continue here i'm now on this spreadsheet i just got a template from the internet that let me kind of put in some transactions and have this auto generated so it'll look a bit weird because i'm not using all of the columns but you can see that i've spent about 15 thousand two hundred three hundred dollars in the month of november twenty twenty one now five thousand four hundred of that is from the company and about ninety eight hundred of that is personal now i usually don't spend that much money personally uh this month was kind of a special month and well i'll start going through some of the transactions and you can see anyways uh if we're looking at the expenses here they're all categorized so i have dining out groceries gasoline fun money uh toiletries and supplies electric bill cell phone bill home property tax homeowner insurance a bunch of stuff you can see investments home maintenance giveaways editing service whatever and of course i'm not going to be showing you any like corporate investments or anything other than just expenses okay so this is kind of the general dashboard i mean i'll leave this up so you guys can look at it for a second pause the video if you want to have a look now we will go to transactions and i'll start walking you through each individual transaction that i have and they'll probably learn a lot about my life to be honest as i walk through this all right so first transaction 53 bucks this is life insurance this is just term life insurance that i have for myself that i pay for in the company okay pretty straightforward then we have a cell phone bill cell phone bills in canada are stupid high this is for unlimited data and everything but still 116 dollars ridiculous i could literally buy another phone after paying a year's worth of cell phone premiums uh anyways continuing we have 661 dollars for insurance again so i have business insurance which covers all kinds of stuff even like malware ransomware it covers if i get sued it covers intellectual property theft all of that kind of stuff so that's pretty important to pay for so i pay 661 dollars for that per month then i have my editing service this is the number one expense i have in my company it is twenty eight hundred dollars a month and that's to get all of my videos edited now my editors actually edit all of my videos they do the thumbnails they write the descriptions they add the tags and they upload them to youtube so this in my opinion is a pretty good deal and i really couldn't live without these guys they saved me a ton of time and edit up to five videos a week so for twenty eight hundred bucks canadian i'm not complaining at all okay continuing we have 11.29 for spotify so i pay for spotify in the business because i can write that off uh pretty straightforward i then have an adobe creative cloud subscription for 44 a month that is so i can use things like after effects or premiere pro or whatever illustrator photoshop all that kind of stuff okay continuing 38 bucks a month for website security so for techwithtim.net i have this security on it just to make sure you guys don't spam it or ddos it or something not it doesn't really matter even if you were to do that but i have this website security i've been paying for for like three years so i just leave the subscription continuing i have fifty dollars and forty cents for a cloud campaign social media scheduling subscription now i recently cancelled this subscription but when i was posting all of those reels and all of those like shorts videos i had this tool that was scheduling them for me so i didn't have to manually post them okay continuing 84.74 cents for the internet bill so that is my home internet i work out of my house so i'm able to write off the internet so that's 85 bucks a month i then have 50 for camera monitoring so i have cameras on my house i'm able to write those off in the business as well because they're like protecting the office or protecting the workspace it's just 15 bucks a month to have like a cloud storage for them i have a quickbooks subscription which is 45 dollars a month i have a domain renewal that i had to do specifically this month for this was 19 bucks and then i actually bought a graphics card specifically a 30-70 for about 1500 that i'm going to be giving away to one of you because a comment i left on one of my other videos got a thousand likes so there you go if you guys read the comments then you might have a chance to win a graphics card now usually in my business i do have more expenses this month i was kind of fortunate to not have a lot typically i have to pay a bookkeeper probably about 300 or 400 bucks sometimes i have legal fees or accounting fees depending on what i'm doing and if i'm setting up some other type of stuff and yeah and then of course obviously i have a ton of investments i'm not including those in expenses because i can't really show you all of those numbers yeah that is the business last thing i will note is that i also have to pay for a bunch of servers i have servers running my website i have servers running a bunch of other things that i'm doing that i can't necessarily talk about and so that's probably about 100 to 150 bucks a month i guess i just forgot to include it in here okay so let's continue now to personal now this is a bit more interesting and this is where a bulk of the expenses are so we start with home home owner insurance so i actually own a house so i have to pay for home insurance every single month now i paid this in combination with my car insurance so this number might be a little bit off but it's about 180 bucks a month for home insurance i then have car insurance car insurance in canada is mandatory and it's super freaking expensive my insurance