We have started our family budget, tracking all expenses back in 2007. Initially it was looked at as fairly cumbersome and time consuming exercise. However, over the period of a few years we educated and trained ourselves to spend 5 minutes a day in the evening to record all expenses.
Now with the statistic we could more accurately predict and plan our expenses. It also helps to clarify some fallacies and incorrect assumptions. For example, as a young parent when you look at nursery cost you think that over the period of time, as your child grows it will be cheaper. Our personal experience clearly tells that it is not happening, nurseries keep rising fees and even at “low inflation” you are lucky if you keep paying the same prize. However, enough of that, let’s go directly to figures and who we spent $92,814 vs. previous 6 years.