I originally wanted to write a post about my 2017 expenses by doing a straight forward summary of each category but I came upon a couple of posts from 99to1percent and Lily from The Frugal Gene in December. It was the Sankey Diagram of simply money coming in and how it flows out. I thought it was a great visualization of how of where the money is going. So let’s get to it, here is my Sankey Diagram for 2017:
Breakdown of this Sankey Diagram
Most of the income were coming from both mines and Mother with Cents paychecks throughout the year. This also includes the check I received from the State of California last February for taking two weeks for family leave. I qualified since Baby with Cents didn’t turn one and parents are eligible in to take family leave during the baby’s first year. Other streams of income were money gifts that we received from Baby with Cents’ birthday and Christmas. We immediately put it into his 529 account .
Also thanks to Baby with Cents, we will able to receive a tax refund from both the federal and state for the first time since we were married six years ago. By claiming him as a dependent, we were able to get a tax deduction. We were so happy that we received a refund and that we contemplated getting this shirt for him:
But since our refund wasn’t that much, we skipped out on it. Hey maybe if we have another kid, we should consider it.
If you have been reading my Expense Chronicles, you pretty much know how our spending habits are so these numbers are pretty much in line. Our biggest expenses came from our rent and groceries. If we buy a home sometime this year you can except these numbers to jump a significant amount so we’ll see what 2018 has in store in that end. We also hope that these grocery expenses will stay the same for the upcoming year but having jump to $4K or even $4,500 for the year wouldn’t hurt a lot.
Investment contributions were for both of our 401K accounts, my IRA and Baby with Cents’ 529 account. After reviewing them, we are definitely going to increase these contributions in 2018 my maxing out my 401K and using some of the savings to our brokerage accounts. The rest of the savings from 2017 will most likely add to our down payment for when we find a home.
Here are the other bloggers that have joined this sankey chain, thanks guys for the inspiration for this post:
- JumpStartFromScratch – Sankey Diagram
- GetRichSlowly – Visualize your budget flows with a Sankey diagram
- OthelaFehu – Monthly Budget with SanKey
- BigLawInvestor – How to Visualize Your Money
- AtypicalLife – Visualize Your Budget With Prowess Using A Sankey Diagram
- 99to1percent – How Does Your Sankey Look Like?
- TheFrugalGene – Visualizing Your Money with Mr. Hankey
- Time in the Market – Expense Report November 2017
- Max Your Freedom – 2017 Actual Expenses and Sankey Bonus
- Open Mouths Get Fed – All Hide No Seek – You Don’t Have to Budget
If you want try one yourself, you can start it here to continue our Sankey Chain.
Do you think Sankey Diagrams are helpful? Please feel free to comment below.