is over three thousand dollars a year just to own a car which is stupid in my opinion but that's how much it cost so i pay about 320 a month just to be able to drive a car okay so continuing i have my largest personal expense which is debt repayment now i do this every month 2500 now this debt is a line of credit so when i bought my house in january i was a little bit short on cash for the down payment and i didn't want to wait to buy the house on like a later date because the market was just exploding and i knew that it would make sense to just take out a line of credit cover whatever the remaining down payment was and be able to do that so anyways i'm paying this off at twenty five hundred dollars a month this will be done very soon and some of you may be saying well why don't you just pay it all off at once i could do that if i wanted to but that would mean i would have to pay myself a ton of money personally which then means i would have to pay a ton of money and tax the personal government so it's much better for me to pay the i think five percent annual interest on this line of credit than it is to pay myself all the money to paid off immediately because that would be just a ton of money going to tax and the line of credit is relatively small so it's not like it's a ton of uh what do you call it uh interest okay continuing i have a mortgage payment so as i said i have a house i'm a homeowner so i have to pay for a mortgage this is about 1800 a month there you go pretty straightforward i have my home property tax now i actually paid this semi-annually so i don't know exactly what it is per month but it's about 3 800 a year in property taxes so about 310 a month all right so next i have a cleaning lady now this is a hundred bucks every two weeks i have her come she does an amazing job and saves me a ton of time cleaning the place so definitely worth it then i have investments so i know i said i wasn't going to include investments but this is kind of a one-off one and this is personal so i'll put it in personal just not in business and so i paid 984 canadian on crypto.com i forget exactly what i bought but i think i bought some cardano or some cro coin or whatever and this is just kind of me messing around with personal investments i have a cryptocurrency portfolio that i hold personally if you guys want a video on that then let me know and i'd be happy to make that okay continuing i have a car payment so this is 318 dollars bi-weekly i got a car at the beginning of the year obviously when i had a house i needed a car well i guess not obviously but where i live is fairly far north in ontario and so i can't really get around with public transit anyways 318 bucks every two weeks i then have another investment so i have a thousand dollars that i put into my tax free savings account every month now eventually this account will get maxed and then i will just put this into an open savings account but if you're unfamiliar with tft fsa this is like a roth ira if you're in the u.s i might be mixing up the comparisons but essentially any money that i make in this account is not taxed so that's great obviously i want to max that out as much as i can but it does have a limit then continuing we have groceries so i actually get a meal plan delivered every week this is like kind of the pre-prepared food or not necessarily pre-prepared but it gives you the instructions it gives you all the ingredients in a bag and then you just go and execute the instructions and while you have a meal so these are awesome and i actually am eating way healthier now that i'm getting these because i'm cooking stuff at home rather than eating out all the time or ordering a bunch of like kind of shitty university type food that i used to eat before so i just logged two of these here i think i have four of these a month or i would have four of these a month because i do this four times a month i might have forgot to add them all here but anyways continue okay next i have my electricity bill now part of this is actually a corporate write-off but i just put it in here because i do pay it personally until the end of the year and then i reimburse myself now this is quite expensive but i have a mining rig that runs in my basement that is making up a good amount of this cost so anyways there you go 220 bucks okay so now we're at 204 dollars for fun money now this says gambling and this is because i actually went to a casino and i ended up winning like 600 or 700 on my initial like 200 deposit so i'm gonna call that a win and a great investment now i do not condone or support gambling i've only been one time and i won so we'll see if i end up going back yeah that was fun money for the month 204 okay continuing my other car payment that i've already talked about then i have insurance so i have life and critical illness insurance that i pay for personally so i have some in my business i pay for some of it personally as well and yeah this is pretty important to have especially when you have recurring expenses okay continuing i bought an electric toothbrush this is random for 225 dollars actually did this i guess yesterday from when i was filming this video a pretty expensive toothbrush but one of my friend's dads is a dentist and recommended it so i was like okay i'm gonna get that one uh continuing i have some groceries so just random miscellaneous food costs here i don't know why they're all split up i must have gone to a few different places but spent i don't know like 160 bucks on groceries and i need to buy some extra stuff other than the meal plans because the meal plans don't have like snacks and lunches and all the other things that you need okay then we had gasoline for 98 bucks now it is so expensive