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General Category => The Investor Challenge => Topic started by: Patrick on June 03, 2017, 02:34:54 pm
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http://investorchallenge.co.za/exposed-investorchallengeleaks-what-patrick-spends-in-an-average-month/
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Weirdly, I am still chugging along spending around R5k p/m. Of course, don't have kids and house is paid off - the only thing lacking is a medical aid. Wife is still working - we halve the bills and food - my half is R1500 each - so have R2000 to play with a month which I don't come close to spending. Probably helps that we still planning to travel full time - so more trying to get rid of stuff than accumulate things.
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That's not weird at all, it's pretty amazing! I'd love to see a breakdown if you're keen to share.
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Patrick - did you ever get much of a response to your survey - on what people spend per month
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Patrick - did you ever get much of a response to your survey - on what people spend per month
Yes, quite a few people voted:
Under R10 000 a month (25%, 21 Votes)
Between R15 000 and R19 999 a month (14%, 12 Votes)
Between R20 000 and R24 999 a month (14%, 12 Votes)
Between R10 000 and R14 999 a month (13%, 11 Votes)
Between R25 000 and R29 999 a month (13%, 11 Votes)
Between R30 000 and R39 999 a month (11%, 9 Votes)
Over R50 000 a month (7%, 6 Votes)
Between R40 000 and R49 999 a month (2%, 2 Votes)
I was surprised so many were under R10k. It made me think I should have had another vote for under R5k. The results weren't what I expected, I honestly thought I'd see more people spending over R25k, perhaps my friends are just totally ridiculous spenders.
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So looking at the results 25% spend less than R 10k per month - but there is a gap between R 10k and R 14.9k, so I wonder where these persons put their mark.
I am sure this is merely a dip stick survey and was merely done to gauge the range of spend - so I won't knock it.
It may be quite interesting to run a further survey which pidgeon holes the respondents responses but indicates where the spend is
items that could form part of that survey are as follows groceries, utilities, insurance (house owners, household, life/endowments., non company pension contributions, car and others) entertainment (eating out, ordering in, movies/DSTV, friends over for a braai (where you provide drinks and food) and others) mortgage bond repayments, car repayments, property security, connectivity (telephones, internet, cellphones), domestic support/gardener/garden services, rents and levies and a number of other usual and repetitive expenses. also maybe list how much is invested out of the monthly income per month
You could cut/slice/dice this survey on the basis of income group, employed/unemployed/retired, age
These are just pointers should you decide to be more granular than the completed survey
I would also suggest that the recipients use percentages per spend
Once people have done these sums they will have a very plausible monthly budget framework
Have fun