Examining Expenditures: A Close Look at Monthly Costs
I make it a habit to keep receipts. It amazes me how much small bills can add up. The little things are not so little, money-wise. Here’s a list of costs and expenses that cause one to pause and think about how money is spent.
On average in a year, we spend $84,000 per household on everything from food to healthcare. Canadians spend $10,200 on food in a year or $850 a month. Here’s how it breaks down every month. This first table covers basic groceries.
| Baked Goods | $50 |
| Cereals | $30 |
| Fruit | $70 |
| Vegetables | $65 |
| Dairy Products | $80 |
| Meat | $100 |
| Fish | $20 |
| Non alcoholic Beverages/Snacks | $125 |
| TOTAL | $540 |
This next table is somewhat startling. Remember, these are monthly expenditures.
| Dining out | $200 |
| Alcohol/Tobacco | $110 |
| TOTAL | $310 |
In terms of other expenses, the numbers are quite revealing about our lifestyle.
| Shelter | $800 |
| Healthcare | $200 |
| Recreation | $375 |
| Transportation | $1,200 |
| TOTAL | $2,575 |
[Canadians spend $84,000 per household a year to live.]
The previous tables do not include things like insurance and education. Many households with two vehicles spend a much higher number when you add up the car payment, insurance, gas, and maintenance. Nonetheless, you can see how much money we go through without blinking an eye.
It is hard to imagine two people sustaining themselves on an annual household income of less than $100,000. It is even harder to imagine one person making ends meet. In the last 10 years, over a million Canadians have filed for bankruptcy. Currently, 2.2 Canadians out of every 1,000 file for bankruptcy.
[In the last 10 years, over a million Canadians have filed for bankruptcy.]
If you are struggling, you might want to consider consolidating some of your debt. For example, a small Flex Loan of $5,000 from Cashco Financial can help you stem the debt crunch with up to 36 months to repay. Applying is easy. Go online. It only takes a few minutes and the response is quick.
The best place to start when it comes to managing your cash flow is to save your receipts and see what you are spending money on in any given month. It’s hard to give things up. New habits are not easy to come by. The rewards, however, are truly liberating. So, do it. For one month, save your receipts and tally up the numbers.
The next step could be the best one you’ve ever taken, whether it is to consolidate debt with a Flex Loan, cut back on the times you dine out, or choose to buy more no-name brands at the grocery store.