We have been missing for the blog and mostly everywhere for a long time. Though pure laziness does explain some part of it there were bigger things in play. We were preparing to welcome a new member to our family and the blog was way down in our list of priorities. before I go into the updates part of the post let me introduce you to our daughter.
Miss S came into our lives in June this year and is now almost 3 months. She has brought us immense joy along with frivolous expenses because she looks cute in almost everything.
We have been tracking our expenses under various heads and have been able to put a decent sum into our investments every month. our average expenses have gone quite up with August clocking in at 45 K (though it includes many incidental expenses) and we are still saving over 50% of our income. I will do detailed income report for August in another post as I want to cover the broader financial standing and changes since we last talked.
We have spent 2.7 Lakh since January for our household expenses. Following is the category breakup
- Medical expenses for prenatal care- these include the doctor’s visit, medicines(vitamins are quite expensive), tests and ultrasounds
- Maternity requirements- Clothes, footwear and other small knickknacks to help me feel more human and well adjusted
- Medical expenses for Miss S- include Vaccines, doctor visits and few meds
- Gifts for family- includes gifts to family on Miss S’s birth and for a few weddings which happened during this time.
- Zomato Gold- We ate out a lot (cravings and tiredness) and this made it very very cheap. I think we made the money back first few times we went out. If you don’t have it yet get one through our referral code so that both you and us can get some bonus.*
- Eating out and ordering in- see above. This is the category we are targeting now since we spent over 3.5K on it in August alone. That is a lot of money every month to burn up. We are also looking at deals and I did score a deal on burger(not healthy I know) which you can read about at the end of the post.**
- Repairs- When one thing breaks another one prepare itself to go next. We spent over 3K in just appliance repair and yes it cost far less to repair than replace but seriously I am ready to not have things giving out after 7-8 years of good use. Yup we still have all the appliance form when we got married though they have required repair on and off.
- Baby Gear- We decided to not waste our daughter’s inheritance in cots and cribs or cute dresses she cannot appreciate. We found what we wanted for less than quarter of it’s price and I am beyond grateful that we had the good sense to go that route. it still cost us around 10K to get everything we wanted but we are quite set for sometime and will need a few things as she grows up.
- Household expenses- These include utilities and bills, grocery, regular maintenance etc. Usually eating out would be a part of this but since we ate out just too much I mentioned it separately. Oh and we also bought expensive food like dryfruits and nuts plus I ate a huge amount.
We saw an increase in income since December which resulted in a total of 18% hike in income for us combined. This was a result of making sure the management did not forget our inputs as well as helping them see the market rate available. I am currently on my 6 month maternity leave and hoping to be able to join back after a decent raise.
We have been a little risk averse this year in terms of amount we locked in but we are still on target and consistently saving. We did skip a month in investment when we footed the hospital bills and paid for family to come over and help us for first few weeks. However once the reimbursement came through we put it right back into the market.
We are still investing in index funds and not picking stocks. Our debt holdings include Debt funds(first ones we will empty when required), PPF, NPS and we are looking at Sukanya Samriddhi to stock away some for our daughter.
We are still paying our home loan though we are considering repaying it in full and buying another property in a new city we expect to move to soon. Though no purchase will happen before mid next year we are running our excels and I hope to have a detailed analysis up soon.
We are at 15% of our target sum and I am hoping as we streamline the household again we should be saving a better sum. Every 5000/- we save monthly today will end up totaling ~6.5 L 8 years from now at 8% compounding. add to that the fact that out expenses will grow that much slower.
We are using the wait and watch strategy for future expenses especially for childcare and education. We know that next few months are going to help us get a better idea of how we will be able to manage our expenses for next few years. Child care is going to be a big part of out outgoing and we are working on ways to find a solution which works for us. Education is still an open ended question since we have not decided on what curriculum would fit our situation the best.
In terms of this blog I hope to update more frequently here since I am getting into a rhythm with Miss S and as she sleeps a bit longer both of us will have the mental space to get things done.
The codes for both the offers are below feel free to use these or just get these directly if you do like eating out but don’t want to break the bank.
*If you intend to try zomato gold use AJAY0486B You will have to enter the code to get 20% off.
**McDonald’s has an app which gives great offers and you get a burger and coke free when you use referral code. Our code is AJA8401. You will need to add this code when you register in the app.