to fill up my tank now it cost me almost 110 dollars to fill up my gas tank and i think it's like a 70 liter tank so that's why i labeled it crazy expensive gas continuing i have home maintenance so i actually had to go buy a uh what do you even call this a rake and i had to buy leaf bags and i had to buy a few other things for like kind of lawn maintenance at canadian tire and so that was 91 i did that the other day then i have dining out so i went to tim hortons i took my data for dinner which was 71 dollars and then that covers those two okay then 20 bucks on amazon i have no idea what i ordered but i ordered something for 20 bucks then i got a haircut for 21 toiletries and supplies so i actually had to go to petsmart and buy my cat litter this is probably the wrong category but i don't know it's toiletries for her so i just put it in that category so 48 bucks dining out i bought something at tim hortons and then food delivery so i ordered to skip the dishes two nights in a row then subscriptions i have an amazon prime subscription for five bucks uh home maintenance so i have a water heater in my basement most of you if you own a house probably have this as well where it's a rented water heater so i have to pay like 12 bucks or something a month for the rental of the water heater anyways that's what it is another food delivery for 25 bucks dining out for 7.28 at mcdonald's nice and then i have more groceries now this was actually a combination of food and a coffee grinder so i recently started making my own coffee as opposed to doing the keurig thing it's like getting the beans grinding them up so i had to buy some stuff for that so a coffee grinder whatever and then i bought some food okay then we have gifts so i actually bought my dad a birthday gift i got him a bunch of wine which was 135 then i ordered something else on amazon and then i have my other cleaning lady expense and that wraps up the personal expenses okay so you can see quite a few transactions i think i had at least one a day um which is a lot this is a lot of personal expenses i usually don't spend this much money personally but i guess that's just what this month was okay so now let's go to the category reports or actually do no that's not where i want to go i want to go to spending reports and i will show you kind of the breakdown of all of the categories so we can see dining out 98 bucks groceries 425 gasoline 98 bucks usually that's a bit higher i haven't been driving uh very much recently fun money 200 toiletry supplies 274 electric bill 220 internet bill 85 cell phone bill 1 116 home property tax 310 home insurance 179. uh just insurance in general is 860 which means i spend almost a thousand dollars a month just on insurance but if you ever need it then you're happy that you have it car payment yeah about 640 bucks a month car insurance 320 dollars again stupid expensive for the car insurance subscriptions 150 home maintenance 104 bucks investments almost two grand personally so you can include that in the expenses uh giveaways almost fifteen hundred dollars so one of you will be getting this gpu and now it's how you can enter that in the coming days it has to arrive at my house first then i have an editing service which is about twenty eight hundred dollars a month definitely my largest expense mortgage payment about eighteen hundred dollars cleaning lady 200 bucks a month accounting quickbooks 45 bucks usually that would be a bit larger if i have to pay my bookkeeper to go in and do anything then i have debt repayment 2500 a month that hopefully will be done soon or not hopefully that will be done soon then other 41 bucks amazon about 60 bucks gifts 135 and food delivery 75 bucks perfect now i can go to category reports and you can look at the final numbers right here if you look at just uh november it will tell you what the actual amounts are but yeah that pretty much breaks down everything in fact let me go back to the dashboard this is a better look at all right so i was kind of just reading through this sheet here i just made a quick cut and i was looking at areas and trying to figure out if i could really reduce my spending and to be honest any place that i can actually reduce spending isn't really going to have an impact on these numbers because what's carrying these numbers is things like the mortgage payment and the mortgage payment most of that is going to the principle of the loan and so that's actually building equity in the house so that's not even really necessarily a bad expense then we have things like the debt repayment right now i have to do that that's what actually allowed me to buy this house so that'll be done soon then what else do i have this large the giveaways this is a one-time thing i'm probably not going to do that next month then i have editing service 2800 bucks investments 2 grand i guess i could reduce that but this isn't really money loss this is invested in the market and yeah a lot of these other expenses are kind of just small random things that are conveniences to me and that i'm probably not going to end up cutting out all right so with that said i think i'm going to end the video here now if you guys want to see more content like this on the channel then definitely let me know i would be open to doing a video about different investments about my crypto portfolio maybe about my income although i'm not super comfortable sharing that online and anyways yeah this was a kind of a unique video and i hope you guys found some value from it so with that said i will end here hopefully you guys enjoyed if you did make sure you like subscribe to the channel check out programming expert from the link in the description and i will see you in another one you\n"