For every employee who’s paid every 2 weeks or whose salary is paid twice every month, the kinsenas or that 15-day period during which the half-month pay is supposed to last, seems to last forever! Despite the saving habit I cultivated over the years, I certainly share this sentiment. I look at my net worth and itch to save more to add to it! There are also times, like this month, when I succumb to my needs and revamp my professional wardrobe. I am still a practicing lawyer, after all.
Where my salary went
So where did my sweldo go this kinsenas? Here’s an honest look, for your voyeuristic pleasure. My expenses are arranged from largest to smallest.
Wedding costs 5.8%
Sunk cost 5.64% (Vague idea where this money went, it must be lying in the house somewhere lol)
Eating out 4.70%
Beauty 4.07% (makeup, salon treatments)
TOTAL Expenses = 53.34% of half-month salary
As you know, I try as much as possible to log all expenses in order to track where my money goes. There are those times, however, when some amounts are just unaccounted for. I don’t know where this money went. I suspect I may have added this to a cash emergency fund. I just classify this as sunk cost, which in Economics parlance, means costs that have been spent and that you can never get back.
Looking at this summary, I’m quite surprised that I spent so much money on food! This certainly explains the weight gain! Haha. Hopefully, the expenses on apparel would be the last for this year, unless something else breaks, which would need replacement.
At a spend rate of 53.34%, I had a lower saving rate of 46%. This pales in comparison to last year’s 60% average saving rate. I’m quite appalled that I spent so much money this kinsenas. With my upcoming wedding and honeymoon, I anticipate my costs to increase even more. I hope to do better next kinsenas.
I’m so happy the two-week wait is almost over and payday is nigh. With the wedding costs coming up, I need to up my saving rate even more!
Do you often wonder where your salary went?
How about you? Are you a WONDERWOMAN too? Where did your sweldo go?
On an online forum, a poster lamented how after 10 years of working, she was unable to save any money at all and still lives paycheck to paycheck. I would have been the same too had I not discovered how to track my spending.
Before, I also often wondered where my money went. I was aware of making a lot of money but often wondered where I spent it! I often spent the money allocated for savings and couldn’t figure out where the budget leakage was coming from. It was infuriating to see I wasn’t making much progress on my net worth despite finally making real money after graduating from law school.
Living in Makati, with its bright lights and fancy restaurants, it’s easy to spend quite a significant amount of money just eating out or just getting drinks. The costs may seem small at the moment. Those little costs add up!
With tracking my spending, I hold myself accountable. There are no more excuses of “I must’ve lost my money” or what-not. At the end of the month, I can see where I splurged and in what areas I could do better. I challenge you to do the same, I swear it will open your eyes.
20 something lawyer
I’ve been receiving a number of emails and a significant amount of traffic lately. However, most of you seem to hesitate leaving comments on this site! I would love to hear your thoughts and welcome your feedback.