fegularDec 29, 2023

One of my main goals for 2024 is to have better control over my finances. I am earning moderately well, but I have no clear overview of the outgo of funds. It is not that I am spending a ton on useless stuff. But there is room for savings.

I have since set up Actual Budget and started reading a few classic personal finance books, some of which date back to 1990s but are atill relevant.

After a month of noting down _every single_ expense I incurred, it is clear to me that I can further cut down on my expenses if I try a little harder. Especially the recurring expenses.

#finance #personalfinance #goals2024 #spendless

1/n

Show threadfegularDec 29, 2023

Utility bills can be cut down if utilized diligently. Cost of transport can be minimized if public transport is availed of. Food bills can be shortened if meals are cooked at home.

But in order to curtail these recurring expenses, some initial investment is also required. Like, buying a refrigerator or a microwave oven. (I live alone on weekdays and meet my family on weekends. So you get the picture.)

#finance #personalfinance #spendless #goals2024

2/n

Show threadfegular

So, my main objective for coming few months will be to bring down unplanned credit card expenses, since they eat up a large chunk, on occasions. This will take me about two-three months to save up for refirgerator and stuff.

(The downside of purchasing these somewhat-large items is that i would have to dispose of them when i would be posted elsewhere. So the cost-to-reward ratio needs to be calculated well in advance before putting money into it.)

#personalfinance #spendless #goals2024

3/n

Dec 29, 2023 at 10:13amWeb
Show threadfegularDec 29, 2023

One of the recurring expenses that can be outrightly curtailed is server costs. I am presently renting a vps from Contabo and block storage from Hetzner. The block storage is essential because, well, back up. But the vps can be replaced with a cheap mini pc (which i ordered yesterday) and the cost is just 6 months that of renting a vps.

This will allow me to spend a bit more time on the homelab hobby and have a greater control on data.

4/4

#homelab #personalfinance #goals2024 #spendless