Welcome to money for the rest of us. This is a personal finance show on money, how it works, how to invest it, and how to live without worrying about it.

I'm your host David Stein. Today is episode 461. It's titled How Much Should Your Networth

grow each year? This was a topic suggestion from my son Brett, who was inspired by his annual review of his spending.

Now I didn't know that he reviewed his spending annually.

It's something that I've done but I've never told our children you should

look at your spending on an annual basis. Brett was going through that analysis and was wondering

whoa how's he doing? He and his partner. They know how much their net worth

grew, how much they spent, how much they saved, but they want to know what should the split

be between savings for houses retirement pension or cash?

We just went through the same process and looked at our annual spending.

I used to use mint for that and I had used mint for over a decade but mint shut down so now we use

monarch money which is one of the sponsors of the podcast and it works great our budget though it isn't a rigid budget. So each month we'll look at the spending, I'll look at the spending from monarch money and then I'll take that that monthly expenditures and I'll put it in the

spreadsheet for that month and then kind of true it up at the end of the year to

see well how did we do This spreadsheet goes back over a decade,

and surprisingly, our spending hasn't really

changed dramatically.

It's generally over $100,000 and less than $200,000 not counting income tax.

And the categories aren't that different.

So if we look at last year, 72% of our spending was really five categories.

Our highest category was travel, 18%. Charity was 16%.

Shopping, which would be anything that we bought apart from food and restaurants was

14%. Expenditures on our mortgage and property taxes about 14% and then food and restaurants 11%.

...