As previously stated, July was the first time we’ve ever made an attempt to monitor every dollar. While this system isn’t perfect, I will refine it over the next couple of months and use the data to build a budget. Needless to say, there were some shockers in our spending. To my surprise, we spent less on groceries than I expected at just under $400. I really thought we’d be over $500 for groceries last month. Areas where we spent too much money was, at Sams club($223.65) and eating out($103.41). Another big expense area this month was at various dept stores where that subtotal was just over $290. But it is back-to-school season and my wife likes to stock up when she finds a good sale.

Overall, this has been an eyeopener for me. And I’m sure it will be for my wife when I review it with her tonight when she gets home. If we’re really serious about getting out of debt in a reasonable amount of time, I see plenty of areas where we need to make drastic changes.

Oh yeah, the real killer of expenses for us?!? Day care. For the month of July for our 3 kids, costs us $1550 (yes that is the correct number). That number is only about $150 shy of my wifes take home pay for the month.