How much did we spend in 2024?

We'll start off with our monthly breakdown of the month of December, then I'll give you a recap of our totals for the entire year. We knew December was going to be an expensive end to the year due to our vacation with our daughter and grandkids in Playa del Carmen. There weren't any surprises and we came in pretty much right on budget! That doesn't happen very often!

We spent a total of $5,475 CAD ($3,800 USD), which was our second most expensive month of the year.

Here's how it all broke down... (figures are in $CAD unless otherwise mentioned)

Fuel: Gasoline is expensive in Mexico, currently around 24.5 pesos ($1.69 CAD) per liter ($4.42 USD per gallon). But Igor didn't move the entire month, so our only fuel expense was for the rental car we had in Playa del Carmen. Total of $65.

Toll Roads: We did take one toll road during our stay in Playa del Carmen. Total was $10.

Propane: No cost during December. We hardly use any propane now that our fridge is full time 12v electric, and our furnace runs off gasoline. We still have a half a tank, and the last time we filled up was in October!

Groceries: A total of $285, but our costs are maybe a little bit skewed because Lindsey paid for quite a few of our grocery and restaurant tabs while we were in Playa del Carmen. 

Meals out: We tend to eat out more than normal when we're in Mexico. Total of $226 CAD, but again, then may be a little skewed because Lindsey paid some restaurant bills as well during our week away.

Alcohol: Not bad, with a total of $123 for the month.

Miscellaneous: Total of $2,092. While Lindsey paid for some groceries and restaurant meals, we treated her and the grandkids to their flights down to Mexico and back. Total came to $1,900. Other Notable expenses in this category were our monthly cellular costs of $62, and Ruth's shoes at $38. And of course some minor taxi, parking, and foreign exchange costs.

Entertainment: $368, the vast majority of which was our day out to the Xcaret theme park. That was just for the two of us... Lindsey paid for herself and the grandkids.

Overnight: We did have some overnight expenses here with Igor, at $105. That sounds cheap, but I had expensed too much of it last month. And our condo in Playa del Carmen was $713, but we may still be getting a credit back from not being able to use the pool. And our airport hotel in Toluca was $39. Total overnight expenses for the month of December was $856.

Motorhome: I expense our insurance and registration monthly, even though it was all paid for in a lump sum. Total monthly comes to $98. This month, I paid for a mechanic to come and change Igor's engine oil. Engine oil is very expensive in Mexico, and Igor takes 10W30 which is not easily available in Mexico to begin with. I thought the mechanic would be able to get a better deal on it than me just walking in off the street, but that was not the case. His services were cheap, but the bill for an oil and filter change still came to $160. Total for the month of $258.

Travel: Total of $1,190. This consisted of the bus from here to Toluca and back, our flights from Toluca to Cancun and back, and our one week car rental in Playa del Carmen.

So, a grand total of $5,475 CAD ($3,800 USD) for the month.

2024 as a whole was our second most expensive year ever, next to 2023. We spent a total of $45,892 CAD, which at todays exchange rate is $32,000 USD. That's a bit misleading though because the currency rates fluctuate throughout the year, and currently the $USD is strong, and the $CAD sucks, to put it bluntly... sitting near a 15 year low versus the $USD. In fact, the Canadian dollar has lost 8% of its value this year. Fortunately, the Canadian dollar has been doing okay versus the Mexican peso.

Yes, inflation was very noticeable in 2024. Mostly with regard to our travel expenses. There were not many deals to be had with regards to flights, and we took 23 different ones. Including some car rentals and buses, we spent $9,534 CAD in this category.

Strangely, we didn't notice the inflation very much with regard to food prices. Of course we had spent the first part of the year in SE Asia where food is reasonably cheap.  Our average monthly grocery cost for the year was only $367 CAD, despite spending four full months in expensive Canada. Those four months in Canada averaged  $595 per month which is still better than we expected. We also ate out quite a bit (though not much in Canada) and our eating out expenses for the year averaged $431 per month.

Our overnight expenses for the year totaled $8,900 CAD. More expensive in the first half of the year when we were traveling SE Asia and less in the second half when we spent a month with our daughter, a month house sitting, and the rest of the time in Igor.

Edit: I should also mention that we also spent approximately $25,000 CAD ($18,000 USD) on Igor on top of everything else. Of course this is a capital cost that we won't know the true cost of until we sell him. That could be a few years away!

With regards to income, we had a great year. As everyone knows, the stock market did very well (I'd be very cautious for 2025 though!) and I'm a big believer in gold, which also had a very good year, and should have another good year in 2025. And, a lot of our income is in $USD, which for us, very much offsets the fact that the $CAD sucks right now. So, other than having a big tax bill come the end of April, we're doing fine in that regard. As my accountant friend says, "if you're paying lots of taxes, it's because you're making lots of money".

Now that we are traveling in Igor in Mexico, our expenses will drop a lot. For perspective, our budget for January is $1,643 CAD ($1,142 USD)! 

So with that, we wish you a Happy New Year, and all the best for 2025!

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